College & Career

Colorado

Smart Choice College Savings Plan
5 Cap Ratings
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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.

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for its regular One-Year Times Savings Accounts, subject to an early withdrawal penalty of 90 days of interest if withdrawn before the one-year maturity date.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
  • Twitter Click here to visit
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