Edvest 529 Celebrates National 529 Day with Special Bonus Deposit Incentive for Families

published May 17, 2023

Madison, Wis. (May 17, 2023) – In Wisconsin and throughout the country, National 529 Day is recognized on Monday, May 29 (5/29). This day serves to remind families about the importance of saving for a child, grandchild, or another loved one’s higher education while highlighting the value and flexibility of saving with a 529 college savings plan.

To celebrate, Edvest 529, Wisconsin's direct-sold 529 college savings plan, is offering a special incentive to help families get started on their higher education savings journey with a bonus deposit incentive.

Edvest 529 Day $50 or $100 Bonus Deposit Incentive

Individuals who open a new Edvest 529 account between Monday, May 22, and Wednesday, May 31, 2023, will be eligible for a $50 or $100 bonus incentive.

• For a $50 bonus – open an account during the promotion with an initial deposit of $250 or more and set up recurring contributions totaling $50 or more per month until November 30, 2023.
• For a $100 bonus – open an account during the promotion with an initial deposit of $500 or more and set up recurring contributions totaling $50 or more per month until November 30, 2023.

For complete details about the bonus deposit incentive, including the Terms and Conditions, visit Edvest.com/529offer23.

"We’re encouraging all Wisconsinites to join us in celebrating National 529 Day by talking with their loved ones about saving for higher education and opening an account to start saving today," said Wisconsin Department of Financial Institutions Secretary-designee Cheryll Olson-Collins. "The sooner students and families start saving for higher education, the more time their money has to grow, which could provide a stronger financial foundation down the road. Any dollar saved today can help reduce student loan debt tomorrow,” Olson-Collins added.

How to Use Edvest 529 Funds

Funds saved with Edvest 529 can be used for education and career training after high school, whether that’s through an accredited four-year university, two-year technical or community college, a certificate program, graduate school, or an apprenticeship program registered with the U.S. Department of Labor. Account owners can use their Edvest 529 savings to pay for qualified higher education expenses such as tuition, certain room and board expenses, fees, books, supplies, and equipment required for the enrollment and attendance of a student.

Advantages of Saving with Edvest 529

Edvest 529 is a tax-advantaged investment, meaning contributions to an account may qualify for a Wisconsin state income tax deduction of up to $3,860 annually per beneficiary, per year (married couples filing separately and divorced parents may claim a maximum of $1,930). Plus, account earnings grow tax-deferred, and withdrawals are tax-free at the state and federal level when used to pay for qualified higher education expenses.

An account can be opened with $25 in about 15 minutes. The plan has no sales charges, enrollment fees, or annual account maintenance fees. In fact, Edvest 529 is the sixth lowest-cost 529 college savings plan in the nation!¹

To learn more about saving with Edvest 529, visit Edvest.com, follow us on Facebook and Instagram, and register to attend a free college savings webinar on Wednesday, May 24, at 11 a.m. CT.

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 to easy-to-use savings tools, and take advantage of in-state tax benefits for Wisconsin taxpayers.

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Footnotes

1. To learn more about Wisconsin's Edvest 529 College Savings Plan, its investment objectives, risks, charges and expenses please 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. 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. 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. Consult your legal or tax professional for tax advice. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Edvest 529 College Savings Plan.
2. Withdrawals for registered apprenticeship programs can be withdrawn free from federal and Wisconsin income tax. If you are not a Wisconsin taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances.
3. ¹ISS Market Intelligence 529 College Savings Fee Analysis 1Q 2023. Edvest’s average annual asset-based fees are 0.15% for all portfolios compared to 0.51% for all 529 plans.↩

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