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(THE EPOCH TIMES) – Newborn babies could get an extra boost into their Trump Account from private companies.
The federally funded pilot program, created by President Donald Trump, will donate $1,000 into savings accounts for eligible American babies born between Jan. 1, 2025, and Dec. 31, 2028.
A number of private companies have pledged to sweeten the pot for kids across America. Here’s a look at how your child might be able to benefit.
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A long list of companies said they will match their employees’ contributions to the accounts. They include Uber, Chipotle, Comcast, Coinbase, Steak ‘n Shake, Charles Schwab, and BlackRock.
“The President foresees a day where matching contributions to Trump Accounts will be as integral to an employee benefits package as a matching 401(k),” Treasury Secretary Scott Bessent said on Jan. 28.
Families can deposit up to $5,000 into their child’s Trump Account each year, but the money cannot be withdrawn until the child is 18.
“Keeping accounts locked until age 18 will require Americans to learn the art of long-term savings and compound growth,” Bessent said.
Each account, with no additional contribution, is expected to be worth around $6,000 by the time a child is 18, and it could be worth even more if money is invested by families or companies along the way, according to data provided by the Trump administration. Adding $5,000 a year, for example, could bring the total to $271,000.
At age 18, the account holder will have the option to withdraw money, without penalty, to buy a home, go to college, or start a business.
A single $1,000 deposit into a Trump Account at birth should grow to an estimated amount of at least half a million dollars by the age of retirement.
Philanthropists Michael and Susan Dell said they will donate an additional $250 into accounts for 25 million kids growing up in low and middle-income households.
“The first 25 million American children age 10 and under living in ZIP codes with median incomes below $150,000 will receive an additional $250,” according to a White House announcement in December.
Their charitable commitment amounts to $6.25 billion.
Dell is the chairman and CEO of his computer corporation “Dell Technologies,” which was founded in February 1984, when he was 19 years old.
Billionaire hedge fund manager Ray Dalio and his wife, Barbara, pledged $75 million to fund Trump Accounts for more than 300,000 children in Connecticut.
Each child will receive an additional $250 contribution to their account.
“By providing children with savings accounts that compound over time, we are providing them with early insights into financial literacy and a path towards financial independence,” Dalio wrote in an X post in December.
Visa announced it will let users deposit their cash back rewards directly into their Trump Accounts.
“That’s a big deal,” Trump said during a speech at a Treasury event held at the Andrew W. Mellon Auditorium.
Trump added that the credit card company will make an entirely new platform to allow parents to easily transfer funds into their children’s accounts.
