JPMorgan Chase and Bank of America to match $1,000 U.S. contributions to employee 'Trump accounts'

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JPMorgan Chase

and Bank of America

said Wednesday in separate announcements that the firms will match the U.S. government’s one-time $1,000 contribution to children’s retirement savings accounts for eligible employees, the latest corporations to announce such a measure.

The so-called “Trump accounts” are part of a pilot program that deposits $1,000 from the U.S. Treasury into a tax-advantaged account for eligible children born in the U.S. between Jan. 1, 2025, and Dec. 31, 2028.