Bank of America is embracing the Trump administration’s signature savings initiative, pledging to match the federal government’s $1,000 contribution to Trump Accounts for eligible employees’ children born between 2025 and 2028.
The nation’s second-largest bank will also allow employees with children under 18 to make pretax contributions to the accounts through payroll deduction, according to an internal memo obtained by Breitbart News that was sent to the company’s 165,000 U.S. employees on Wednesday morning.
The announcement comes ahead of the Treasury Department’s Trump Accounts Summit scheduled for this week and positions Bank of America as an early corporate adopter of the new federal program.
Trump Accounts, formally known as Section 530A Accounts, are tax-advantaged savings accounts for children under 18 created through the One Big Beautiful Bill Act. Parents or guardians may open accounts before the end of the calendar year for eligible children.
The program includes a pilot contribution of $1,000 from the federal government for children born between Jan. 1, 2025, and Dec. 31, 2028, who are U.S. citizens with a valid Social Security number.
“We applaud that the federal government is providing innovative solutions for employees and families to plan for their future, and we welcome the opportunity to participate,” the bank said in the memo. “We share the administration’s goal of helping individuals and families build stronger financial futures—and, in doing so, strengthening America.”
The memo, titled “Building Long Term Financial Security for Our Teammates And Their Families,” described the Trump Account program as designed “to help more Americans save for future goals and milestones.”
Bank of America said it is also working with the Trump administration on implementing Trump Accounts for its clients. Further details about the employee benefit will be provided in coming weeks, the bank said.
The announcement follows the bank’s recent award of $1 billion in stock through its Sharing Success equity program for employees excluding senior management, which amounted to nearly 19 million shares.
