Yes, an account owner can set up recurring contributions directly to a Virginia529 account from a linked bank account or use the Direct Deposit Assistant at myaccount.virginia529.com to have funds sent by their employer and contributed directly to a Virginia529 account. Employees should follow their internal process for establishing direct deposits.
Yes, this type of transfer is called a rollover. The account owner should first open an Invest529 account and then complete the Move Funds or Change Investment Portfolio process online, which authorizes Virginia529 to request the rollover from another 529 plan (also known as a qualified tuition program).
Funds may also be rolled over from Coverdell Education Savings accounts or Qualified U.S. Savings Bonds. See the Invest529 Program Description for more information.
An account can be opened with as little as $10. Subsequent contributions are not required, allowing you to save at your own pace.
No, however you can open an account and once the child is born update the student.
Yes, a Virginia529 account owner may select multiple portfolios, and each portfolio selected creates a separate account. Although a student can have multiple accounts, an account owner may not have two accounts in the same portfolio for the same student.
Account owners must be 18 years of age or older and a U.S. citizen or legal U.S. resident to open a Virginia529 account, while the student must be a U.S. citizen or legal U.S. resident. The account owner may also be a U.S. trust, corporation, partnership, nonprofit organization, custodian, guardian or other entity.
To open a Tuition Track Portfolio account, either the account owner or the student must be a resident of Virginia at the time the account is opened.