Which savings plan is best for you?
It's no secret that college is expensive. But with proper planning and regular contributions to a savings plan, you can avoid college tuition sticker shock.
Smart saving will help expand your child's choices when it's time to select a college. We can help you choose from a number of solid savings options with flexible contribution requirements and potential tax advantages.
529 College Savings Plan
- Funded by investments
- Earnings grow tax free
- No annual limit on contributions
- Withdrawals for qualified higher education expenses Disclosure 1 are federal tax free
Coverdell Education Savings
- Account can be funded by FDIC-insured savings or investments
- Earnings grow tax free
- $2,000 annual limit on contributions
- Withdrawals for qualified education expenses are federal tax free
- Can also be used for qualified K–12 expenses
College Saver CD
- Earnings are FDIC insured
- Earnings are taxed
- Account balance must be less than $100,000
- No penalty for up to four withdrawals per year for qualified education expenses
Whether your priorities include retirement, education, security, a life event, legacy planning—or all of these—BB&T Investments has solutions to help you reach your goals.
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200 S. College St., 11th Floor
Charlotte, NC 28202
How Much Should I Save for College? (Calculator)
Determine your savings goals to attend the college of your choice.
Qualified Higher Education Expenses include tuition, all mandatory fees, the costs of required textbooks, supplies and equipment, and certain room and board costs for students who are enrolled at least half time at any accredited school eligible to receive federal financial aid. Non-qualified withdrawals are subject to a federal tax penalty of 10% of earnings and the earnings are taxable as ordinary income.
Traditional banking services are provided by Branch Banking and Trust Company, Member FDIC.
Only deposit products are FDIC insured.
Investment solutions are provided by BB&T Investments, a division of BB&T Securities, LLC (opens in a new tab) member FINRA (opens in a new tab)/SIPC (opens in a new tab). BB&T Securities, LLC is a wholly-owned nonbank subsidiary of BB&T Corporation. Securities and insurance products or annuities sold, offered or recommended by BB&T Investments are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may lose value.
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The information provided should not be considered as tax or legal advice. Please consult with your tax advisor and/or attorney regarding your individual circumstances.
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