College Savings Bank, a Division of NexBank offers two FDIC-insured options as part of the AZ529, Arizona's Education Savings Plan: (1) fixed-rate CDs with one-year, two-year or three-year maturities; and (2) the CollegeSure Honors Savings Account, a high-yield savings account. The plan ceased offering InvestorSure CDs and CollegeSure CDs to investors as of August 2, 2016 and October 21, 2016. InvestorSure CDs and CollegeSure CDs issued prior to those dates continue to be managed and serviced by College Savings Bank until their maturity dates.
- Program typeSavings
- Inception1999
- State agencyArizona State Board of Investment
- Tax deduction
- Program ManagerCollege Savings Bank, a Division of NexBank
- Program distributorCollege Savings Bank, a Division of NexBank
Eligibility
State residency requirements:
Who can be a participant/owner in the program?
Significant time or age restrictions imposed by the program:
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Performance
Contributions
Maximum contributions:
Minimum contributions:
Does the program offer an e-gifting platform for receiving gift contributions?
Investment Options
Age-based/Enrollment Year investment options:
View more age-based investment optionsStatic investment options:
View more static investment optionsUnderlying investments:
View a full list of this plan’s investment optionsUnderlying fund allocations:
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Fees & Expenses
Enrollment or application fee:
Account maintenance fee:
Program management fees:
Expenses of the underlying investments:
Taxes and other Benefits
- Tax deduction for single filers$2,000/yr
- Tax deduction for joint filers$4,000/yr
Example
Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.
Program match on contributions:
State tax deduction or credit for contributions:
State definition of qualified expenses
State tax treatment of qualified distributions:
State tax treatment of rollovers:
Does the sponsoring state exclude the value of an account for state financial aid purposes?
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Is there a rewards program or outside scholarship program that works with this program?
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