Compare College Savings Plans


 

529 College Savings

BB&T CollegeWealth 529 Savings

Coverdell Education Savings

College Saver CD

Account Holder Eligibility

  • Anyone over age 18
  • No state residency requirements
  • Anyone over age 18
  • No state residency requirements
  • Single filers with Modified Adjusted Gross Income (MAGI) between $95,000 and $110,000
  • Couples filing jointly with MAGI between $190,000 and $220,000
  • No age requirements
  • No state residency requirements

Beneficiaries

  • Anyone with a Social Security or Tax ID number; the account can be opened to benefit a relative, friend or oneself
  • If the designated beneficiary does not attend college, the account owner may change beneficiaries, leave the account for later use, or cash in the assets
  • Anyone with a Social Security or Tax ID number; the account can be opened to benefit a relative, friend or yourself
  • If the designated beneficiary does not attend college, the account owner may change beneficiaries, leave the account for later use, or cash in the assets
  • One beneficiary per account
  • Anyone with a Social Security or Tax ID number who is under age 30 or a special-needs beneficiary
  • One beneficiary per account
  • Anyone with a Social Security or Tax ID number; the account can be opened to benefit a relative, friend or yourself
  • One beneficiary per account

Contributions

  • No minimum amount
  • No annual limit
  • Maximum total account value of $350,000  per beneficiary (FDIC limits apply)
  • No minimum amount
  • No annual limit
  • Maximum total account value of $350,000  per beneficiary (FDIC limits apply)

Maximum of $2,000 per year per child under age 18; contributions may be made past the age of 18 for children who are qualified special needs beneficiaries

  • $100 minimum to open
  • Requires an automatic deposit of $50 or more per month from a BB&T checking or savings account
  • May make one additional deposit of $50 per month by draft, in person, or through BB&T Online Banking
  • Account balance may not be greater than $100,000

Tax Benefits

  • Earnings grow federal income tax deferred and may also be eligible for state tax deductions
  • Distributions for qualified higher education expenses are federal income tax free
  • Tax deductions available in some states
  • Earnings grow free of federal taxes
  • Withdrawals are tax free if used for qualified higher education expenses
  • Contributions are not tax deductible
  • Interest is tax exempt
  • Withdrawals are tax free if used for qualified higher educational expenses

None

Qualified Withdrawals

College-related expenses, such as tuition, room and board, mandatory fees, books, supplies, uniforms and computer-related equipment

College-related expenses, such as tuition, room and board, mandatory fees, books, supplies, uniforms and computer-related equipment

  • Expenses such as tuition, room and board, mandatory fees, books, supplies, uniforms and computer-related equipment
  • Funds may be used for any public, private or religious school that provides elementary or secondary education as determined under state law, including colleges, universities vocational schools or other postsecondary educational institutions eligible to participate in a student aid program administered by the Department of Education.
  • Make up to 4 withdrawals per year without penalty if funds are used for college-related expenses, such as tuition, room and board, mandatory fees, books, supplies, uniforms and computer-related equipment
  • Any withdrawn funds must have been on deposit for at least 7 days; no other withdrawals may have been made in the preceding six days.

Required Distribution

Varies by state

Funds must be used (or the account closed) within 10 years of the beneficiary's projected high school graduation date. Beneficiaries who have already completed high school at the time the account is opened have 10 years to use their BB&T CollegeWealth 529 Savings funds. An extension may be granted upon request.

Funds must be distributed by student's 30th birthday

CDs mature at 36, 48 or 60 months

Investment Options

Plan assets are professionally managed either by the state treasurer's office or by an outside investment company hired as the program manager.

FDIC-insured tax-advantaged savings account

  • Money Rate Savings Account
  • 18-Month Variable CD
  • Fixed Rate CD
  • Monthly Saver Coverdell Education Savings Account

Tiered CD rates: Simple interest or compounded daily based upon collected balances