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.
Start a 529 if you plan to save more
The most 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.
- No minimum contribution
- No annual limits
- $350,000 limit per beneficiary
- If you have leftover funds, they will need to be transferred to another beneficiary in order to avoid taxes upon withdrawal.
Open a Roth IRA for financial flexibility
Many financial experts recommend using a Roth IRA for educational expenses. What makes the Roth unique is that it doesn't require you to use the funds for college. So if your situation changes, you can still withdraw from your Roth penalty-free, as long as the account is open for five years. And what's more, if you are using the funds to pay for college expenses, you can make withdrawals at any time without paying a tax penalty.
With a Roth IRA, you can contribute up to $5,500 per year if you're under 50, and up to $6,500 a year thereafter. Income limits apply: your modified adjusted gross income must be less than $117,000 if you're single, and less than $184,000 for married couples filing jointly.
These accounts can be used on their own or in combination with a 529.
- Flexibility to save for educational expenses and retirement (after the beneficiary leaves college, you can use your leftover funds for any other expenses in retirement)
- Limits on both annual contributions and income
Contribute to a Coverdell account to build a base
With a Coverdell account, you can save up to $2,000 per beneficiary a year. There are salary caps: adjusted gross income of $110,000 a year if you’re single, and $220,000 combined for couples filing jointly. You can choose your investment vehicle, including CDs, savings accounts and brokerage options.
- Flexibility to choose your investment options
- Ability to pay for K-12 educational expenses, not just college
- Smaller annual savings 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.