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Summary: Colorado's Smart Choice College Savings Plan offers two FDIC-insured options through FirstBank: a one-year time savings account and a money market savings account. |
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Program type: Savings |
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Telephone: 1-800-964-3444 |
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Web site: Click here to visit |
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Twitter |
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Facebook |
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Program manager: FirstBank Holding Company |
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State residency requirements: None |
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Maximum contributions: Accepts contributions until all account balances in Colorado's 529 plans for the same beneficiary reach $280,000. |
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Minimum contributions: No minimum. |
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Age-based investment options: None. |
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Static investment options: There are 2 options. The Money Market Savings Account earns interest at a rate established by FirstBank not less than the interest rate publicly offered by FirstBank on its regular Money Market Savings Accounts less 0.10%. The One-Year Time Savings Account earns interest at a rate that is 0.10% less than the rate publicly offered by FirstBank for its regular One-Year Times Savings Accounts, subject to an early withdrawal penalty of 90 days of interest if withdrawn before the one-year maturity date. |
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Underlying investments: FDIC-insured bank deposit accounts with FirstBank. FDIC insurance is subject to limitations. |
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Enrollment or application fee: None. |
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Account maintenance fee: None. |
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Program management fees: None. (FirstBank pays Colorado CollegeInvest an administrative fee of 0.10% of assets.) |
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Expenses of the underlying investments: Not applicable. |
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Total asset-based expense ratio: None. |
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Program match on contributions: None. |
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State tax deduction or credit for contributions: Contributions to a Colorado 529 plan, to the extent of the contributor's federal taxable income, are deductible in computing Colorado taxable income. Rollover contributions are not eligible for the deduction. |
