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 Bank of North Dakota administers North Dakota’s 529 plan, College SAVE. This higher education savings plan provides many advantages for students and their families pursuing a college education. The North Dakota College SAVE plan offers:
- Valuable tax benefits: Earnings from College SAVE accounts are exempt from federal and state income tax when used for qualified withdrawals. In addition, North Dakota taxpayers can deduct up to $5,000 in contributions to their College SAVE account (up to $10,000 if married, filing jointly) from their state taxable income.
- Low minimum; generous maximum: Participants can open a College SAVE account with as little as $25 and contribute up to $269,000.
- Range of investments from Vanguard: By investing with College SAVE, you have access to a range of investment options managed by Vanguard, one of the nation’s leading mutual fund managers.
- Matching grant opportunity: College SAVE investors who are North Dakota residents, and who earn less than $30,000 annually ($60,000 if married, filing jointly), may qualify for a matching grant of up to $500 for three consecutive years. North Dakota residents who earn less than $60,000 annually ($100,000 if married, filing jointly), may qualify for a one-time matching grant of up to $500.
- Children FIRST: Bank of North Dakota will contribute the first $100 for college through a Children FIRST grant into a College SAVE account. The North Dakota newborn need only be 12 months old or younger. Funds must be matched by the time the child turns four-years-old.
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