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College Savings Account

A college savings account is a type of account were money is placed with an intention to accumulate savings for higher education. At a very basic level, individuals can simply establish their own form of such an account in the form of a savings program at the bank of their choice. This way, the savings can accumulate but are capable of being withdrawn in the case of emergency. However, there is another approach that is considerably more practical in other areas - 529 college savings plans. With a 529 college savings plan, an individual deposits funds into either an investment savings account or prepaid tuitions fund in the name of a beneficiary. When it reaches the point for the specified beneficiary to pay for college tuition, the needed funds can be withdrawn in full and tax-deferred if used for tuition. The potential for benefit when using a 529 college savings plan is much larger than that of a regular savings account.

Fast Facts

  • The costs of college tuition have increased steadily in the past few decades
  • 50 dollars a month from birth into a 529 will return 21,000 dollars upon the child's 18th birthday

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Results 1-5 of 9 for "college savings account"

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    In many ways, custodial savings accounts are similar trust accounts. In both, a person who is not the benefici...
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  • College Savings Bond

    College savings bonds are tax-exempt, zero-coupon bonds issued by a state to help families of that state save ...
    • Site: financialplannernetwork.com

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    Series EE savings bonds are one of the safest savings products available. The series EE bond yield is currentl...
    • Site: financialplannernetwork.com

  • Series Savings Bond Types: Advantages and Disadvantages

      Savings bonds have been a staple in American living for decades. These may be one of the safest investments ...
    • Site: financialplannernetwork.com
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