JPMorgan Chase to offer $1K match for Trump Accounts belonging employees’ kids

JPMorgan Chase announced Wednesday it will match the government's $1,000 contribution to the proposed "Trump Accounts" for children of its U.S. employees.The bank said it will deposit an additional $1,000 into the Trump Accounts of children born to eligible employees between Jan. 1, 2025, and Dec. 31, 2028.The company said the Trump administration's program is designed to promote early saving and investing for children."JPMorgan Chase has demonstrated a long-term commitment to the financial health and well-being of all of our employees and their families around the world, including more than 190,000 here in the United States," Jamie Dimon, chairman and CEO of JPMorgan Chase, said in a statement. "By matching this contribution, we’re making it easier for them to start saving early, invest wisely, and plan for their family’s financial future."HOW TO KNOW IF YOUR CHILD QUALIFIES FOR A TRUMP ACCOUNT: 'A FINANCIAL STAKE IN THE FUTURE'Trump Accounts were included in the One Big Beautiful Bill Act last year as an initiative to provide newborns with a government-backed savings program and are scheduled to officially launch July 4, 2026.Under the program, accounts funded with $1,000 from the U.S. Treasury will be available to every American child born between Jan. 1, 2025, and Dec. 31, 2028. The accounts can be established by an authorized adult, including a parent, guardian, adult sibling or grandparent, provided the child has a valid Social Security number.Without any additional contributions, a child’s account is estimated to be worth about $5,800 by age 18 and roughly $200,000 by age 55.With annual contributions of $5,000, the account could grow to nearly $304,000 by the time the child turns 18 and about $2.7 million by age 55.BANK OF AMERICA TO MATCH $1,000 GOVERNMENT DEPOSITS FOR TRUMP ACCOUNTSPresident Donald Trump celebrated the launch of the Trump Accounts on Wednesday, while urging employers nationwide to help their workers’ children build savings."I'm officially calling on all employers all across America to follow the lead of many of these amazing companies and make matching Trump Account contributions to benefit for the American worker, and they're going to benefit the American worker so much," the president said at an event on Wednesday.Several major companies have already signaled support for the initiative, including Bank of America, which plans to contribute $1,000 for eligible employees’ children across its roughly 165,000 U.S. workforce.Steak ’n Shake, the Indianapolis-based fast-food chain, also announced plans to contribute $1,000 to Trump Accounts for the children of its employees.Turning Point USA and Turning Point Action, nonprofits founded by the late Charlie Kirk, will match the federal government’s $1,000 contribution to Trump Accounts for eligible employees’ newborns. CEO Erika Kirk said Wednesday the groups will honor her late husband through a company-sponsored dollar-for-dollar match.GET FOX BUSINESS ON THE GO BY CLICKING HEREFox News Digital's Rachel Wolf, Louis Casiano and Alexandra Koch contributed to this report.Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business