The corresponding promises for the Trump Accounts come amid growing tension between the Trump administration, on the one hand, and JPMorgan CEO Jamie Dimon and Bank of America CEO Brian Moynihan, on the other. Trump sued JPMorgan and Dimon for $5 billion on January 22saying the bank closed his personal and business accounts after Jan. 6, 2021, due to baseless, “awakened beliefs” and political discrimination—a claims that JPMorgan flatly denied. Separately, Moynihan was banned from official events at the 2026 World Economic Forum in Davos after clashes with organizers over his public criticism of the administration’s policies on climate risk and credit card caps. But the Trump Accounts have seen some surprising purchases from philanthropic billionaires, too.

The Trump Accounts, implemented through the One Big Beautiful Bill Act, are tax-deferred investment accounts for children under 18. The government automatically sows $1,000 into accounts for newborns from January 1, 2025 to December 31, 2028 that are invested in low-cost US stock market index funds that mirror broad market performance. Wealth estimates suggests it could grow to $1.9 million by age 28 by compounding interest, providing a nest egg that won’t be reached until age 18 except for qualified rollovers.

Michael and Susan Dell, the billionaire founder of the Dell Technologiesemerged as early and major supporters of the Trump Accounts, announcing Giving Tuesday with a landmark $6.25 billion pledge. The gift targets 25 million American children under the age of 10 who live in ZIP codes with a median household income of $150,000 or less—those who do not qualify for the federal $1,000 newborn seed—deposit $250 per eligible child into their accounts starting July 4.

Critics, however, see the Trump Accounts as misleading or elitist.

“While we support direct investment in families, the Trump Accounts being praised by the White House are a policy solution that does not address the needs of most families,” SAYS Amy Matsui, vice president of income security and child care at the National Women’s Law Center. “As it’s currently structured, these accounts will be another tax shelter for the wealthiest, while most American families, struggling to cover basic expenses like food, child care, and housing, will struggle to find the extra money that could make seed money a meaningful investment.

Parents choose the tax filing period by IRS Form 4547which triggers the activation of the Treasury of approved financial institutions. Any US child under 18 is eligible, but only newborns during the pilot period will automatically receive the federal $1,000; others start out empty. Individuals can contribute up to $5,000 per year, with employers, nonprofits, states, or rollovers from other Trump Accounts adding more—basis tracking for future taxes is key. An online portal to trumpaccounts.gov launched in the middle of 2026 for easier management.

Bank of America echoed this in an internal memo, which has laid off 165,000 US workers and allowed pre-tax payroll deductions. Both banks participated BlackRock, BNY Mellon, Robinhood, SoFi, Charles Schwabetc. to raise the seed.

This corporate backing of the Trump Accounts signals a pro-family and pro-business push amid Trump’s economic agendapotentially double the starter funds for hundreds of thousands of children of bank employees.

For families, this can mean accelerated wealth growth through market exposure without early withdrawals, although taxes apply to child rate distributions. Critics may question the market’s risks, but supporters tout it as the new equity-building, comparing 529 plans by looking at retirement or homeownership. As implementation progresses, it could encourage broader philanthropy, such as Dell’s $6.25 billion pledge.

thatFor this story, luck Journalists use generative AI as a research tool. An editor verifies the accuracy of the information before publication.