New

Wall Street Quietly Rolls Out New ‘trump Accounts’

You don’t usually see your kid’s savings account turn into a campaign slogan. With Trump accounts, I’m watching that happen in real time.

Bank of America told employees it plans to match the federal government’s $1,000 pilot contribution for eligible U.S. workers who open Trump accounts for their children, effectively doubling the initial balance, according to an internal memo described by Reuters.

JPMorgan is rolling out a similar match for its own staff, giving big-bank employees a chance to stack public and private money in a single, politically branded savings vehicle, according to Forbes.

President Donald Trump leaned into that branding at a Treasury Department conference, calling Trump accounts “one of the greatest feats from the One Big Beautiful Bill” as he promoted the program’s potential to help kids build wealth over time, according to PBS coverage and broadcast clips.

I see that pitch landing right in the middle of your real-world decisions about taxes, benefits, and long-term planning for your kids.

Wall Street rolls out new Trump accounts.

Photo by SAUL LOEB on Getty Images

Trump accounts: What are they, and who gets $1,000?

Trump accounts are new child-focused savings vehicles seeded with federal money for eligible kids and invested in the market until adulthood, according to an explainer from PBS. The core idea is that the Treasury puts $1,000 into an account for each qualifying newborn, and parents, employers, and private donors can add more over time, as highlighted by Treasury guidance.

Children under 18 with a Social Security number can have a Trump account, but the full $1,000 pilot contribution is limited to U.S. citizens born between Jan. 1, 2025, and Dec. 31, 2028, according to Fidelity.

The money is locked up until at least age 18 and can be used only for approved purposes like tuition, starting a business, or a first-home down payment.

MoreEconomic Analysis:

President Trump argued at the launch event that a typical Trump account could eventually grow to tens of thousands of dollars if families and employers keep contributing, according to coverage from local and national broadcasters.

When I hear that, I immediately want to know what it takes to actually open one and whether the rules line up with your broader financial plan.

A Trump account, if maximum contributions are made, could grow to about $303,800 by age 18 and $1,091,900 by age 28, while leaving the initial seed alone could still grow to roughly $5,800 by age 18 and $18,100 by age 28, according to Fox's Council of Economic Advisers graphic shared by Karoline Leavitt on X (formerly Twitter).

How Wall Street is tying in

In an internal memo cited by Reuters, Bank of America said it will match the U.S. government’s $1,000 pilot contribution for all qualifying U.S. employees who set up Trump accounts for eligible children, effectively giving those kids a $2,000 starting balance. The same memo framed the match as a way to help “build generational wealth” for employees’ families.

JPMorgan is also pledging to match the federal seed for eligible staff parents, putting both big banks on the leading edge of employer matches tied to Trump accounts, according to Forbes.

The Bank of New York Mellon and Charter Communications have already announced similar matches, with BNY describing its program as “doubling the investment in each child’s future,” according to an ASPPA publication.

From my vantage point, Trump accounts now read less like a one-off policy experiment and more like another checkbox in the benefits package at these employers.

They also pull big banks deeper into President Trump’s economic orbit at a moment when every move between Wall Street and the White House is getting extra scrutiny, according to reporting from CNN and Fox Business.

Trump’s sales pitch and the politics around it

The president isn’t treating this as a quiet tax tweak. He is treating it like a headline program.

At the Treasury summit, Trump called the accounts a “great feat” and framed them as proof that his signature tax bill is helping working families build assets, according to PBS’s live coverage of the event. The White House followed up with a “365 wins” list that highlighted Trump accounts as part of a new era of “success and prosperity” for families.

At the same time, Trump has spent months accusing banks of “debanking” conservatives and publicly criticizing Bank of America and JPMorgan over alleged refusals to do business with him and his allies, according to CBS News and Politico.

A Bank of America spokesperson said the bank was taking steps to “enhance transparency” and address “inaccurate perceptions” about political bias in account decisions after a de-banking executive order, according to Fox Business.

To me, that combination of public brawls and private partnerships is the tension you have to understand as a customer or investor. The banks are trying to reduce political risk and regulatory friction by embracing a Trump-branded program at the same time they’re defending their own practices in the media.

Trump accounts: how to sign up

The good news is that the sign-up process for Trump accounts is fairly concrete, even if the politics are not.

The trumpaccounts.gov website doesn't launch until July 5, 2026. To elect a Trump account for your child, fill out the IRS Form 4547 and request the $1,000 pilot contribution if they qualify, as highlighted by Forbes and tax experts.

The IRS guidance says the form can be filed with your 2025 tax return and allows you to register up to two children per form, with additional forms needed for larger families.

Here’s how that typically looks in practice:

File Form 4547 when you do your 2025 taxes or later. You check the box to open a Trump account and, if eligible, opt in to the $1,000 federal seed.
Wait for Treasury to create and fund the initial account. The IRS say contributions won’t actually hit until after July 4, 2026, even if you filed the form earlier.
Activate or move the account to a provider. Parents will then receive instructions to activate the account or roll it into a Trump account option at a partner institution such as a bank or brokerage.
Add employer matches if available. Employer and bank matches, such as Bank of America’s $1,000 for eligible staff, typically require you to complete both the federal election and the provider’s enrollment process.

Some outlets, including The Hill and CNBC, have stressed that simply opening an account is not enough to access the $1,000. Parents must affirmatively elect the pilot contribution on Form 4547. I’d treat that checkbox as the single most important square inch of paperwork in this entire program.

How I’d weigh Trump accounts as a parent or investor

If I were eligible for a Trump account and an employer match, I’d start by acknowledging the obvious: Walking away from $1,000 or $2,000 of seed money for your child is hard to justify if the rules are reasonable.

The combination of a federal seed and a private match can grow into a meaningful balance over 18 years, even with modest returns, according to compound-growth examples cited by planners.

But I’d want to run through the following quick personal checklist before signing up.

Am I already maxing out essential moves like my 401(k) match and high-interest debt payoff?
Do the investment options and fees inside the Trump account look as good as what I can get in a 529 or custodial brokerage?
Am I comfortable with the possibility that future administrations may tweak or even unwind parts of the program?

For investors in Bank of America, I see this as a low-dollar, high-signal move. The bank is spending relatively little per eligible employee while buying itself a talking point in Washington and a new way to deepen customer relationships, according to Reuters and industry analysis.

For you as a parent, the stakes are more concrete: a few pieces of paperwork today and a long wait to see whether Trump’s “great feat” turns into real flexibility for your child 18 years from now.

Back to Listing

credit: