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.
- 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
- Telephone: 1-800-964-3444
- Web site: Click here to visit
- Twitter Click here to visit
- 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for its regular One-Year Times Savings Accounts, subject to an early withdrawal penalty of 90 days of interest if withdrawn before the one-year maturity date.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 federal taxable income, are deductible in computing Colorado taxable income. Rollover contributions are not eligible for the deduction.