Robinhood, Schwab to match $1,000 for employees’ Trump Accounts

Financial services giants Charles Schwab and Robinhood will both match the U.S. government’s $1,000 contribution to Trump Accounts for the children of their employees.

The U.S. Treasury will give $1,000 to Trump Accounts set up for children born in the U.S. between 2025 and 2028. The accounts are invested in index or mutual funds that track the U.S. stock market, and generally cannot be withdrawn until the child turns 18—operating similarly to an IRA or 401(k) from birth.

“By matching the government’s contribution for our employees’ children, we’re honoring that commitment — helping more families take an early, confident step toward building long-term financial security,” stated Schwab CEO Rick Wurster. “We will continue to work with this administration, future administrations, and Congress to do all we can to support getting more Americans invested.”

Robinhood and Schwab follow announcements from other companies and wealthy individuals to donate to Trump Accounts — including Bank of New York Mellon, BlackRock, Ray Dalio, and Michael and Susan Dell. BlackRock and BNY each committed $1,000 matches to employees’ children, Dalio will give $250 each to 300,000 children in Connecticut, while the Dells will gift $250 each to 25 million American children with Trump Accounts who were not eligible for the government’s $1,000 contribution because they were born outside the 2025–2028 window.

“Robinhood is proud to support the next generation by matching the $1,000 contribution from U.S. Department of the Treasury into Trump Accounts for eligible children of Robinhood employees,” the company said in a post to its social channels. “Our mission is to democratize finance for all. We’re honored to help extend that mission to the next generation.”

Schwab has reported having roughly 32,000 employees, while Robinhood has about 2,300. Most financial advisors who spoke with InvestmentNews agreed that Trump Accounts offer fewer tax advantages than similar savings vehicles such as UTMA or 529 plans, but they allow for parents to accept free contributions from the government, employers and philanthropists. 

Shares of Robinhood have surged more than 200% this year, making it one of the top-performing stocks in the S&P 500. Schwab’s stock is up about 35% year to date. Wurster took a not-so thinly-veiled shot at Robinhood during his keynote speech at Schwab’s IMPACT conference in November, when he criticized stock-trading apps for blending gambling with investments. 

“I just don't want young people in our country that think that betting on the Monday Night Football game is equivalent to being invested for the long term in stocks and bonds,” Wurster said, alluding to apps like Robinhood that offer sports wagering via prediction markets. “I hope as an industry, we're able to tell the story to clients about the difference between gambling and investing.”