Colorado's CollegeInvest 529 Plan Adds FDIC-Insured Option

According to the CollegeInvest website, the Colorado 529 plan has added a FDIC-insured savings option. Simply put, this option offered through FirstBank is guaranteed against loss by the U.S. government.

The CollegeInvest Smart Choice option has no account fees, no minimum initial investment, and no minimum balance requirement. Parents and other Colorado residents contirbuting on behalf a child may receive a tax deduction for using the Smart Choice plan.

Rates in the plan vary depending on whether or not parents choose the money market or the 1-year timed deposit option. Current interest rates can be found on the CollegeInvest website.