The first 160 Rhode Island families to open a CollegeBound Saver account for a child up to 5 years old during the month of May using a promo code are eligible to receive $250 to jumpstart their education savings.
The offer was announced by the office of Rhode Island General Treasurer James Diossa on Thursday in partnership with the Rhode Island Association for the Education of Young Children.
“When we talk about giving kids the best start, it’s not just about those first steps — it’s about building a future full of opportunity and support,” Diossa said in a statement.
An account must be opened on the CollegeBound Saver website with the promo code 529Day to receive the promotion. An account takes about 10 minutes to set up, according to the website.
CollegeBound Saver is Rhode Island’s iteration of a 529 plan, which is intended to boost families’ savings for future education costs for children or other beneficiaries. Rhode Island plan assets grow tax-deferred and withdrawals are tax-free when used for higher education costs. Savings can be put toward expenses at any accredited university or college in the U.S. or abroad. They can also be used for trade and vocational schools and registered apprenticeship programs.
Last year, Diossa’s office participated in 529 Day, the national celebration of 529 plans, and deposited $300 contributions into new CollegeBound Saver accounts through a partnership with the Rhode Island Foundation and the Office of the Postsecondary Commissioner. That promotion lasted for 24 hours and kids ages 3 through 7 were eligible.
This story was originally published by the Rhode Island Current.
