CollegeWealth® |
CollegeWealth is the Commonwealth’s Federal Deposit Insurance Corporation (FDIC)-insured - 529 college savings program, provided in partnership with participating financial institutions.
CollegeWealth allows families to benefit from the federal and, for Virginia residents, state tax advantages of 529 accounts – and take advantage of the FDIC insurance coverage of a bank deposit account – by opening a CollegeWealth bank account to save for their children’s or their own higher education.
An affordable and familiar way to save, CollegeWealth may appeal to conservative investors as each CollegeWealth college savings account with a value up to $250,000* (when combined with any other holdings of an individual at any one bank) is backed by the FDIC.
Other features include:
CollegeWealth is flexible, with no state residency requirement and no income phase outs;
CollegeWealth is affordable for everyone, with low initial account deposits and interest rates established by each participating bank or financial institution;
CollegeWealth lets account owners save according to their own budgets and timetables – with the ability to make regular, scheduled deposits.
Like Virginia’s three other 529 programs, CollegeWealth account contributions can grow free of federal income taxes. Withdrawals also will be tax free when used for qualified higher education expenses, including tuition, fees, room and board, textbooks, and equipment required by a college for enrollment. In addition, Virginia taxpayers receive up to a $4,000 annual state income tax deduction** – with an unlimited carry forward – per CollegeWealth account.
Participating banks: Virginia College Savings Plan partners with select banks to provide CollegeWealth® 529 Savings accounts. Please view a list of the participating banks below.
BB&T
Union Bank & Trust
 |
|
Since 1872, BB&T has provided high-quality financial products and services to meet the needs of the communities it serves. With over 1,800 financial offices in 13 states, approximately 400 of which are located in Virginia, BB&T offers the convenience and access of a large financial institution and the friendly service you appreciate from your local bank.
You can apply for the BB&T CollegeWealth® 529 Savings account online. It’s easy and secure, and it takes just ten minutes. BB&T CollegeWealth® 529 Savings accounts offered by Branch Banking and Trust Company and BB&T Financial, FSB; Members FDIC. |
 |
|
Union Bank & Trust has branches from Fredericksburg to Charlottesville to Richmond to Williamsburg, including ones in Ashland, Albemarle, Caroline, Fluvanna, Hanover, King George, King William, Spotsylvania and Stafford. Click here to locate a branch location or call the customer service center toll-free at 1-866-593-1100.
Its affiliate, Union Bankshares Corporation, is a union of the community banks listed below.
|
 |
|
