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CollegeBound 529 (Advisor-sold)
Rhode Island's CollegeBound 529 savings program is managed by Ascensus College Savings with Invesco Advisors, Inc. as investment manager. The plan is sold through brokers (unit classes A and C) and registered investment advisors (unit class I). Rhode Island residents purchasing through advisors can use lower-cost classes RA and RZ. The program features a menu of age-based and static portfolio options utilizing Invesco funds. Accounts can be linked to the Upromise rewards service. To find a financial advisor in your area, use the Directory of Financial Professionals.
- Program typeSavings
- Inception1998, substantially changed in 2016.
- State agencyGeneral Treasurer of Rhode Island
- Tax deductionTax deduction for single filers $500/yrTax deduction for joint filers $1,000/yr
- Program ManagerAscensus College Savings
- Program distributorInvesco Distributors
- Manager contract termUNLOCK PRO
Ratings & Rankings
Our overall rating for non-residents
This is an excellent program with many benefits for the participant and positive investment attributes. If it has any significant weaknesses then it also has some particularly good things to recommend it.
Each plan's performance score is developed directly from Savingforcollege.com's Quarterly 529 Performance Rankings. A 529 savings plan must have at least one year of performance history before they will be assigned a 5-cap rating. For those plans that are not part of our quarterly performance rankings, such as plans offering a single set of bank-based investment options, we assign a performance score by evaluating the returns currently available on similar types of investments outside of 529 plans.
State residency requirements:None
Who can be a participant/owner in the program?U.S. citizens and resident aliens, UGMA/UTMA custodians, and legal entities.
Significant time or age restrictions imposed by the program:None
Maximum contributions:Accepts contributions until all account balances in Rhode Island's 529 plan for the same beneficiary reach $395,000.
Age-based investment options:The Age-Based Portfolios option contains 11 age bands corresponding to expected dated of college enrollment. The asset mix (or allocation) of the Age-Based Portfolios shifts to a more conservative investment allocation over time.View more age-based investment options
Static investment options:Select among three Target-Risk Portfolios (Growth, Moderate and Conservative), and 11 individual-fund portfolios.View more static investment options
Underlying investments:Invesco mutual funds and ETFs.View a full list of this plan's investment options
Underlying fund allocations:UNLOCK PRO
Portfolio Fees & Performance LookupUNLOCK PRO
Fees & Expenses
Enrollment or application fee:None, but contributions may be subject to a sales charge depending on share class.
Account maintenance fee:$20 annually for accounts with less than $25,000, waived for Rhode Island residents, and for accounts in the automatic contribution plan.
Program management fees:0.17% (includes 0.02% state administrative fee), plus distribution/servicing fee of 0.25% (Class A), 1.00% (Class and C), or 0.00% (Class I). None for Class RA.
Expenses of the underlying investments:Ranges from 0.39% to 0.50% in the age-based and target-risk portfolios (portfolio weighted average), and from 0.16% to 0.90% in the individual-fund portfolios.
Total asset-based expense ratio:Class A: 0.58% - 1.32%
Class C: 1.33% - 2.07%
Class RA (RI-resident): 0.41% - 1.15%
Class RZ (RI-resident): 0.16% - 0.90%
Class I: 0.33% - 1.06%
Broker loads and commissions:UNLOCK PRO
Breakpoint pricing:UNLOCK PRO
Does breakpoint pricing include non-529 assets under rights of accumulation policiesUNLOCK PRO
Taxes and other Benefits
- Tax deduction for single filers$500/yr
- Tax deduction for joint filers$1,000/yr
Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.