College & Career

Montana

Montana Family Education Savings Program -- Bank Plan
5 Cap Ratings
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Summary

Four FDIC-insured options are offered in this Montana Family Education Savings Program -- Bank Plan: (1) the CollegeSure CD with a variable interest rate pegged to a private-college tuition index, (2) the InvestorSure CD with an interest rate pegged to a percentage of the increase in the S&P 500 Index over a five-year period, (3) fixed-rate CDs with one-year or three-year maturities, and (4) the Honors Savings Account, a high-yield, variable rate savings account available exclusively online.

Program Details
  • Summary: Four FDIC-insured options are offered in this Montana Family Education Savings Program -- Bank Plan: (1) the CollegeSure CD with a variable interest rate pegged to a private-college tuition index, (2) the InvestorSure CD with an interest rate pegged to a percentage of the increase in the S&P 500 Index over a five-year period, (3) fixed-rate CDs with one-year or three-year maturities, and (4) the Honors Savings Account, a high-yield, variable rate savings account available exclusively online.
  • Program type: Savings
  • Program manager: College Savings Bank
  • State residency requirements: None
  • Maximum contributions: Accepts contributions until all account balances in Montana's 529 plans for the same beneficiary reach $396,000.
  • Minimum contributions: CollegeSure CD:
    With lump-sum contributions, the minimum initial contribution is $250. With the automatic investment plan, the minimum contribution level is $25 per month via electronic funds transfer, or $25 per payroll via payroll deduction. Deposits under $250 are held in an interest bearing savings account, and each time the balance reaches $250, a CD purchase is made.

    InvestorSure CD:
    With lump-sum contributions, the minimum initial contribution is $250. With the automatic investment plan, the minimum contribution level is $25 per month via electronic funds transfer, or $25 per payroll via payroll deduction. Deposits under $250 are held in an interest bearing savings account, and each time the balance reaches $250, a CD purchase is made on the next CD issue date.

    Fixed Rate CDs:
    With lump-sum contributions, the minimum initial contribution is $250. With the automatic investment plan, the minimum contribution level is $25 per month via electronic funds transfer, or $25 per pay period via payroll deduction. Deposits under $250 are held in an interest bearing savings account, and each time the balance reaches $250, a CD purchase is made.

    Honors Savings Account:
    The minimum contribution is $250 and must be contributed by electronic check through the state 529 program website or the College Savings Bank website.
  • Age-based investment options: None.
  • Static investment options: The interest rate on the CollegeSure CD is pegged to a private-college tuition index, less a margin percentage assigned at the time of purchase. The maximum rate in future years is set at a specified percentage over the first-year's rate. The InvestorSure CD has a five-year maturity, and earns interest tied to a percentage of the increase in the S&P 500 Index (70% as of May 1, 2012). Fixed-rate CDs earn interest at the rate posted at the time of purchase, and posted rates may change at any time. The Honors Savings Account earns interest at a variable rate which is reviewed periodically and published online.
  • Underlying investments: FDIC-insured certificates of deposit and a high-yield savings account from College Savings Bank.
  • Enrollment or application fee: None.
  • Account maintenance fee: None.
  • Program management fees: None
  • Expenses of the underlying investments: Not applicable, interest rate on CD is tied to a formula.
  • Total asset-based expense ratio: None
  • Program match on contributions: None.
  • State tax deduction or credit for contributions: Contributions to Montana AND non-Montana 529 plans of up to $3,000 per year by an individual, and up to $6,000 per year by a married couple filing jointly, are deductible in computing Montana taxable income. Only contributions made by the account owner, the account owner's spouse, or the account owner's custodian/parent are deductible. Contribution deadline is December 31.
  • Web site: Click here to visit
  • Telephone: 1-800-888-2723
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