BNY Will Match Government’s Initial $1,000 Deposit to ‘Trump Accounts’ for Employees’ Kids

The Bank of New York Mellon Corporation (BNY) announced Thursday that employees’ children would receive a matching donation of $1,000 when the government sets up Trump Accounts under the One Big Beautiful Bill Act as an investment for infants.

According to a press release about its plans, BNY’s “match of the pilot contribution will provide an additional $1,000 per eligible child once the account is opened and verified, helping families start saving from Day One.”

“For more than two centuries, BNY has supported our nation’s financial ecosystem and the people who power it, including our own employees. This initiative advances that mission in a meaningful way,” BNY CEO Robin Vince said in a statement. “By matching the government’s contribution, we’re helping our employees give their children a head start toward a stronger financial future.”

With the move, BNY is among the first financial institutions to publicly back the accounts and appears to be the first major one to do so. BNY currently oversees around $57.8 trillion in assets in custody or administration, it says.

The accounts, which are also known as Invest America or 530A accounts, are savings and investment accounts for young children. The U.S. government will deposit $1,000 into the tax-advantaged savings accounts for eligible children born between 2025 and 2028.

Those accounts are available to any American child under 18 with a Social Security number. Account contributions must be invested in an index fund that tracks the overall stock market. When the children turn 18, they can withdraw the funds to put toward their education, buy a home, or start a business.

Children born before 2025 won’t qualify for the $1,000 incentive, but parents can still open Trump Accounts for them as long as they’re under 18 and invest up to $2,500 pretax for those kids.

There are “no” restrictions on how the accounts can be used, Treasury Secretary Scott Bessent said in an interview with CBS News on Sunday.

“It will be invested in a widely diversified, low-cost index, and then it will be available,” he told “Face the Nation,” adding, “It is a piece of the American economy for every child, and they will be able to take it out when they’re 18, or they can convert it to a more IRA-type program and keep it for their retirement.”

Billionaires Michael and Susan Dell earlier in December announced they would donate $6.25 billion toward the cause, or $250 each for an additional 25 million children who are estimated to be born before 2025.

“We believe that if every child can see a future worth saving for, this program will build something far greater than an account. It will build hope and opportunity and prosperity for generations to come,” Michael Dell, the founder and CEO of Dell Technologies, said in a statement at the time.

President Donald Trump said earlier this month that other billionaires and institutions would also be donating to the Trump Accounts before adding, “I’ll be doing it, too.”

The Associated Press contributed to this report.