Update 11/25/24: Deal is back on Edvest for $100 this time, from 11/25/24 – 12/13/24. (ht Josh)
Update 5/22/24: Deal is back for the next number of weeks (ht Vanson). All offer $50 as a base bonus with some plans offering a $100 bonus option:
- 5/31/24 end date:
https://www.edvest.com/program/summer-2024
https://www.misaves.com/program/529-day-2024
https://www.scholarshare529.com/program/529-day-2024 - 6/9/24 end date:
https://www.mnsaves.org/program/529-day-2024
https://www.oklahoma529.com/program/529-day-2024 - 6/23/24 end date:
https://www.myfloridaprepaid.com/collegedefinitely/3-reasons-to-open-a-florida-529-savings-plan-this-summer/ - $40 bonus for Utah’s plan (ends 5/31/24):
https://my529.org/my529-marks-national-5%c2%b729-day-with-promotional-offer/ - And the sweepstakes/contest is in effect for Pennsylvania’s plan (ends 5/31/24):
https://www.pa529.com/529Day/
Update 5/22/23: Deal is back beginning today through 5/31/23 (ht Vanson and Superman):
- $50 bonus:
https://www.myfloridaprepaid.com/collegedefinitely/its-prime-time-for-a-529/
https://www.oklahoma529.com/program/529-day-2023
https://www.virginia529.com/blog/save-50-get-50-with-invest529/
https://www.brightstart.com/first-steps/ - $100 bonus:
https://www.edvest.com/program/529-day-2023
https://www.misaves.com/program/529-day-2023
https://www.mnsaves.org/529day2023/
https://www.scholarshare529.com/program/529-day-2023?tc_mcid=hp_5D23_learn_pr_na_ca - $40 bonus:
https://my529.org/my529-marks-national-5-29-day-with-promotional-offer/
Update 5/24/21: Deal available again for May 24 – May 31. Get a $50 bonus when you open a new 529 Plan account with a $50 contribution (and sign up for recurring contributions of $25 per month for 6 months) between May 24 and May 31, 2021. Your $50 bonus will be deposited on or before January 31, 2022.
- https://www.scholarshare529.com/529Day
Limit: one (1) Matching Deposit per new ScholarShare 529 account per unique accountholder/beneficiary combination. - https://www.mnsaves.org/529Day
Limit: one (1) Matching Deposit per new MNSAVES account per beneficiary. - https://www.ok4saving.org/529Day
Limit: Only one Matching Deposit per new OCSP account per beneficiary. - https://www.edvest.com/529Day
Limit: One (1) Matching Deposit per new Edvest account per beneficiary. - Michigan https://www.misaves.com/buzz/529day.php?tc_mcid=em_529_opennew_ao_na_mi
- Utah link
Hat tip to reader Superman
Update 12/2/20: Deal available again, valid 12/9-12/13. This is a Target gift card. Hat tip to reader G E
Update 5/26/20: Deal is back again for many states. Valid 5/26 – 5/31 (note: dates may vary by offer). Hat tip to reader Burton
Update 5/26/19: Deal is back for Scholarshare again. Valid from May 28th until May 31st. Hat tip to reader Yosk
Update 11/30/18: Looks like the deal will return for December 5th – December 12th. So far we’ve only been able to find a working link for ScholarShare. Hat tip to reader Superman.
Update: Added Ideal and FL Prepaid offers.
The Offer
ScholarShare link | Virginia529 link | Idaho Ideal link | Florida Prepaid link | MN Saves
In honor of “5/29 day”, various 529 plans are offering a special bonus for those opening a new 529 plan:
- Open a 529 plan with ScholarShare with $50 and get a $50 match
- Open a 529 plan with Virginia529 with $50 and get a $50 match
- Open a 529 plan with Ideal Idaho with $25 and get a $25 match
- Open a 529 plan with Florida Prepaid with $25 and get a $25 match
The Fine Print
- These offers are available nationwide
- ScholarShare is through June 1, and Virginia529 is through May 31
Our Verdict
Being that these two are offering a similar bonus, there may be similar bonuses elsewhere. I’m not familiar with the ins and outs of college plans and their tax affect – please do your own research before deciding whether to open one and which plan to choose. (People who get a state tax deduction to contribute to their own plan in their own state should do that first.)
Regardless, it could be a nice bonus for someone saving for college who was planning to open a 529 plan anyway.
Hat tip to readers Misha and to Jeffery who notes that you can open multiple accounts by having the beneficiary and account owner combination be different
Oklahoma 529 also has a bonus now: https://www.oklahoma529.com/program/holiday-2024
What’s the recurring contribution that we need to set up? Can I set it up the recurring contribution from Jan 15 rather than Dec 15? Just trying to see if I need to invest $1200 or $1100 for this promotion?
How do I use this if I don’t have kids? Can the money be invested and later taken out without taxes?
You can name yourself as beneficiary.
The amount must be used for education. If not used for education, there’s income tax AND a penalty on the investment gains (not the invested amount).
can use for loans
Open to all 50 states, but I don’t see it worth bothering with unless you live in WI.
“To receive a $100 promotion deposit (“the Promotion Deposit”), eligible individuals must: 1. Open a new Edvest 529 account (for a new unique Account Owner/Beneficiary combination) online during the Promotion Period,
2. With total contribution(s) during the Promotion Period greater than or equal to $1,000, AND
3. Establish a recurring contribution (from a bank account or by payroll direct deposit) for the new account of at least $50 per month, AND
4. Be maintained at a minimum through 10:59 PM CT on June 30, 2025”
why wouldn’t it be worth doing outside wisconsin? a lot of states allow tax deductions for 529 contributions
delete
Can these accounts be closed and churned? I did the Edvest $100 promo from December 2023 and wonder if I can take the funds out for a qualified withdrawal, close the account, and open a new one to get another bonus?
No. I tried it. After I closed an account it still stayed listed indefinitely in my login. Trying to open the same account again online didn’t work, it said that I need to call if I want to reopen it. I called and reopened it and then followed the requirements of another bonus, but never got it.
Do you think you can do this new Edvest 2024 Holiday Season $100 bonus if you’re already participating in their 5/29 day promotion from 6 months ago? I don’t specifically see language saying only one bonus per year…
Can non-Wisconsin residents do this deal?
I’m fairly sure it’s nationwide. I opened accounts last year in the CA and MI plans and I’m in MA. Obviously if you aren’t in Wisconsin you won’t get the tax deduction for that state.
$100 deal back
Chuck
> Light up their faces and their future with college savings when you open a new Edvest 529 account between 11/25/2024–12/13/2024 and receive a $100 bonus!
In Wisconsin, you can now deduct up to $5,000 from state taxes per beneficiary. If I create 2 Edvest accounts, one for me as a beneficiary and one with my wife, does that mean we can deduct up to $10,000 from state taxes filing jointly?
Yes