Best if you
- Want a starter savings account for your child under the age of 181
- Prefer to avoid monthly maintenance fees
- Would like easy access to funds in the account
- Competitive interest compounded daily
- Unlimited deposits, transfers and withdrawals at BB&T ATMs and branches2
- Convenient online and mobile banking access through U by BB&T®
- No minimum opening deposit
- No monthly maintenance fee3
- No inactivity fee
- Other fees may apply; please see our Personal Services Pricing Guide for details3
See all pricing and fees.
Not convinced yet?
Young Savers includes a number of extras plus convenient access options.
Enjoy these additional benefits
- Link to your checking account for overdraft protection4
- Get automated account information through BB&T Phone24 at 800-BANK-BBT (800-226-5228), option 4
- Receive quarterly paper statements
Keep tabs on your account
- Use U by BB&T®, our customizable online and mobile banking experience, to monitor your BB&T and non-BB&T accounts, pay bills, set and track spending, manage your receipts and more
- Receive important account alerts by email or text
- Choose online statements for convenient access to your account statements from your computer or mobile device
Which college savings plan is best for me?
To make your decision easier, here are the highlights for the most widely recognized plans.
A popular choice for college savings is a 529 plan. Earnings grow tax-deferred and may be eligible for state tax deductions, there are no minimum contributions and you can make an unlimited number of tax-free withdrawals for educational expenses.
- $350,000 limit per beneficiary
- No minimum contribution
- Contributions can't exceed the beneficiary's needed qualified education expenses
- There may be gift-tax consequences if your contributions, plus any other gifts, exceed $14,000 a year
- You can name anyone as a beneficiary—a relative, friend or even yourself
Although a Roth IRA is mostly thought of for retirement savings, many financial experts recommend them for educational expenses. If you're using the funds to pay for college expenses, you can make withdrawals at any time without paying a tax penalty. Plus, contributions to your Roth IRA grow tax-free and can be used in combination with a 529 plan.
With a Roth IRA, there are annual contribution limits based on your age and income. Visit the IRS website (opens in a new tab) for the current year's contribution limits.
- Flexibility to save for educational expenses and retirement
- Earnings for qualifying education expenses can be withdrawn without the 10% penalty
- Limits on both annual contributions and income
Coverdell Education Savings Account (ESA)
With a Coverdell ESA, you can save up to $2,000 per beneficiary each year until they reach the age of 18, unless they have special needs. However, there are salary caps based on your modified adjusted gross income (MAGI): $110,000 for single filers and $200,000 for married couples filing jointly. Taxpayers with MAGI above $110,000 and $220,000, respectively, can't contribute to a Coverdell ESA.
Learn more about tax benefits for education and how to calculate your MAGI from the IRS Publication 970 (PDF) (opens in a new tab).
- Flexibility to choose your investments, including CDs, savings accounts and brokerage options
- Ability to pay for K-12 educational expenses, not just college
- Smaller annual contribution limits
The bottom line
With costs rising every year, practically everyone needs to save for college. Weigh your options and choose the plan that makes the most sense for your situation.
U by BB&T: Goals
See how you can easily create, monitor and track savings goals with the Plan & Analyze feature in U by BB&T®.
Welcome to the demo for goals. The tool that helps you save.
Let's get started.
To create a goal, go to "Plan & Analyze," and click on "Goals." The page will provide you with some key areas to consider saving for, like you see here. Or, you can create your own custom goal.
So, let's set a goal.
First, how much do you want to save and by when? This tool will help you calculate the monthly amount and adjust the date, if required, to make sure your goal is achievable based on your budget.
Next, select the account you want to save your money in. If you want to choose more than one account, you can do that as well.
As you can see here, the tool will then show you your current account balance. You then select how much of that balance you want to put toward this goal. If you want all the money in that account to count toward your goal, select "100%."
Then, select what percentage of your future deposits into this account should go toward this goal. Any goal you set will be available throughout the site to help you stay on track. And that's it. You've set a goal!
We hope this demo is helpful. Feel free to set many goals. The more you set, the more you'll save.