CollegeInvest Smart Choice 529 College Savings Plan: $50 Opening Bonus

Here’s another 529 bonus that’s pretty easy to grab. (See Ohio 529 $50 bonus.) The FDIC-insured version of the CollegeInvest College Savings plan is currently offering a $50 bonus if you deposit $50 of your own money and set up automatic transfers. There is no minimum balance, and the terms only require a $1 monthly transfer for 6 consecutive months. Effectively, double your $50 to $100 in 6 months.

This is one of the several 529 plan options for Colorado, and you do get a state tax deduction for your 529 contributions if you’re a Colorado resident (subject to recapture if you don’t use it for a qualified expense). One that caught my eye was the stable value version that is paying a 2.84% rate for 2011.

Plan Review. This bank version itself is pretty bare, and is intended for people who want to invest very conservatively in FDIC-insured accounts. There are only two options: (1) a 1-year CD paying 0.30% APY, and (2) a savings account paying 0.05% APY on balances up to $20,000. Even if it’s tax-deferred… yuck. If you are currently in college or have a really short timeframe, then you could just grab this bonus and take a qualified withdrawal soon afterward. Otherwise…

Take advantage of plan rollovers. I’ve opened a lot of 529 plans for the bonuses over the years, and I enjoy trying out each new service. Some have surprisingly good online interfaces (Ohio), while others are shockingly bad (Oregon circa 2007). But the good thing is, it’s pretty easy to roll over funds from one 529 to another existing plan. You usually just have to fill out a rollover form.

Find more in College & Education, Deals & Offers | 10/11/11, 2:18am | Trackback

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Best Money Tips: Summer Jobs for the Early-Bird College Student

Welcome to Wise Bread's Best Money Tips roundup! Today, we share the best summer jobs for college students (it's never too early to start looking!), decorating ideas straight from the grocery store, exercise videos for those of us who are chained to our desks all day, and more!

Best Part Time Summer Jobs for College Students — Considering the competition in the job market, no, late-December is not too soon for college students to start looking into summer jobs. My Two Dollars

10 Last-Minute Foodie Christmas Decorating Ideas — The best part about making decorations out of food is you can get all the materials and your groceries at one stop. Want to make pomanders? Just pick up oranges, cloves, and spices. CasaSugar

10 Best Ways To Stay Fit and Healthy At Your Desk — Check out these great exercise videos! Who knew you could work out your abs in a desk chair? Unplggd via Lifehacker

Too Cold To Play Outside? 10 Ways To Keep Your Kids Active This Winter — With just a few chairs, pillows, blankets — or anything you want, really — you can help your kids build an obstacle course right in your home. Parenting Squad

8 Facts and Myths About Warming Up Your Car in Winter — Idling actually hurts the car. If you want to warm your car, just drive. The Daily Green

9 money goofs that won't hurt much — While a high debt-to-income ratio won't affect your credit score (the FICO formula doesn't factor in your income), maxing out your credit accounts will. MSN Money

10 Things You Didn't Know About Colds — The best way to avoid a cold is to exercise. And you don't need a lot: "A brisk 30-minute walk 5 times per week does the trick to cold-proof your immune system." Yahoo! Health

Nine Guiding Financial Principles — What does it take to succeed at personal finance? It helps to automate payments and retirement contributions so you're not tempted to use the money elsewhere. Free Money Finance

Energy Tax Credits: Treat Yourself This Holiday Season — Were you thinking of making energy-efficient upgrades around the house? Better do it soon if you want to claim the tax credits for 2010! Redeeming Riches via Currency

Help for Job Seekers — Keep your job-search momentum going straight through the holiday season. Employers are always hiring, even during the week of Christmas. And take advantage of the free advice from outplacement firm Challenger, Gray & Christmas on December 27 and 28. Kiplinger

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