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FDIC-insured bank accounts with 529 tax advantages
The best thing about CollegeWealth is that during the economic downturn, we still had a great return on savings as well as a substantial tax break.
CollegeWealth® is the Commonwealth’s FDIC–insured 529 college savings program, provided in partnership with participating financial institutions.
CollegeWealth allows families to benefit from the federal and, for Virginia residents, state tax advantages of 529 accounts – and take advantage of the FDIC insurance coverage of a bank deposit account – by opening a CollegeWealth bank account to save for their children’s or their own higher education.
An affordable and familiar way to save, CollegeWealth may appeal to conservative investors as each CollegeWealth college savings account is insured by the FDIC. Please contact the participating financial institution for FDIC insurance limits and details.
Other Features Include:
CollegeWealth is flexible, with no state residency requirement and no income phase outs; CollegeWealth is affordable for everyone, with low initial account deposits and competitive interest rates established by each participating bank or financial institution; CollegeWealth lets account owners save according to their own budgets and timetables – with the ability to make regular, scheduled deposits.
Like Virginia’s three other 529 programs, CollegeWealth account contributions can grow free of federal income taxes. Withdrawals also will be tax free when used for qualified higher education expenses, including tuition, fees, certain room and board costs, textbooks, and equipment required by a college for enrollment. In addition, Virginia taxpayers receive up to a $4,000 state individual income tax deduction** – with an unlimited carry forward – per CollegeWealth account.
Since 1872, BB&T has provided high-quality financial products and services to meet the needs of the communities it serves. With over 1,800 financial offices in 13 states, approximately 400 of which are located in Virginia, BB&T offers the convenience and access of a large financial institution and the friendly service you appreciate from your local bank.
- Deposits are FDIC–Insured*
- Balances grow in a money market savings account
- $25 minimum opening deposit
- Interest rates tiered based on balance
- No Annual Fee
- No Monthly Maintenance Fee
- Up to a $4,000 state tax deduction for Virginia taxpayers**
- Convenient account access through BB&T OnLine® Banking
- Deposits and transfers into the BB&T CollegeWealth® 529 Savings account at over 1,800 BB&T financial centers
You can apply for the BB&T CollegeWealth® 529 Savings account online. It’s easy and secure, and it takes just ten minutes. BB&T CollegeWealth® 529 Savings accounts offered by Branch Banking and Trust Company, Member FDIC.
Union First Market Bank is one of the largest community banks in Virginia and has branches throughout the Commonwealth Locate a branch location or call the customer service center toll-free at 1-800-990-4828.
You can apply for a Union First Market Bank CollegeWealth Savings account online (Link).
*The FDIC insurance coverage is $250,000 per depositor. All Virginia College Savings Plan 529 Accounts have a maximum aggregate contribution limit per beneficiary of $350,000.
**All Participating banks and the Virginia College Savings Plan employees do not give tax advice. Please consult a tax expert. For residents of states other than Virginia: Your state or the beneficiary’s state of residence (if different) may sponsor a 529 plan that provides state tax or other benefits not available to you through CollegeWealth®. The $4,000 per year limit does not apply to Account Owners who are age 70 or above, who may deduct the entire amount of the contributions in a single tax year.
Note: All partner banks’ graphics, logos, and service names are trademarks, service marks or trade dress of each individual bank.