Category Archives: College Savings
Opening a student savings account is important, but you will need to compare the different types of student accounts as well as the interest rates paid and any restrictions or limits in place. You will also need to consider any fees charged for the account. If the goal of the account is college, than a 529 college savings plan may be a better choice than a traditional savings account. These plans allow you to save money to meet college expenses and have a number of benefits.
529 college savings plan are one way that college costs can be planned in advance for, and these plans make saving for college much easier for a number of families. These plans were first allowed by the IRS in the year 1996, and today there are many of them in operation. A 529 college savings plan is created by either an educational institution or a state agency, and is intended to help families save up for future college expenses. This is not one of the highest interest savings account options that can be found, but there is no risk involved, and this is important because the money saved will be needed for college later on.