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.
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 $100 into their 529 College Savings Account. The program is administered and funded by CollegeInvest. To begin, open a new 529 account and name your child as the beneficiary. Once an account is open, visit the CollegeInvest website to learn about the application process and find additional information regarding the First Step Program.
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 $400,000. Although account balances can grow beyond the maximum limit due to interest, no additional contributions can be made once an account's balance reaches $400,000.
For legislative updates that may impact your 529 College Savings Account visit the CollegeInvest website.
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.
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.
Customers can open a CSA through any of the following methods:
Anyone may contribute to a CSA. There is no requirement that the contributor be a family member or that he/she has earned compensation.
FirstBank CSA assets are immediately available for distribution. If the funds are being withdrawn from a 1-Year Time Savings CSA, the distribution may be subject to an early withdrawal penalty if the account has not yet reached maturity.
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.
Yes, in most situations the account owner can be changed by establishing a new account with the new account owner and same beneficiary.