What Banks Offer Trump Accounts? (w/Examples) + FAQs

Quick Answer

No bank lets you open a Trump Account in 2026 — the U.S. Treasury opens the initial account. But banks like JPMorgan Chase, Bank of America, Citi, Wells Fargo, Goldman Sachs, Charles Schwab, Fidelity, SoFi, and Robinhood now fund them, matching the $1,000 federal seed for their employees’ kids born 2025–2028.

This matters because two different questions hide inside “what banks offer Trump Accounts,” and mixing them up costs families real money. The first is where do I open and hold the account — and right now the answer is the Treasury at trumpaccounts.gov, not your local branch, with rollovers to private institutions coming later. The second is which banks will hand my child a free extra $1,000 — and that depends entirely on who you work for, because these are employee benefits, not products you can buy off the shelf.

The clock is the part most people miss. The federal $1,000 seed only goes to children born between January 1, 2025, and December 31, 2028, and the accounts go live July 4, 2026, with the IRS reporting that 4 million children were already signed up and 1 million had claimed the $1,000 pilot money by spring 2026. Whether your employer matches that seed is a once-in-a-childhood decision tied to a narrow birth window, so knowing your bank’s policy now is worth far more than reading about it later.

This article reflects federal rules as of June 2026 and covers the tax years 2025 through 2028 pilot window. Tax law changes — confirm current figures before you file. It is educational only and not a substitute for advice from a licensed CPA or tax attorney for your specific situation.

Here is what you will walk away knowing:

🏦 Which specific banks and financial firms match the $1,000 seed, and exactly how much each one adds.
👶 Who actually opens and holds a Trump Account in 2026 (hint: it is not a bank yet).
💰 How to stack a federal seed, an employer match, and your own contributions up to the $5,000 cap.
📋 The exact form and deadline to claim the account, plus what happens if you miss it.
⚠️ The tax traps — including the “kiddie tax” — that can shrink a withdrawal far more than you expect.

What a Trump Account Actually Is

A Trump Account is a traditional IRA opened for a child and designated as a Trump Account at the time it is created, according to IRS guidance issued in Notice 2025-67. The child is both the beneficiary and the legal owner, while a parent or guardian manages it until the child turns 18. Congress created these accounts in the 2025 law known as the One Big Beautiful Bill Act (OBBBA), also called the Working Families Tax Cut, under new tax code Section 530A.

Think of it as a starter retirement account for a kid rather than a bank savings account. The money is invested in low-cost stock-market index funds, it grows tax-deferred, and it generally cannot be touched before the child turns 18. The consequence of that lock-up is real: this is long-term money, not an emergency fund or a college slush fund you can dip into freely.

The reason “banks” enter the conversation at all is funding, not custody. The Treasury builds and runs the initial account, and only later will families be able to roll the balance to a private financial institution that offers a Trump Account product. So when a headline says a bank “offers” Trump Accounts, it almost always means the bank is contributing money to its own employees’ children’s accounts — a benefit, not a checking-account-style product you can sign up for as a customer.

Why the $1,000 seed has a hard deadline

The federal $1,000 seed contribution is a pilot limited to U.S. citizen children born between January 1, 2025, and December 31, 2028, who have a Social Security number. Miss that birth window and the seed disappears — a child born January 1, 2029, gets nothing from the Treasury, though the account itself still exists for any child under 18. The consequence is permanent: there is no late claim and no catch-up for the seed. A parent of a 2027 newborn who never files the election simply forfeits a free $1,000 that could compound for decades. What you should do is confirm your child’s birth date falls in the window and file the election (more on the form below) as soon as the system opens in mid-2026.

Which Banks and Firms Offer Trump Account Matches

Dozens of companies have pledged to match the federal seed for their employees’ children, and many are major banks and financial institutions. Americans for Tax Reform’s running tracker lists more than 60 employers, foundations, and states that have committed contributions. The key thing to understand is that these are employee benefits — you get the match only if you (or your spouse) work for the company.

The two biggest U.S. banks led the wave. As Fortune reported, JPMorgan Chase pledged to match the government’s $1,000 for its more than 190,000 U.S. employees’ eligible children, and Bank of America matched for its roughly 165,000 U.S. workers while also enabling pre-tax payroll deductions. Both announced the move in late January 2026.

The biggest dollar commitment is not from a bank at all. As CBS News reported, the corporate matches added momentum, but the Michael and Susan Dell Foundation pledged $6.25 billion to deposit $250 into accounts for up to 25 million children under age 10 in ZIP codes with median household income of $150,000 or less — kids who are ineligible for the federal newborn seed.

Here is what major financial institutions have committed, based on their own announcements compiled by Americans for Tax Reform:

Bank or Financial Firm	What It Contributes for Employees’ Kids
JPMorgan Chase	Matches the $1,000 federal seed per eligible child (per JPMorgan)
Bank of America	Matches $1,000 plus enables pre-tax payroll deductions (per BofA)
Citi	Matches $1,000 for kids born 2025–2028 (per Citi)
Wells Fargo	Pledged contributions for employees’ children (per ATR tracker)
Goldman Sachs	Pledged contributions for employees’ children (per ATR tracker)
Charles Schwab	Matches $1,000 per eligible newborn (per Schwab)
SoFi Technologies	Matches $1,000 per eligible child (per SoFi)
Robinhood Markets	Matches $1,000 per eligible child (per Robinhood)
BlackRock	Matches $1,000 for all eligible U.S. employees (per BlackRock)
BNY Mellon	Matches $1,000 for employees’ children (per BNY Mellon)
State Street	Matches $1,000, doubling the seed (per State Street)
Vanguard	$1,500 employer contribution, plus community match (per Vanguard)
Invesco, Empower, Russell Investments, Acorns, Chime, Galaxy Digital, Kraken	Each matches $1,000 (varies) for employees’ kids (per ATR tracker)

Banks that go beyond a flat $1,000 match

A few firms offer richer deals, and the difference can be hundreds of dollars per child. IBM pledged not only a $1,000 match but an additional $1,000 when parents contribute $4,000 within 24 months of the child’s birth — a structure that rewards families who fund the account aggressively. IntraFi, a fintech, matches the $1,000 and adds up to $1,500 more for employee contributions, for as much as $2,500. The Heritage Foundation matches employee contributions up to $2,500 per child. The consequence of not reading your own employer’s fine print is that you might leave a tiered bonus unclaimed; the fix is to ask HR for the exact match formula and any contribution-trigger thresholds.

Non-employee contributions some firms offer

A handful of firms fund accounts for non-employees in entire states or cities. Kraken pledged to contribute to a Trump Account for every child born in Wyoming in 2026, and an anonymous San Francisco donor gave $3.5 million so every baby born in the city in 2026 receives about $500. These geography-based gifts do not require you to work anywhere specific — only to give birth in the right place that year. If you live in Wyoming or San Francisco, the practical step is to watch for local enrollment guidance, because these dollars stack on top of the federal seed.

Who Actually Opens and Holds the Account

This is where most confusion lives, so let’s be precise. In 2026, the U.S. Treasury creates and administers the initial Trump Account, according to Fidelity’s program explainer. You do not walk into a Chase branch and open one. You make an election through the IRS, the Treasury opens the account, and the seed money lands there.

Private financial institutions enter later. The IRS is expected to issue separate guidance for rollover accounts at financial institutions, and per Fidelity, those private accounts can only be opened after the initial Treasury account exists. So a bank or broker like Schwab or Fidelity may eventually custody the money, but the starting point is always the Treasury.

The consequence of misunderstanding this is wasted time and missed deadlines. A parent who waits for “their bank to offer the account” may never see one appear and could blow past the election window entirely. The correct sequence is: file the election with the IRS, let the Treasury open the account, then later decide whether to roll it to a private firm once that option exists.

Which Situation Applies to You?

The right next step depends on your circumstances, so find yourself below.

You work for a bank or firm on the match list. Your child born 2025–2028 can get the federal $1,000 plus your employer’s match. Ask HR to confirm the match formula and whether pre-tax payroll deductions are offered.
You work for a company not on any list. Your child still gets the federal $1,000 seed if born in the window — you just won’t get a corporate match. File the election anyway; the free seed alone is worth claiming.
Your child was born outside 2025–2028. No federal seed and likely no match, but you can still open a Trump Account and contribute up to $5,000 a year if the long-term, tax-deferred structure fits your goals.
You live in Wyoming or San Francisco (or a sponsored area). Watch for a state or city contribution that stacks on the federal seed, regardless of your employer.
You are a lower-income family with a child under 10. You may qualify for the Dell Foundation’s $250 deposit even if your child missed the newborn seed window.

How the Money Stacks Up: A Worked Example

Here is the math the IRS website won’t lay out for you. The total annual contribution limit is $5,000 per child for tax year 2026 (indexed for inflation after 2027), per Fidelity. The key nuance: the federal seed and qualified charitable contributions do not count toward that $5,000 cap, but employer and individual contributions do.

Let’s run a full example. Maria works at Charles Schwab and has a son, Diego, born in March 2026.

Funding Source	Amount Added in 2026
Federal Treasury seed (does not count toward cap)	$1,000
Schwab employer match	$1,000
Maria’s own after-tax contributions	$4,000
Total in the account after year one	$6,000

Maria’s own contributions plus the employer match together cannot exceed $5,000, but the federal seed sits outside that limit, so Diego’s account holds $6,000 by the end of 2026. The employer’s match is excluded from Maria’s taxable income, while her own $4,000 is made with after-tax dollars and won’t be taxed again when withdrawn. The seed and any charitable money, however, will be taxable on withdrawal — which is why tracking the source of every dollar matters.

Now the growth picture. The Treasury has projected that a seeded account could grow to roughly $1.9 million by age 28 under optimistic compounding assumptions. Using Fidelity’s more conservative illustration — $5,000 contributed each year from age 1 to 18 at a 7% nominal return — the account could reach into the six figures by the child’s 18th birthday before taxes and fees. The lesson: the match is nice, but consistent annual contributions are what build real wealth.

How to Open a Trump Account, Step by Step

The process runs through the IRS and Treasury, not a bank. Here is the sequence.

Confirm eligibility. The child must be under 18 with a Social Security number; the $1,000 seed requires U.S. citizenship and a birth date between January 1, 2025, and December 31, 2028.
File the election. Make the election through the IRS by filing Form 4547 or using the online tool at trumpaccounts.gov, with elections scheduled for mid-2026, per Fidelity.
Wait for Treasury activation. Accounts become available July 4, 2026, after which the Treasury provides instructions to activate the account and deposit the seed.
Set up funding. Arrange any employer match through your HR benefits portal and decide on your own contributions toward the $5,000 cap.
Choose investments. Allocate within the allowed menu of low-cost U.S. equity index funds.
Keep records. Document the source of every contribution, because it determines how withdrawals are taxed decades later.

The deadline risk is real. Elections are time-bound, and the $1,000 seed cannot be claimed for a child born after 2028 no matter what. The DIY cost is essentially zero — there is no fee to file Form 4547 or use the government portal — while a CPA’s help for a complex multi-account family plan might run a few hundred dollars. (When TaxShark publishes its How to Fill Out Form 4547 guide, that walkthrough will cover each line.)

What the Investments Look Like

The investment menu is deliberately simple and cheap. Per Fidelity, Trump Accounts can only hold mutual funds or ETFs that track the S&P 500 or a similar U.S. equity index, with at least 90% invested in U.S. companies. No leverage is allowed, and the fund’s expense ratio is capped at 0.10% (10 basis points) or less.

This design has a clear consequence: you cannot pick individual stocks, crypto, or high-fee active funds inside a Trump Account. The trade-off is low cost and broad-market exposure, which historically benefits long-term investors but also means the account rises and falls with the U.S. stock market. A common misconception is that the account is “safe” like a savings account — it is not; it carries full market risk, and a child’s balance can drop in a downturn.

Withdrawal Rules and the Kiddie Tax Trap

Money generally cannot be withdrawn before January 1 of the year the child turns 18, per IRS guidance. After that, the account follows traditional IRA rules, meaning withdrawals before age 59½ are typically taxable and may face a 10% penalty unless an exception applies — such as up to $10,000 for a first-time home purchase or certain education and birth costs.

The sharpest hidden trap is the kiddie tax. Because seed and pre-tax employer money are taxable on withdrawal as unearned income, per Fidelity, a withdrawal by a college-age child could be taxed partly at the parent’s higher rate rather than the child’s. The consequence: a seemingly small distribution can trigger a larger-than-expected tax bill. The fix is to plan the timing of any withdrawal with a tax professional and to keep careful basis records so after-tax dollars come out tax-free.

Trump Account vs. 529 vs. Custodial Roth IRA

Families often ask how this stacks against existing options. Each tool fits a different goal, as Fidelity outlines.

Feature	Trump Account vs. Other Accounts
Best for	Trump Account: long-term/retirement; 529: education; custodial Roth: tax-free growth with earned income
Earned income required	Trump Account: no; custodial Roth: yes
Tax on qualified withdrawals	Trump Account: taxable (on pre-tax/seed dollars); 529 and Roth: tax-free if qualified
Contribution cap (2026)	Trump Account: $5,000/yr; 529: high state limits; custodial Roth: earned-income limited
Investment menu	Trump Account: low-cost U.S. index only; 529 and Roth: broader

Mistakes to Avoid

Waiting for “your bank” to offer the account. The Treasury opens it; waiting can blow the election deadline and forfeit the seed.
Assuming every employer matches. Matches are voluntary benefits; if your employer isn’t on the list, you get only the federal seed.
Missing the 2025–2028 birth window. A child born in 2029 gets no $1,000 seed — there is no exception or late claim.
Ignoring tiered match triggers. Firms like IBM require parent contributions to unlock a second $1,000; skip the trigger and you lose free money.
Forgetting to track contribution sources. Mixing pre-tax and after-tax dollars without records can cause you to overpay tax on withdrawal.
Treating it like a savings account. The funds are locked until 18 and carry full market risk, not principal protection.
Overlooking the kiddie tax. A withdrawal by a student can be taxed at the parent’s rate, shrinking the payout.

Do’s and Don’ts

Do file Form 4547 promptly for any child born 2025–2028 to lock in the free $1,000 seed.
Do ask your HR department for the exact match formula, because amounts and triggers vary by employer.
Do keep written records of every contribution source, since this controls future taxation.
Do coordinate the account with a 529 or Roth, as each handles taxes and flexibility differently.
Do consult a CPA before any withdrawal, because the kiddie tax can raise the bill.
Don’t assume a branch can open the account in 2026 — only the Treasury can.
Don’t count on a corporate match unless your employer has confirmed it in writing.
Don’t exceed the $5,000 combined annual cap from employer and individual sources.
Don’t plan to withdraw before age 18, since early distributions are generally barred.
Don’t expect the seed money to be tax-free — it is taxable when withdrawn.

Pros and Cons

Pro: A free $1,000 federal seed for eligible newborns, which can compound for decades.
Pro: No earned-income requirement, unlike a custodial Roth, so any child can be funded.
Pro: Possible employer match doubling the seed, with employer dollars excluded from your income.
Pro: Very low-cost index investing, capped at a 0.10% expense ratio.
Pro: Tax-deferred growth, letting the full balance compound until withdrawal.
Con: Funds locked until age 18, so it is useless for near-term needs.
Con: Seed and pre-tax dollars are taxable on withdrawal, unlike a Roth or qualified 529.
Con: The kiddie tax can tax a child’s withdrawal at the parent’s higher rate.
Con: A narrow, restrictive investment menu — no individual stocks or crypto.
Con: Full stock-market risk, so balances can fall in a downturn.

Does My State Tax a Trump Account?

Federal rules are only half the picture, and states do not automatically follow federal tax treatment. At the federal level, growth inside a Trump Account is tax-deferred and taxed on withdrawal, but whether your state taxes that growth or those withdrawals depends on whether your state conforms to the new Section 530A rules. Because OBBBA is recent, many state legislatures had not finalized conformity as of mid-2026.

The practical consequence varies sharply by where you live. In a no-income-tax state — such as Texas, Florida, Wyoming, or Washington — there is no state income tax on the withdrawal at all, which is a clean and complete answer. In states with an income tax, you may owe state tax on the taxable portion of a withdrawal even if the federal treatment is favorable. What you should do is check your state’s department of revenue guidance before any withdrawal, because guessing can leave you with an unexpected state bill.

What to Do Next

Confirm your child’s birth date falls between January 1, 2025, and December 31, 2028, for the federal seed.
File Form 4547 or use trumpaccounts.gov once the election window opens in mid-2026.
Ask your employer’s HR whether they match and what the exact formula and triggers are.
Gather records — Social Security number, birth certificate, and a log of every contribution source.
Decide your annual contribution toward the $5,000 cap and set up automatic deposits if possible.
Call a CPA if you have multiple accounts, a high income, or plan any early withdrawal.

FAQs

What banks let me open a Trump Account in 2026?

None directly — the U.S. Treasury opens the initial account in 2026, and you make the election through the IRS at trumpaccounts.gov. Private banks and brokers are expected to offer rollover accounts only after the Treasury account exists.

Which banks match the $1,000 Trump Account seed?

JPMorgan Chase, Bank of America, Citi, Wells Fargo, Goldman Sachs, Charles Schwab, SoFi, Robinhood, BlackRock, BNY Mellon, and State Street, among others, match the seed — but only for their own employees’ eligible children, as a workplace benefit.

Do I have to work at a bank to get a Trump Account?

No. Any U.S. child under 18 with a Social Security number can have a Trump Account. Working at a participating employer only adds a match; the federal $1,000 seed depends on the child’s birth date, not your job.

How much is the federal Trump Account contribution?

$1,000, a one-time Treasury seed for U.S. citizen children born between January 1, 2025, and December 31, 2028. It does not count toward the $5,000 annual contribution cap.

How much can I contribute to a Trump Account each year?

$5,000 per child for 2026, combining individual and employer contributions, indexed for inflation after 2027. The federal seed and qualified charitable gifts sit outside this cap.

When do Trump Accounts launch?

July 4, 2026 is the launch date, with the election process beginning in mid-2026. Accounts open earlier than that cannot exist, since the Treasury administers the initial setup.

What form do I use to open a Trump Account?

Form 4547 is the IRS election form, or you can use the online tool at trumpaccounts.gov. After the election, the Treasury sends instructions to activate the account.

When can my child withdraw the money?

Not before January 1 of the year the child turns 18, with limited exceptions for rollovers. After 18, the account follows traditional IRA rules, including a 10% penalty on most withdrawals before age 59½.

Are Trump Account withdrawals taxed?

Yes, the federal seed and pre-tax employer contributions are taxable as income on withdrawal, while your own after-tax contributions are not. Earnings are always taxable when withdrawn.

Can my employer’s match be taxed as my income?

No, an employer’s contribution of up to $2,500 per year is excluded from your taxable income. It does, however, count toward the child’s $5,000 annual contribution limit.

Does my state tax Trump Account growth?

It depends on your state. No-income-tax states like Texas and Florida won’t tax withdrawals, while income-tax states may, depending on whether they conform to federal Section 530A rules. Check your state revenue agency.

What if my child was born before 2025 or after 2028?

No federal seed, but you can still open a Trump Account and contribute up to $5,000 a year. Lower-income families with kids under 10 may qualify for the Dell Foundation’s $250 deposit instead.

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