Less than a week after President Donald Trump signed the new tax reform bill into law, banks are already beginning to take advantage of expected savings.

HarborOne Bank announced yesterday that it will implement a $15 per hour minimum wage and provide a one-time $500 bonus to more than 600 employees of the bank and its mortgage lending subsidiary, Merrimack Mortgage Co., citing federal tax reform legislation.

The minimum wage change officially goes into effect on Feb. 5, 2018, ahead of schedule, and the one-time bonus will be distributed in mid-January.

“The immediate outcome of this legislation will be tax savings for HarborOne, which has a direct impact on our bottom line,” HarborOne Bank CEO James Blake said in a statement. “It’s only fitting that this financial gain be shared with our employees, who do so much every day to deliver a premier banking experience for our customers.”

The legislation – officially named the Tax Cuts and Jobs Act of 2017 – lowers the corporate tax rate from 35 to 21 percent, which will result in huge savings for banks, who are full taxpayers.

The $500 bonuses will be paid to all HarborOne Bank and Merrimack Mortgage employees, with the exception of senior management and bank leadership.

“This is something we’ve been working on for some time now,” Joseph Casey, president and COO of HarborOne, said in a statement. “Our original intent was to implement the higher minimum wage over a three-year period. But this tax reform legislation allows us to accelerate those plans.”

With change to be implemented in February, HarborOne Bank’s starting wage will be more than double the federal minimum wage and 36 percent higher than the Massachusetts state minimum wage of $11 per hour.