(NewsNation) — As President Donald Trump rolled out new savings accounts for children, wealthy donors and employers pledged to contribute.
Dubbed “Trump Accounts,” the accounts allow parents to contribute up to $5,000 a year in an IRA-like account for children under the age of 18. Babies born between the start of 2025 and the end of 2028 will also get a one-time $1,000 deposit from the Trump administration.
On Wednesday, Trump was joined by supporters, including rapper Nicki Minaj, as he touted the accounts as “part of the American dream.”
Minaj briefly joined Trump on stage, where she called herself his “No. 1 fan.” Minaj has said she will contribute between $150,000 and $300,000 to fund accounts for her fans, stressing the importance of early financial literacy.
It isn’t immediately clear how much money Minaj fans would receive or how eligibility would be determined.
Other philanthropists and businesses have made more concrete promises.
Bank of America announced it would match the $1,000 for eligible employees, joining other financial firms, including JPMorgan, BlackRock, BNY, Robinhood, SoFi and Charles Schwab, that have made similar announcements.
Billionaires Michael and Susan Dell announced an investment that would give children under 10 living in certain zip codes $250 to kick-start their accounts.
Ray Dalio, a hedge fund manager, also announced he would be donating money to accounts for children in his home state of Connecticut.
