Saving for Education

Education costs are high and continue to rise. First Citizens can help you prepare to handle these costs when the time comes for your family. We offer convenient options to save for the future, without breaking your current budget.

    Account type 529 College Savings Plan1 Coverdell Education Savings Account2
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    Best if you want A tax-advantaged way to invest for education with flexible contribution options and no income restrictions A FDIC-insured, tax-deferred way to save for qualified education expenses
    Eligibility Anyone over the age of 18
    • Single with Modified Adjusted Gross Income (MAGI) below $110,000
    • Filing jointly with MAGI below $220,000
    Contributions
    • No annual limit but could be subject to gift tax rules
    • Minimum initial contribution of $250
    • Maximum of $2,000 per student, per year until age 18
    • Minimum initial contribution of $100
    Required Distribution Varies by state Fund must be distributed before beneficiary’s 30th birthday
    Tax Benefits
    • Earnings grow tax deferred and may be eligible for state tax deductions
    • Withdrawals are tax free when used for qualified higher education expenses
    • Contributions are not tax deductible
    • Interest is tax exempt
    • Withdrawals are tax free when used for qualified education expenses
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