Treasurer Magaziner Encourages Rhode Islanders to Save for Higher Education with CollegeBound Saver During College Savings Month Published on Thursday, September 08, 2022 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 program, to celebrate National College Savings Month in September. "The strength of our state’s economy depends on Rhode Islanders being able to get an affordable, quality education and the skills to secure good paying jobs," said General Treasurer Seth Magaziner. "CollegeBound Saver can help every family in Rhode Island, regardless of their income, to save for an apprenticeship, vocational or trade school or college tuition and other education-related expenses." 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 on their state income taxes for contributions into a CollegeBound account (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. Rhode Islanders can open a CollegeBound Saver account online with no minimum deposit in as little as ten minutes by visiting CollegeBoundSaver.com.