Start saving for the future.
Earn $50 with the FirstBank Smart Saver Promotion3.
The CollegeInvest Smart Choice College Savings Account is the only FDIC-insured 529 account in Colorado.
$0
Minimum Balance
$0
Service Charge
%
Interest-Bearing
FirstBank offers two types of Smart Choice College Savings Accounts.
Money Market Savings
A liquid account that allows deposits and withdrawals at any time.
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 can be made at any time.
Tax Advantages
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Contributions made into Smart Choice College Savings Account can be deducted from your Colorado State taxable income, with a cap based on filing status.
- Single filers can deduct up to $22,700 annually per taxpayer/per-beneficiary
- Joint filers can deduct up to $34,000 annually per taxpayer/per-beneficiary
- Other state taxpayers can deduct contributions up to their state's maximum limit.
- Funds can be used at any FAFSA approved institution.
- For more information on tax benefits, please consult your tax advisor.
Account Management
- As the owner of a Smart Choice College Savings Account, only you will have complete control of your account and will determine when and how the money is withdrawn to pay for college.
- Funds may be easily withdrawn from your Smart Choice College Savings Account. Methods include over the phone, online transfers between accounts, Electronic Funds Transfer (EFT) directly to the school, wires, and cashier's checks.
- If you need your savings for another purpose, you can withdraw the funds. Please note there may be tax consequences for non-qualified withdrawals. For questions regarding tax implications please consult your tax advisor.
Minimal Fees
- The Smart Choice College Savings Account does not have a minimum balance requirement and does not charge an annual fee, a cashier's check fee, incoming or outgoing wire fee, or an account closing fee. Early withdrawal penalties and all other fees do apply.
FDIC Insurance
- The Smart Choice College Savings Account is the only 529 account in Colorado that is FDIC insured.
FirstBank
FirstBank serves as the account manager for the CollegeInvest Smart Choice College Savings Account and has overall responsibility for the day-to-day operations, including reporting transactions. FirstBank also assists CollegeInvest with marketing and distributing the CollegeInvest Smart Choice College Savings Account.
Smart Saver Promotion by FirstBank
FirstBank knows that college is expensive, and we want to help. Receive $50 from us to go into your Smart Choice College Savings Account by following these three steps.
Steps to qualify:
- Open a College Savings Account.
- Deposit at least $50 into your account.
- Set up automatic monthly transfers.
First Step Program by CollegeInvest
The Colorado Legislature passed a bill in 2019 that gives children born or adopted in the State of Colorado, between January 1, 2020 and December 31, 2040 a contribution of $115 into their 529 College Savings Account.
Steps to qualify:
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Open a College Savings Account.
The account owner must be a parent/legal guardian and an eligible child must be the account beneficiary.
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Apply for the program.
Apply and learn more about the program. The parent/legal guardian must apply before the child's fifth birthday and will need their College Savings Account number and birth certificate (or adoption documents).
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Get notified.
After applying for the program, if you and the beneficiary meet all of the eligibility requirements, you will be notified by email from CollegeInvest. The $115 contribution will be deposited in your College Savings Account at FirstBank within 30 business days.
The program is administered and funded by CollegeInvest.
College Savings Account: Important Considerations
To learn about the CollegeInvest Smart Choice College Savings Account, its objectives, risks, charges, limitations, restrictions and qualifications regarding the account's benefits and potential tax advantages, please read the Plan Disclosure Statement (PDS). For non-Colorado residents, check with your home state to learn about the benefits or tax advantages of opening a CollegeInvest Smart Choice College Savings Account. For more information on tax benefits, please consult your tax advisor.
The combined maximum account balance limit for all 529 accounts established and maintained in the state of Colorado for a particular beneficiary cannot exceed $500,000. Although account balances can grow beyond the maximum limit due to interest, no additional contributions can be made once an account's balance reaches $500,000.
Recent Legislative Impacts
For legislative updates that may impact your 529 College Savings Account visit the CollegeInvest website.
The Gift of a College Education
There's no better gift than a brilliant future. Print a FirstBank gift receipt when you make a contribution to a loved one's College Savings Account.
Frequently Asked Questions
What is a 529 account?
529 accounts are tax-favored options created to help individuals and families save for qualified higher education expenses through a qualified tuition program under Section 529 of the Internal Revenue Code. These programs are established by states or eligible educational organizations.
These accounts offer tax advantages to Colorado residents, including tax deductible contributions and tax free distributions when used to pay for qualified educational expenses. Residents of other states may also receive state tax benefits from utilizing a 529 account. Please consult a tax advisor.
- If an individual establishes a 529 account in Colorado, the beneficiary is not required to attend a school in Colorado.
- Qualified distributions from a 529 account can be used for eligible public and private colleges, universities, trade and vocational schools across the country.
- Residents from states other than Colorado can also invest in a Colorado 529 account; however, they may or may not receive a state tax benefit from their home state. Likewise, a Colorado resident may choose a state other than Colorado in which to invest their 529 account funds, however, they may or may not receive a state tax deduction.
Who is eligible to open a College Savings Account (CSA)?
- A United States citizen.
- A United States resident alien with a Social Security number or ITIN and a permanent address in the United States.
How can individuals open a CSA?
Customers can open a CSA through any of the following methods:
- In person with a New Accounts Representative at any of our branch locations.
- Over the telephone with a Representative. To get started give us a call at 303-235-1102, or toll-free at 1-800-964-3444.
- Online at www.efirstbank.com. Note, this option is not available if the account is being funded by a direct transfer from another 529 Account.
Who may contribute to a CSA?
Anyone may contribute to a CSA. There is no requirement that the contributor be a family member or that he/she has earned compensation.
Can the beneficiary of a CSA be changed?
Yes, in most situations the beneficiary can be changed to an eligible family member by establishing a new account with the same account owner and new beneficiary, in addition to completing a CSA change of beneficiary form.
Can the account owner of a CSA be changed?
Yes, in most situations the account owner can be changed by establishing a new account with the new account owner and same beneficiary.
Can I transfer funds to my College Savings Account from my checking or savings account at another financial institution?
Yes, you can set up automatic transfers into your CSA from another financial institution. In order to set up automatic transfers, please complete the External Electronic Transfer Authorization form and return it to a branch or mail it to:
PO Box 150097
Lakewood, CO 80215
When can I withdraw money from my College Savings Account?
FirstBank CSA assets are available for withdrawals anytime if you are enrolled in our Money Market Savings Account. If you have our 1-Year Time Savings, you can access those funds during the grace period4. If you have questions about what type of account you have or when your maturity date is, please reach out to us.
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Customers are able to access their funds at any time through the Automated Clearing House (ACH), online banking, telephone transfer, with a teller, or a wire.
- Customers are not able to write checks or use Bill Pay
- If the funds are being withdrawn from a 1-Year Time CSA, the distribution may be subject to an early withdrawal penalty.
- Distributions/withdrawals for non-qualified expenses may have a tax consequence and penalty. Please consult your tax advisor regarding tax consequences.
Disclosures
- 4. Withdrawals made before maturity on the 1-Year Time Savings CSA 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.
- CollegeInvest, the CollegeInvest logo, and the CollegeInvest Smart Choice College Savings Account are registered trademarks, administered and issued by CollegeInvest.
- 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.