JPMorgan, Schwab, Bank of America will manage $25 billion in child savings accounts

The Trump administration launched Trump Accounts on Jan. 28, 2026, creating a new type of tax-advantaged savings account that provides a $1,000 government deposit for every American child born between Jan. 1, 2025, and Dec. 31, 2028.

The accounts were included in the One Big Beautiful Bill Act, which President Trump signed on Jul. 4, 2025, without separate congressional debate on the Trump Accounts provision specifically.

Treasury Secretary Scott Bessent projects that 25 million families will enroll, placing approximately $25 billion in assets under management at participating banks and brokerages including JPMorgan Chase, Charles Schwab, Bank of America, and Robinhood.

Parents and relatives can contribute up to $5,000 annually in pre-tax income, while employers can add another $2,500 per employee child, creating a maximum annual contribution of $7,500 for families with employer matching programs.

All Trump Account funds must be invested in mutual funds or exchange-traded funds that track the S&P 500 or another U.S. equity index, with expense ratios capped at 0.10 percent.

🦞Connecticut Treasurer ERErick Russell calculated that a wealthy family contributing maximum amounts could accumulate $150,000 by age 30, while a low-income family with no additional contributions would have approximately $2,500.

Six hundred thousand American families enrolled in Trump Accounts during the first three days of tax season in Jan. 2026, with official contributions scheduled to begin on Jul. 4, 2026.

Michael and Susan Dell pledged $6.25 billion to provide $250 in seed money for 25 million children age 10 and under in ZIP codes with median family incomes below $150,000.

JPMorgan Chase CEO JDJamie Dimon announced the bank would match the government $1,000 contribution for its more than 190,000 U.S. employees, despite an ongoing $5 billion lawsuit filed by Trump against the bank.