Stay Up to Date with the Latest Happenings
Make Holiday Gifting This Year Quick, Easy, & Lasting with Edvest
MADISON, Wis. – The holiday season is in full swing, and families across Wisconsin are thinking about what gifts to get their children, grandchildren, and other little ones in their lives. With traditional gift prices continuing to climb, many will be rethinking their gifting strategy this year.
For those seeking gifts that stretch their dollar and make a lasting impact, Edvest is announcing a $50 bonus on new accounts opened between November 14 and December 9, 2022. It’s easy to start saving for higher education and receive the bonus. Simply follow these four steps:
- Open an account between November 14 and December 9, 2022, at Edvest.com/offer22.
- Make an initial deposit of $50.
- Set up recurring contributions of $30 or more for six consecutive months.
- Receive the $50 bonus!*
“Giving a 529 college savings plan contribution as a gift is an investment in a loved one’s future that has the potential to grow over time and help offset education costs,” said Wisconsin Department of Financial Institutions Secretary-designee Cheryll Olson-Collins. “It’s a holiday gift that can lead to significant savings down the road and helps families get in the habit of saving for higher education today. The gift of saving for higher education will truly make a difference and be cherished for a lifetime.”
This offer aims to motivate parents and grandparents to start saving for their loved one’s higher education this holiday season, and it also encourages families to develop an annual giving strategy that can include gifting to an Edvest account for birthdays, graduations, and other special occasions year-round.
Edvest is Wisconsin’s direct-sold 529 College Savings Plan designed to help families save for higher education expenses. Account owners can choose from 24 investment portfolios, access easy-to-use savings tools, and take advantage of in-state tax benefits for Wisconsin taxpayers.
Edvest is a tax-advantaged investment, meaning contributions to an account may qualify for a state income tax deduction of up to $3,560 per beneficiary, per year. Limitations apply.1 In addition, earnings are tax-free if used for qualified education expenses like tuition and fees, books, laptops, and more. Funds can be used at any accredited public or private university, college, technical college, community college, or professional school nationwide and many schools abroad. Funds can also be used for apprenticeships registered and certified with the Secretary of Labor under the National Apprenticeship Act.2 The plan has no sales charges, enrollment fees, or annual account maintenance fees. Edvest is the sixth lowest-cost 529 college savings plan in the nation!3
Edvest has earned a best-in-class rating from Morningstar, an independent investment research and management firm, for nine consecutive years. In 2022, the independent analysts at Morningstar carefully reviewed the merits of fifty-four 529 college savings plans and awarded Edvest a Silver Rating for the first time ever! According to the analyst report, “Edvest is an excellent choice for Wisconsinites and nonresidents, offering a well-designed target enrollment series at an attractive price. The plan is now one of the cheapest 529 savings plans after recent fee cuts, and its Morningstar Analyst Rating has been upgraded to Silver.”4
*When you open a new Edvest account with a $50 contribution (and sign up for recurring contributions of $30 or more per month for a minimum of 6 months) between November 14, 2022, at 12:01 a.m. (CT) and December 9, 2022 at 10:59 p.m. (CT), Edvest will match $50 on or before July 31, 2023. Visit www.Edvest.com/offer22 for terms and conditions. Void where prohibited or restricted by law. Promotion ends 12/9/22. Sponsored by Wisconsin’s Edvest College Savings Plan.↩
1To learn more about Wisconsin’s Edvest College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Plan Description at Edvest.com. Read it carefully. For the 2022 tax year, Wisconsin taxpayers can qualify for a state tax deduction up to $3,560 per beneficiary from contributions made into an Edvest College Savings Plan. Investments in the plan are neither insured nor guaranteed and there is the risk of investment loss. If the funds aren’t used for qualified higher education expenses, a federal 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. Consult your legal or tax professional for tax advice.↩
2Withdrawals for registered apprenticeship programs, can be withdrawn free from federal and Wisconsin income tax. If you are not a Wisconsin taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances.↩
3ISS Market Intelligence 529 College Savings Fee Analysis 3Q 2022. Edvest’s average annual asset-based fees are 0.16% for all portfolios compared to 0.51% for all 529 plans.↩
4In an annual review (11/2/2022) of the largest 529 college savings plans (54 plans representing 93% of 529 assets), Morningstar identified 34 plans that rose above their typical peers, awarding those plans Gold, Silver, and Bronze Morningstar Analyst Ratings for 2022. These plans offer investment options that Morningstar expects will collectively outperform and exhibit some combination of the following attractive features across four key pillars: a well-researched asset-allocation approach, a robust process for selecting underlying investments, a well-resourced and experienced investment team, strong, stable and engaged oversight from the state, and low fees. The four key pillars used by Morningstar to evaluate college savings plans include – Process, People, Parent, and Price. For more information about Morningstar’s overview of the Edvest College Savings Plan, go to Morningstar.com. Past performance does not predict future results. Source: Morningstar.com. A Morningstar Analyst Rating for a 529 college savings plan is not a credit or risk rating. Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions.↩