Bank of America will match the U.S. government's initial 1,000 contribution to the proposed Trump Accounts for eligible employees, according to an internal memo seen by Reuters Wednesday.

The bank will also let eligible employees make pre-tax contributions to these accounts through payroll deductions, it said in the memo.

The Trump Account, created as part of President Donald Trump’s One Big Beautiful Bill Act and expected to be rolled out on July 4, will see the U.S. Treasury deposit 1,000 of seed money into investment accounts for all children born between 2025 and 2028 with a valid Social Security number.

The government will invest the money in low-cost index funds that grow tax-deferred. Income taxes are due upon withdrawal.

The program limits these contributions to 5,000 per year, with the employer portion expected to be limited to 2,500 per year.

Earlier this month, the second-largest U.S. lender also said it would award about 1 billion in equity to all employees except senior management, after it capped a strong year marked by a surge in profits.