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529 College Savings Plan

What is a 529 college savings plan?

A 529 college savings plan is a type of investment account that allows you to set aside money for your child's education and let it grow tax-free. The federal government won't tax your money when you take it out of the account, as long as it's used for higher education.

Any family can contribute to a 529 account regardless of income, and there's a lifetime maximum contribution (the amount varies from state to state, ranging from $235,000 to more than $380,000). The best part: You can often start an account with as little as $25.

  • Guaranteed safe growth — no matter what happens with the economy or the stock market, your money is guaranteed to grow in value over time
  • The flexibility to use the money for college or anything else — without any penalty
  • No big upfront investment — start a plan for as little as $10/week
  • Adult Life insurance protection — if the unthinkable happens before your College Plan reaches maturity, the full benefit amount is paid to your child (as beneficiary)

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