Seeking to stimulate its philanthropic business, Bank of America is reducing the minimum contribution to open a donor-advised fund from $50,000 to $5,000, writes Bloomberg.

Donors will also be able to open and track their funds and make grant recommendations online through a new Web site.

The new program “allows people to get their feet wet in philanthropy,” said Gillian Howell, Bank of America’s national manager for private philanthropy. “If you’re trying to introduce your children to philanthropy, this is a very effective way.”

To learn more about donor-advised funds, see the results from The Chronicle’s annual survey.