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Smart Choice

A CollegeInvest 529 College Savings Plan Offered By FirstBank

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Call 303.237.5000 or Toll Free 800.964.3444
Walk-In to any FirstBank location
Mailing Address:

CollegeInvest Smart Choice College Savings Plan
12345 W. Colfax Avenue
Lakewood, CO 80215

Plan Details

The CollegeInvest Smart Choice College Savings Plan is the only 529 plan in Colorado that is FDIC insured. FirstBank, in partnership with CollegeInvest, offers the flexibility and tax benefits of a 529 savings plan along with the stability and security of the largest locally owned banking organization in Colorado.

 

The ONLY FDIC-insured 529 Plan for Colorado.
If for any reason FirstBank is unable to pay the principal and interest due on any Smart Choice Plan Option, amounts on deposit in each Plan account will be insured by the FDIC for each account owner in the same manner as other deposits held by the Account Owner at FirstBank in the same ownership right and capacity. The deposits are insured up to $250,000 for all deposits held by a depositor in the same ownership right and capacity at the same depository institution.

 

Easy Enrollment
You can open an account online or walk in to any of our 115 locations.  Anyone can open an account and anyone can be a beneficiary. Parents, grandparents, or other relatives can save through a Smart Choice College Savings Plan. You may even open an account for yourself. There are no income or age limits on who may invest money or who may benefit from the funds.

No fees are charged to open or maintain an account, and no minimum contribution or account balance requirements.

 

Multiple Contribution Methods
You can open an account and contribute by  cash, a check drawn on a U.S. bank, bank transfers, Electronic Funds Transfer (EFT), online account transfers or payroll deductions, or by rolling over assets from other qualified college savings vehicles.

Anyone can contribute to your account. Contributions can be made in person at any FirstBank location, by mail, or by wire transfer.

 

High Account Maximum
You can contribute on behalf of a student until the total balance of all CollegeInvest 529 plan accounts held for the same beneficiary reaches an aggregate maximum balance, which is currently $400,000.

 

Tax Benefits
Earnings grow free from federal and state income tax while in a Plan account and qualified withdrawals are not taxable income to the account owner or beneficiary.

If you are a Colorado resident, every dollar you contribute to your account can be deducted from your Colorado taxable income. Residents of other states may still be eligible for certain tax benefits. Please consult your tax advisor for specific information regarding tax benefits.

Investment Options

FirstBank offers two types of Smart Choice College Savings Plans.

  • Money Market Savings Account. A Liquid Account that allows deposits and withdrawals at any time.
  • 1-Year Time Account. Time Accounts offer low-risk investment opportunities and higher interest rates by locking in your deposits for a specified period of time. Deposits can be made at any time.
Investment Management by FirstBank

FirstBank has grown through consumer and commercial lending, innovative banking products and services and a high regard for community investment. FirstBank now has over $17 billion in assets and over 115 locations in Colorado, Arizona, and California.

We’re still a growing company, but after 50 years, our commitment to our customers and to our communities has not changed.

Frequently asked questions about Smart Choice:

Can there be more than one account for the same beneficiary?
Yes. However, the aggregate balance of all accounts for a single beneficiary may not exceed $400,000.
Is the beneficiary required to attend a Colorado college?
No. You may use your funds at eligible public and private colleges, universities, trade and vocational schools across the country.
What if the beneficiary doesn’t go to college?
If the beneficiary decides not to attend college, you can name another beneficiary (certain restrictions apply; please see the Plan Disclosure Statement for complete information), or you can choose to leave the funds in the account for a time when he or she might decide to attend college. If you need your savings for another purpose, you can withdraw the funds; however, there are tax consequences for non-qualified withdrawals.
What higher education expenses are covered by the plan?
You can use your savings to pay for qualified expenses such as tuition, fees, certain room and board, required books and supplies, and certain computer equipment, software, and Internet access. Other withdrawals may be subject to federal and state taxes, as well as penalties.