Bank of America (BofA) is raising its minimum wage to $20 dollars an hour early next year. The second-largest bank in the nation made the statement that they will raise their minimum wage from $15 to $20 by 2021, but the company decided to make the increase a year earlier.

On Monday, Chief human resources officer at Bank of America, Sheri Bronstein, said “As part of our commitment to being a great place to work, we are saying thank you, and sharing our success with our teammates who serve our clients and communities every day.”

This change wouldn’t be the first time BofA has hiked pay for their employees. The company has raised its minimum wage more than four dollars since 2010 and just two years ago BofA raised its minimum wage to $15 an hour.

JP Morgan Chase, the country’s largest bank, has also raised it’s minimum wage from $16.50 to $18 an hour.

The Institute for Policy Studies, released a study that found that if the minimum wage had grown at the same pace as Wall Street bonuses, fast-food workers and other low-wage workers would earn $33.51 an hour.