College & Career


Smart Choice College Savings Plan
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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.

Program Details
  • 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.
  • Program type: Savings
  • Program manager: FirstBank Holding Company
  • State residency requirements: None
  • Maximum contributions: Accepts contributions until all account balances in Colorado's 529 plans for the same beneficiary reach $350,000.
  • Minimum contributions: No minimum.
  • Age-based investment options: None.
  • 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for its regular One-Year Times Savings Accounts, subject to an early withdrawal penalty of 90 days of interest if withdrawn before the one-year maturity date.
  • Underlying investments: FDIC-insured bank deposit accounts with FirstBank. FDIC insurance is subject to limitations.
  • Enrollment or application fee: None.
  • Account maintenance fee: None.
  • Program management fees: None. (FirstBank pays Colorado CollegeInvest an administrative fee of 0.10% of assets.)
  • Expenses of the underlying investments: Not applicable.
  • Total asset-based expense ratio: None.
  • Program match on contributions: The Matching Grant Program provides a dollar-for-dollar match of up to $500 in contributions for lower- to middle-income Colorado residents to accounts with an eligible beneficiary (a dependent under age 13 at the time of initial application). Applications are accepted each year between September 1 and December 31. The match can extend for a maximum five years. Matching grants for future years are subject to continued funding by the sponsor. The CollegeInvest 529 Scholarship provides a $2,000 scholarship to any full-time student who is a Colorado resident, has maintained or has had a parent/guardian maintain a CollegeInvest account for at least two years, and can substantiate an expected family contribution (EFC) of $25,000 or less. The scholarship is renewable each year up to a total of four years or $8,000. Applications are accepted January 1 through July 31.
  • State tax deduction or credit for contributions: Contributions to a Colorado 529 plan, to the extent of the contributor's Colorado taxable income, are deductible in computing Colorado taxable income. Rollover contributions are not eligible for the deduction.
  • Web site: Click here to visit
  • Telephone: 1-800-964-3444
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The information contained in this material and related materials ("Information") is based on information from sources believed to be accurate and reliable and every reasonable effort has been made to make the Information as complete and accurate as possible but such completeness and accuracy cannot and is not guaranteed. The reader and user of the Information should use the Information as a general guide and not as the ultimate source of information. The Information is not intended to include every possible bit of information regarding the Information but rather to complement and supplement information otherwise available and the reader and user should use the Information accordingly. The Information contains information about tax and other laws and these laws may change. The reader and user should realize that any investment involves risk and the assumptions and projections used in the Information may not be how the investments turn out. The reader and user should consult with their own tax, financial and legal advisors about all of the Information.

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