Saving for College

ACH Schedule for Thanksgiving Day

In observance of the Thanksgiving Day federal holiday, we will be closed Thursday, November 23. Business Online Banking ACH files must be received by Tuesday, November 21, in order to settle before the upcoming holiday. ACH files received on Wednesday, November 22, will not settle until Friday, November 24.

Setting your child up for a successful future is important. It’s never too early to establish an elementary or college education savings plan. Saving now can not only offset future education expenses, it can provide a variety of additional benefits. We will work with you to identify your savings priorities, determine how much you need to save, review your savings options, and make an informed decision on the best savings plan for you and your family.

Common College Savings Plans

529 College Savings Plan

529 College Savings Investment plans offer tax-free* withdrawals when the money is used toward college education expenses. 529 plans come in two forms: pre-paid tuition plans and college savings plans.

Coverdell Education Savings Account (ESA)

Coverdell Education Savings Accounts (ESAs) allow annual contributions up to $2,000 to the beneficiary. The contributions can be invested tax-deferred* and the proceeds withdrawn are tax free* when used toward designated educational purchases. In addition to college tuition, ESAs may be used for K-12 expenses in certain situations.

Gifting

The Uniform Gifts to Minors Act allows tax-free* contributions up to $15,000 annually to a beneficiary without the need for a trust. Typically, these accounts cannot be accessed by the child until he or she turns 18.

*Consult your tax advisor

Common College Savings Plans

529 College Savings Plan

Coverdell Education Savings Account (ESA)

Gifting

Learn more about Elementary and College Education Savings plan options.

Discover how much you need to save today.