Attention Rhode Islanders: Do You Really Know About the 529 College Bound Fund? Get your FREE $100 Today!

I was fortunate to attend a brunch yesterday with (add)ventures, Rhode Island Higher Education Representatives, and the folks that hold Rhode Island's 529 College Bound Fund, AllianceBernstein, to discuss the College Bound Fund.  

Now, I'll be honest here, I have heard of the fund, I have seen the commercials, but I found out yesterday, I didn't really know what the fund was all about.  You've probably seen the commercials too, and you've probably even received a flyer or two in the mail, and did the same thing I did.  Toss it aside without even looking at it.  I did.  Why?  Because who really reads unsolicited mail?  I know I don't.  

Sure it's a college savings fund, but really there is SO much more to it than I ever thought.  

For instance, did you know that right now, if you have a baby born, or a child adopted in Rhode Island, and open a 529 CollegeBound fund account within the first 12 months, that AllianceBernstein will deposit an additional $100 into that account?  I didn't.  Who doesn't want a FREE $100?   That's a nice jump start on their college education.  

I'll share some of the highlights I learned yesterday.  

The 529 College Savings plan is a plan that's sponsored by the State of Rhode Island, so even though this is available to both Rhode Island families as well as families nationwide, Rhode Islander's receive special benefits!

You can use this CollegeBound Fund at most accredited colleges, including community colleges, vocational or technical schools, both in the US and also at many non US institutions! 

There is also a matching grant program that provides many families with matching funds when they open and contribute to the child's account.  Participants eligible for a $2 to $1 match may receive up to $1,000 in matching grants, participants eligible for a $1 for $1 match may receive up to $500 in matching grants, and you can save up to $5,000 if you participate each year.

It grows federally tax free and Rhode Island taxpayers may benefit from a state tax deduction.

There's no minimum to open an account when you choose an automatic regular contribution, or you can opt for a single investment with as little as $250!

At any time, you can also change the beneficiary of the account to another family member.  Which means that if your child doesn't attend a college, you can choose to use it to go back to school yourself, or choose another relative to send to college! 

There's NO annual account maintenance fees either. 

They've also made it easy for friends and family to help contribute with their helpful online gifting tool.  

and let's be honest, if something is easy, aren't you more apt in doing it?  I know I am!  

Setting up an account is easy as well, and for Rhode Islander's you can set up your account HERE.  Don't forget that if you set up a new account with the first 12 months of the birth or adoption of a child, AllianceBernstein will deposit an additional $100 into your account!