Goldman Sachs headquarters in New York.
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The Trump Account officially debuted on July 4th, and more companies are now showing their support for the new savings and investment initiative.
This account, also known as a 530A account, is available to children under the age of 18. Parents or guardians of infants born between 2025 and 2028 who open a tax-deferred Trump account will receive an initial deposit of $1,000 from the U.S. Treasury.
A growing number of employers are helping fund these investment accounts. new york mellon bankBlackRock, Charles Schwab, Charter Communications, chime financial, Chipotle Mexican Grill, comcast, intel, JP Morgan Chase, micron technologyRobinhood and SoFi have announced they will match $1,000 in federal contributions for the children of their employees.
On Thursday, goldman sachs and morgan stanley The company also promised to match employees’ contributions to Trump accounts to encourage early asset building.
“Starting investing early and staying invested for the long term is one of the most reliable ways for American families to build lasting financial security,” David Solomon, chairman and CEO of Goldman Sachs, said in a statement.
“The momentum we have on this is absolutely insane,” Brad Gerstner, CEO of Altimeter Capital, which spearheads the investment arm, said Thursday on CNBC’s “Halftime Report.”
Additional funding may also be available depending on specific criteria.
Children born between 2016 and 2024 (not eligible for the $1,000 contribution) can receive $250 if they live in a zip code with a median income of $150,000 or less. This comes courtesy of a $6.25 billion pledge from technology company CEO Michael Dell and his wife Susan.
Children in Connecticut may be eligible for donations from billionaire hedge fund manager Ray Dalio, and Gerstner has pledged to invest $250 in a Trump account for each qualifying child in Indiana.
Micron also announced this week that it will offer a one-time $250 seed deposit to children with Trump accounts in select counties in Idaho, New York, Virginia, California, Colorado, Minnesota and Texas where Micron operates.
“This will unlock creative new forms of philanthropy,” Gerstner told CNBC on Thursday. “Stay tuned for more announcements.”
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