Have you been considering the high costs of paying for a college education? Do you wonder how you are going to pay for all those college expenses, like books, room and board and equipment? We have partnered with the Commonwealth of Virginia’s Section 529 Plans to offer you a solution to planning and saving for college expenses. We are ready to help you save for college with our CollegeWealthSM 529 Savings Account.
The CollegeWealthSM 529 Savings Account allows your money to grow steadily over time and has the security of both Federal Deposit Insurance Corporation (FDIC) coverage and 529 tax advantages. With the CollegeWealthSM 529 Savings Account you will enjoy a competitive interest rate and peace of mind knowing that you are planning ahead for college needs now. Enrollment in the Bank’s CollegeWealthSM 529 Savings Account is available at any time. Please contact us to open your new CollegeWealthSM 529 Savings Account and starting saving for the future.
Use your savings at any accredited college eligible to accept federal financial aid. The money can also be used at vocational and for-profit schools and community colleges.
Earnings are tax-free for qualified distributions, there are favorable federal estate and gift tax provisions and there’s a Virginia income tax deduction for the account owner.
Customers are encouraged to obtain a CollegeWealth Program Description from any Bay Community Bank location, by calling 1-866-593-5500, or by clicking here, and to read it carefully before investing. For residents of states other than Virginia: your state or the beneficiary’s state of residence (if different) may sponsor a 529 plan that offers state income tax and other benefits not available to you through CollegeWealth. CollegeWealth is a Section 529 plan sponsored by the Commonwealth of Virginia. CollegeWealth is a registered service mark of the Virginia College Savings Plan.
