Compare savings programs

Review this chart to learn some basics. Then ask at your bank to help decide which program is best for you.


Instructional Text

With an Education Savings Account, $2,000 can be contributed each year until the student turns 18. Image Description
On the other hand, a 529 Plan allows an adult to either prepay, or contribute, to a student's education expenses. There are two basic types of 529 Plans. Review this chart to compare them. Image Description
As you do, keep in mind that both Education Savings Accounts and State-sponsored College Savings Plans are different than regular savings accounts because the account holder is actually placing money into investments that they select. Instead of earning interest on their deposits, they make a profit if their investments go up in value. Image Description
There’s no quick answer as to which of these three programs may be right for you. It may depend on where you live and what school your child attends. So discuss your savings options with your banker. Image Description
529 Plan Chart
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