BB&T, a North Carolina-based financial holding company, has launched new BB&T CollegeWealth 529 Savings Account. The bank has partnered with the Virginia College Savings Plan to offer the BB&T CollegeWealth 529 Savings Account across the country on its online banking portal.
According to BB&T, the benefits of new account include, no state residency restrictions, up to $4,000 state income tax deduction for Virginia taxpayers, low $25-minimum opening deposit, no fees or minimum balance requirements, available to full- and part-time students, competitive interest rate tiers based on balances, quick and convenient online application through its portal, convenient account access options, including BB&T OnLine banking, free BB&T mobile banking and alerts, and more than 1,800 BB&T financial centers.
The BB&T CollegeWealth 529 Savings Account grows tax-free and remains tax-free as long as it is used for qualified higher education expenses, including tuition, fees, room and board, textbooks and required supplies and equipment.
Sonia Beach, retail deposit product development manager at BB&T, said: “That’s an important distinction, because by opening a 529 through BB&T, you get the security of FDIC insurance coverage as well as the ability to conveniently access your 529 account right along with your other bank deposit accounts.
“With the recent market fluctuations of the past few years, clients are looking for attractive, yet safe, earning potential, and this account offers an attractive alternative to investment-based 529 accounts.”
Donna Goodrich, deposit services manager at BB&T, said: “One of the great features about the tax-advantaged BB&T CollegeWealth 529 account is that it is available to college savers not just in Virginia but nationwide, and can be used at schools throughout the country as well. It is a conservative way to save for college, graduate school, technical training and ongoing education.”
