Charles Schwab to Match Federal Contributions to Employees’ Children’s Trump Accounts

The Charles Schwab Corp. announced Tuesday it will provide a $1,000 match to the federal government’s one-time $1,000 contribution to Trump Accounts set up for its U.S. employees’ children.

The federal pilot program promises one-time payments from the U.S. Treasury to individual tax-advantaged savings accounts set up for any child born in the U.S. from January 1, 2025 through December 31, 2028 with a valid Social Security number.

According to the program’s official website, TrumpAccounts.gov, the accounts will launch on July 5, 2026. IRS guidance released on December 2 specified that funds can only be invested in “eligible investments,” such as mutual funds or exchange-traded funds that track an index of primarily U.S. companies. Parents or legal guardians can set up an account through the website or by using a special tax form. Parents can create an account for any qualified American under age 18, but account holders born outside the pilot program’s window would not receive the federal seed funding.

Accounts can receive up to $5,000 in yearly contributions, and once account owners turn 18, they can withdraw the money or rollover the account balance into an individual retirement account.

In a statement, Charles Schwab CEO Rick Wurster said his company’s matching Trump Account contributions would help employees’ families “take an early, confident step toward building long-term financial security.”

Many questions about Trump Accounts remain unanswered. The website promises “all the tax advantages of a traditional IRA,” but those specifics have not been provided, and it is not clear which providers will administer the accounts.

On December 17, Treasury Secretary Scott Bessent said federal officials were “working closely with a number of governors” to determine how state governments could “expand access” to Trump Accounts and claimed 20 states were “considering topping up the accounts.”

Billionaires Michael and Susan Dell previously pledged $6.25 billion to provide an additional estimated $250 to up to 25 million individual Trump Accounts. BlackRock, Charter Communications, and Visa are among companies that have already pledged to contribute to employees’ childrens’ accounts.