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The accounts, also known as 530A accounts, are available for children under age 18. Parents or guardians of babies born between 2025 and 2028 who open a tax-deferred Trump Account will receive a $1,000 initial deposit from the U.S. Department of the Treasury.
To help fund build these investing accounts, a growing number of employers, including Bank of New York Mellon, BlackRock, Charles Schwab, Charter Communications, Chime Financial, Chipotle Mexican, Comcast, Intel, JPMorgan Chase, Micron Technology, Robinhood and SoFi, among others, said they will match the federal $1,000 contribution for their own employees’ children.
On Thursday, Goldman Sachs and Morgan Stanley also promised to match contributions to Trump Accounts for their employees to encourage early wealth-building.
“Starting early and staying invested for the long term is one of the most reliable ways American families build lasting financial security,” David Solomon, chairman and CEO of Goldman Sachs, said in a statement.
Additional funds may also be available, depending on certain criteria.
Children born between 2016 and 2024 — who wouldn’t qualify for the $1,000 contribution — could get $250 if they live in a ZIP code where the median income is $150,000 or less, courtesy of a $6.25 billion pledge from tech CEO Michael Dell and his wife, Susan.
Children in Connecticut could qualify for a donation from billionaire hedge fund manager Ray Dalio and his wife, Barbara.
Also, this week, Micron said it will provide a one-time $250 seed deposit for children with Trump Accounts in certain counties in Idaho, New York, Virginia, California, Colorado, Minnesota and Texas where Micron operates.
“This unlocks a creative new form of philanthropy,” Gerstner said on CNBC Thursday — “stay tuned, a lot of announcements coming.”
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