Morgan Stanley, Goldman Sachs to match $1,000 contributions to Trump accounts for employees' children

Morgan Stanley and Goldman Sachs have announced they will match employee contributions to "Trump Accounts" for children, with the matching program set to begin on July 4. These accounts are a component of President Donald Trump's tax and immigration law. The financial institutions will match up to $1,000 in contributions made by eligible employees for their children's accounts. Beyond cash, the "Trump Accounts" will also be able to accept stock donations.

Over six million children have already been enrolled in the new tax-advantaged "Trump Accounts." However, the initial phase of the program, which starts accepting contributions on July 4, 2026, has a more limited eligibility for the $1,000 pilot program contribution. Only about one million children born between the years 2025 and 2028 will qualify for this specific $1,000 contribution. This group represents less than 10% of all children who are eligible for the broader "Trump Account" program.

The "Trump Accounts" were established under President Donald Trump's tax and immigration law, aiming to provide a tax-advantaged savings vehicle for children. The program's structure allows for contributions that can grow tax-free, with specific rules governing withdrawals and eligibility. The inclusion of stock donations offers a flexible way for individuals to fund these accounts. The pilot program's limited scope for the initial $1,000 contribution is designed to test the program's mechanics and uptake before a wider rollout.