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Compare Educational Funds

Take a look at the different ways you can save for your child's education. Our local Financial Advisors can help you find the best option for your family.

  529 College
Savings Plan
Earns Interest A college savings plan that allows consumers to save and invest; potentially receiving a tax advantage on their contributions. An account created to benefit a minor. The account is owned by the child but managed by the adult until the child comes of age.
Tax Advantage   Tax Advantages vary from state to state. No - (Income earned on the account is taxed to the child.)
Funds Withdrawn for the Child's Education Expenses are Federal Tax-Free  
Can be Used for College or Grad School
Plan Varies per State  
Plan May Allow for Annual Contributions over $300,000  
Funds can be Used Toward Primary and Secondary School Expenses Post Secondary
Funds must Be Used to Pay for All Expenses that Benefit the Minor  
Penalty for Withdrawal Withdrawals used for expenses other than qualified education expenditures (tuition, books, supplies, room and board) may be subject to federal and state taxes plus a 10% penalty No Penalty for Withdrawal
Other Helpful Information An account beneficiary is established at the time the account is open. However, if the designated beneficiary chooses not to attend college, the owner of the account can choose another family member to become the account beneficiary. All gifts made to this account are irrevocable.



Neither Peoples Bank nor its associates give tax or legal advice. Please consult your tax or legal advisor concerning your specific situation.

Investors should carefully consider the investment objectives, risks, charges and expenses associated with 529 college savings plans before investing. More information about 529 college savings plans is available in the issuer's official statement, and should be read carefully before investing.

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