Celebrate the start of summer with a $50 or $100 bonus from the Edvest 529 College Savings Plan!

published May 15, 2024

MADISON, Wis. (May 15, 2024) — Throughout the country, students and families are anxiously anticipating graduation season and the start of summer. To celebrate the end of the school year, and to coincide with National 529 Day, Edvest 529, Wisconsin’s only direct-sold 529 college savings plan, is offering families a special incentive to jumpstart their college savings journey with a match deposit offer.

Edvest 529 $50 or $100 Deposit Incentive

Individuals who open a new Edvest 529 account between Monday, May 20, and Friday, May 31, 2024, will be eligible for the $50 or $100 bonus incentive.

• For the $50 bonus – simply open an account during the offer time with a deposit of $250 or more and set up recurring contributions totaling $50 or more per month until November 30, 2024.
• For the $100 bonus – open an account during the offer time with a deposit of $500 or more and set up recurring contributions totaling $50 or more per month until November 30, 2024.

For more details about the incentive and to open an account visit Edvest.com/summer24.

"Saving for a loved one’s higher education can seem overwhelming, but the most important thing a family can do, is simply start. We hope the Edvest 529 summer savings bonus promotion offer and initiatives like National 529 Day give families the spark they need to start saving for a loved one’s future education," said Wisconsin Department of Financial Institutions Secretary Cheryll Olson-Collins. The Wisconsin Department of Financial Institutions administers the Wisconsin 529 College Savings Program, which includes the Edvest 529 college savings plan.

Edvest 529 Accounts – Not JUST for Parents

Edvest 529 accounts are not just for parents saving for their children’s education. Almost anyone^* can open an account and save for a loved one’s future education.

Wisconsin taxpayers saving with an Edvest 529 account can get triple tax benefits, including a Wisconsin state income tax deduction of up to $5,000 per year (per beneficiary), tax-deferred growth on earnings, and 100% tax-free withdrawals for qualified expenses.

Even better, the Wisconsin state income tax deduction for contributions made to an Edvest 529 plan is available to any Wisconsin taxpayer, not just the 529 plan account owner. If you are a grandparent dreaming of giving your grandchild a gift that could last a lifetime, or an aunt, uncle, or family friend looking for a unique and meaningful birthday or holiday gift for a special child in your life, consider opening and/or gifting to an Edvest 529 account.

For more information about Edvest 529 and to open an account, visit Edvest.com, or follow us on Facebook and Instagram.

About Edvest 529

For more than 25 years, Edvest 529 – Wisconsin’s direct-sold 529 college savings plan – has been helping families save for higher education expenses. Account owners can choose from 24 investment portfolios, access easy-to-use savings tools, and take advantage of in-state tax benefits for Wisconsin taxpayers. Edvest 529 has earned numerous accolades, including being named Silver by Morningstar Investment Research and Management Firm for the second year in a row, earning a 5-Cap Rating by SavingForCollege.com,¹ and a 2023 Platinum MarCom Award for website redesign.²

Edvest 529 is a tax-advantaged investment, meaning contributions to an account may qualify for a 2024 Wisconsin state income tax deduction of up to $5,000 per contributor per beneficiary, per year, for single filers or married couples filing a joint return. The plan has no sales charges, enrollment fees, or annual account maintenance fees. In fact, Edvest 529 is the fifth lowest-cost 529 college savings plan in the nation!³

Want more details?

Check out our "What is the best option for college savings" video in our new College Savings Connection video series for more of a breakdown of Edvest 529’s tax benefits.

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1. ^*Account Owner must be over the age of 18 and have a valid social security number or taxpayer identification number to open an account. ↩

In an annual review (11/2/2023) of the largest 529 college savings plans (54 plans representing 90% of 529 assets as of August 2023), Morningstar identified 34 plans that stand out above the rest, awarding those plans Gold, Silver, and Bronze Morningstar Analyst Ratings for 2023. These plans offer a well-researched asset-allocation approach, a robust process for selecting and monitoring underlying investments, a well-resourced and experienced investment team, stable and engaged oversight from the state and low fees. Investors in what Morningstar analysts consider the best 529 plans should be well-positioned for the future. The four key pillars used by Morningstar to evaluate 529 college savings plans include – Process, People, Parent, and Price. For more information about Morningstar’s overview of the Edvest 529 College Savings Plan, go to Morningstar.com. TIAA-CREF Tuition Financing, Inc. compensates Morningstar for the ability to quote these ratings in public communications. Past performance does not predict future results. Source: Morningstar.com. A Morningstar Analyst Rating for a 529 college savings plan is not a credit or risk rating. Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions.

To learn more about Wisconsin's Edvest 529 College Savings Plan, its investment objectives, risks, charges, and expenses, see the Plan Description at Edvest.com. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Consult your legal or tax professional for tax advice. Wisconsin taxpayers can qualify for a 2024 state tax deduction up to $5,000 annually per beneficiary, for single filer or married couple filing a joint return, from contributions made into an Edvest 529 College Savings Plan. Married couples filing separately may each claim a maximum of $2,500. If the funds aren't used for qualified higher education expenses, a federal 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for Wisconsin's Edvest 529 College Savings Plan.

Footnotes

1. ¹SAVING FOR COLLEGE’S 5-Cap Ratings provide an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories: Performance, Costs, Features, Reliability, and Resident. The 5-Cap Ratings represent our Saving for College’s opinion of the attractiveness of each 529 plan relative to all other 529 plans, based on the many factors that they feel are important. The category scores and Resident Upgrades are used to compute the plan's overall 5-Cap Rating using an averaging algorithm. A plan's category scores are computed on a scale of 1 to 5, carried out to two decimal places, and displayed on the Plan Details page alongside the 5-Cap Rating. In addition, they assign a "Resident Upgrade" score to reflect additional benefits provided by the 529 plan to residents of the sponsoring state. ↩
2. ²The 2023 international MarCom competition recognizes outstanding achievement by creative professionals involved in the concept, direction, design, and production of marketing and communication materials and programs. Winners are graded with points by the work’s quality, creativity, and resourcefulness and each entry is viewed and discussed individually. Entries receiving scores between 90-100 points are Platinum winners. There were over 6,500 entries from throughout the United States, Canada, and 47 other countries. ↩
3. ³ISS Market Intelligence 529 College Savings Fee Analysis 1Q 2024. Edvest 529’s average annual asset-based fees are 0.15% for all portfolios compared to 0.51% for all 529 plans. ↩
4. All social media platforms are managed by the State of Wisconsin.

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