Treasurer Magaziner Encourages Rhode Islanders to Save for Higher Education with CollegeBound Saver

Published on Wednesday, May 25, 2022

Open a CollegeBound Saver account on National 529 College Savings Day with only $1 in just 10 minutes 

 

Rhode Island General Treasurer Seth Magaziner today encouraged Rhode Islanders to save for the rising costs of higher education with CollegeBound Saver, Rhode Island’s flagship tax-advantaged 529 savings plan, ahead of National 529 College Savings Day on Sunday, May 29.

"CollegeBound Saver can help every family in Rhode Island, regardless of their income, to affordably save for higher education expenses," said General Treasurer Seth Magaziner. "When looking for a gift that will continue to grow as the children in your life grow up, consider opening or gifting a contribution to a CollegeBound Saver account for a child you care about."

A 529 savings account is a flexible, tax-free way for families to save for education-related expenses. Rhode Island’s CollegeBound Saver 529 program is one of the highest-rated college savings plans in the country, with a 5 out of 5 rating from SavingforCollege.com. It only takes $1 and about 10 minutes to open an account and start saving.

Benefits of opening a CollegeBound Saver account include: 

  • Money invested in a CollegeBound account grows tax-free and can be used to pay for tuition, fees, supplies, and other expenses for college, apprenticeship programs, or vocational school.
  • There is no minimum investment required.
  • Rhode Island taxpayers may receive a tax deduction of up to $1,000 (please consult a tax advisor for information on your specific situation).  
  • All CollegeBound accounts have an online gifting feature that makes it easy for family members to contribute to the account.  
  • You can change the beneficiary of your account at any time to a member of the former beneficiary’s family. 

To learn more and to set up an account, visit CollegeBoundSaver.com