[Expired] $100 Bonus for Opening a 529 Plan with Edvest

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:

Update 5/22/23: Deal is back beginning today through 5/31/23 (ht Vanson and Superman):

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.

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 
    Chuck
  • On November 25, 2024, 22:19

View Comments (218)

    • 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).

  • 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

  • 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...

    • 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 @6

    > 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?

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