Citigroup will match the first $1,000 U.S. government contribution to the proposed Trump account for families of eligible employees, the U.S. lender announced Thursday.
Created as part of President Donald Trump’s One Big Beautiful Bill Act and scheduled to go into effect on July 4, the Trump Account will see the U.S. Treasury deposit $1,000 in seed money into the investment account of every child born between 2025 and 2028 with a valid Social Security number.
Citi joins rivals Bank of America, Wells Fargo and JPMorgan Chase who have launched similar match programs.
Citi Foundation has committed $5 million to raise awareness of the program, encourage participation, and provide enrollment support, especially for low-income families.
President Trump has asked U.S. companies to donate to the family accounts of their employees. The president and the Republican Party have sought to address voter affordability concerns ahead of November’s midterm elections.
The account has been touted by backers as a long-term wealth building tool to help children build savings early in life.
Proponents argue that starting investing at birth can improve economic mobility and give future workers a stronger chance to climb the economic ladder.
But critics point out the dangers of giving 18-year-olds unfettered access to what could by then be a significant amount of money.
(Reporting by Atibu Bhandari in Bengaluru and Tatiana Bautzer in New York; Editing by Alan Barona)
