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Smart Choice College Savings Plan

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What is it?

The CollegeInvest Smart Choice College Savings Plan, commonly referred to as a 529 account, is a valuable tool to help you save money for college.

Open your CollegeInvest Smart Choice College Savings Plan online in less than five minutes.

Money Market Savings –       1-Year Time –   

What do I get?

Tax benefits based on your contributions, along with the stability and security of a savings account.

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The Smart Choice College Savings Plan is the only 529 plan in Colorado that is FDIC insured.

The Smart Choice College Savings plan can provide State and Federal Tax Benefits (please consult your tax advisor). Savings can be used for qualified expenses at eligible public or private colleges, universities or vocational schools. You get flexibility regarding when and how money is withdrawn to pay for college. You can name a new beneficiary if you need to. If you need your savings for another purpose, you can withdraw the funds. However, there are tax consequences for non-qualified withdrawals.

FirstBank offers two types of Smart Choice College Savings Plans.

A CollegeInvest 529 Account by FirstBank in Partnership with CollegeInvest

CollegeInvest

Learn more about the Smart Choice College Savings Plan »

Printable Application »

Money Market Savings

A Liquid Account that allows deposits and withdrawals at any time.

  • Minimum Daily Balance:

$0

 
  • Service Charge:

$0

 
  • Interest Rates**:

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  • Minimum to Earn Interest:

$0

1-Year Time Savings

Time Accounts offer low-risk investment opportunities and higher interest rates by locking in your deposits for a specified period of time. Deposits may be made at any time, without extending.

  • Minimum Daily Balance:

$0

 
  • Service Charge:

$0

 
  • Interest Rates**:

Loading Rates

 
  • Minimum to Earn Interest:

$0

Important Considerations

To learn about the CollegeInvest Smart Choice College Savings Plan, its objectives, risks, charges, limitations, restrictions and qualifications regarding the Plan’s benefits and potential tax advantages, please read the Plan Disclosure Statement (PDS). Also, check with your home state to learn if it offers tax or other benefits for investing in its own plan.

Smart Choice College Savings Plans are not insured by CollegeInvest, the State of Colorado, or its agencies. However, these funds are FDIC insured in accordance with the current FDIC coverage limits.

Contributions to the Program in a tax year are deductible from Colorado state income tax up to the extent they are included in your federal taxable income for that year, subject to recapture in subsequent years in which non-qualified withdrawals are made.

The earnings portion of a non-qualified withdrawal is subject to federal income taxes and any applicable state and local income taxes, as well as an additional 10% federal penalty tax.

The combined maximum account balance limit for all section 529 plans established and maintained by the state of Colorado for a particular beneficiary cannot exceed $350,000. Although account balances can grow beyond that amount, no additional contributions can be made once that balance reaches $350,000.

For more information on tax benefits, please consult your tax advisor.

Capacity of Dealer and Other Parties

CollegeInvest is the issuer of plan securities and is the trustee of the plans in accordance with Colorado law. CollegeInvest also oversees the Managers’ activities and provides certain administrative services, such as marketing, audit, and financial statements, in connection with the plans.

FirstBank Holding Company

FirstBank Holding Company serves as the Plan Manager for the CollegeInvest Smart Choice College Savings Plan and has overall responsibility for the day-to-day operations, including effecting transactions. FirstBank Holding Company also assists CollegeInvest with marketing and distributing the CollegeInvest Smart Choice College Savings Plan.

CollegeInvest, the CollegeInvest logo, and the CollegeInvest Smart Choice College Savings Plan are registered trademarks. Administered and Issued by CollegeInvest.

 

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Open a Smart Choice College Savings Plan from FirstBank.

Open an Account Online

Smart Choice College Savings
Money Market Savings

Smart Choice College Savings
1-Year Time Savings

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  • *$50 bonus offer valid for CollegeInvest 529 Savings Plan Accounts opened. Limit one gift per beneficiary. FirstBank College Savings Accounts do not have a minimum balance, but a minimum opening deposit of $50 and an automatic transfer into the FirstBank College Savings Account(s) of at least $1 is required to receive the gift. Transfers must have at least a monthly occurrence for six consecutive months. Limited time offer. The $50 award is considered interest and is subject to IRS and other tax reporting. The award will be given at account opening. Please consult your tax advisor regarding tax benefits.
  • **The interest rates are effective from Wednesday or the first business day of the month to the following Tuesday or first business day of the month. The interest rate and APY may change every Wednesday and on the first business day of each month. These rates apply only to Colorado accounts. Fees can reduce earnings on the account. A penalty will be imposed for early withdrawal.
  • A maximum of six telephone or Internet transfers and certain other types of withdrawals are allowed per month. Withdrawals made before maturity are subject to an early withdrawal penalty. A reminder notice is sent ten days prior to maturity. You will have a 10-day grace period after the account matures to withdraw from or close the account without penalty. If you do not instruct us otherwise, the account will automatically renew at maturity.
  • If you or your designated beneficiary is a resident of a state other than Colorado, you may still be eligible to receive tax benefits. However, you should check with your home state to see if it offers a 529 program. That program may offer state tax or other benefits to residents of that state that may not be available to investors in programs in other states.
  • To be eligible to apply for this account, you must be a U.S. Citizen or U.S. Resident Alien.
  • Learn more about our College Savings partner, CollegeInvest.
  • For more details, see the Plan Disclosure Statement.
 
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