How It Works
We developed this manageable college savings plan to help you save for your child’s future.1
Start saving in three easy steps:
- Open a CollegeSaver account before your child’s 12th birthday
- Save at least the monthly minimum amount every year. $25 if child is under 6 years of age at opening, $50 if child is 6 or older but under 12 years of age at opening.
- Receive a $1,000 bonus plus interest when your child turns 18
While this plan is designed to help you get started, you may need to save more to achieve your goals. Use our online calculator or ask a banker to help you determine the right savings plan for you.
Ready to apply?
Here’s what you need to get started:
- US citizens and resident aliens 18 or older can apply
- Social security number
- Driver’s license or state ID number
- Current contact information (e.g, address, phone number, email)
- A check, credit card or debit card to fund your account
1 Terms, conditions and withdrawal limitations apply. Account must be opened before child's 12th birthday. To receive the $1,000 bonus plus interest, you must save the monthly minimum amount each year. One skipped deposit allowed per year. Account must be open to receive bonus. One account per child. Once the program requirements have been met, the bonus plus accrued interest will be credited to your CollegeSaver account and labeled as "CollegeSaver Bonus" on your statement; bonus will post within 45 days after the child's 18th birthday. Minimum balance for the bonus at beneficiary's 18th birthday varies. Interest will be reported to the IRS for the account owner (e.g., a parent or a child for UTMA (Uniform Transfers to Minors Act)).
2 Unlimited in-branch transactions. Reg D limits certain types of transactions to no more than 6 per calendar month, including: telephone transfers, online transfers, overdraft protection transfers, automatic interest transfers from the savings account, any pre-authorized or automatic debits, outgoing wire transfers. If you exceed these limits 3 times or more during any consecutive 12-calendar month period, you will no longer be eligible for the Bonus/Credit and we will, as applicable, transfer the funds in your savings account to a savings account that does not pay interest. We may, however, transfer your funds sooner if you significantly exceed these transfer limits in any one month.