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The first 250 new CollegeBound Saver accounts opened Wednesday will receive $300. Here’s why.

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The first 250 new CollegeBound Saver accounts opened Wednesday will receive $300. Here’s why.

May 28, 2024 | 6:34 pm ET
By Janine L. Weisman
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The first 250 new CollegeBound Saver accounts opened Wednesday will receive $300. Here’s why.
Description
Wednesday, May 29, is 529 Day. The first 250 Rhode Islanders who open a new CollegeBound Savings account will receive $300 through an initiative funded by the state and the Rhode Island Foundation. (Getty image)

The first 250 Rhode Islanders to open a state-administered 529 educational savings plan account on Wednesday, May 29, will receive a one-time $300 contribution under an initiative led by the Office of  General Treasurer James Diossa in honor of 529 Day.

The offer applies to accounts for children ages 3 through 7 and is made possible through a partnership with the Rhode Island Foundation and the Office of the Postsecondary Commissioner, Diossa’s office announced Tuesday.

CollegeBound Saver is Rhode Island’s 529 plan. Earnings grow tax-deferred from federal and state taxes.

The Rhode Island Foundation will provide $100 for each of the first 200 new CollegeBound Saver accounts up to a total of $20,000. The Office of the Postsecondary Commissioner will provide $100 for each of the first 250 new CollegeBound Saver accounts up to a total of $25,000. The balance of the contribution will be covered by the Office of the General Treasurer.

To open an account with Rhode Island’s CollegeBound Saver program, visit CollegeBoundSaver.com/Save529. The offer begins at midnight and will continue for 24 hours.

Diossa will visit the Claiborne Pell Elementary School on Dexter Street in Newport at 1 p.m. Wednesday for a 529 Day celebration. He will be joined by Newport Mayor Mayor Xay Khamsyvoravong, representatives from the Rhode Island Foundation and Office of the Rhode Island Office of the Postsecondary Commissioner.

The story was updated Wednesday after the Office of the General Treasurer announced the age eligibility criteria.