A No Brainer: Save More for College with a Smart Choice College Savings Account

Keeping up with the rising cost of higher education may seem daunting, but a CollegeInvest Smart Choice College Savings Account (CSA) can help make saving for college easier. FirstBank and CollegeInvest are offering several added incentives to make the most of your college savings.

What is a CollegeInvest Smart Choice CSA?

Also known as a 529 account, a CSA may help individuals and families save for qualified higher education expenses through a qualified tuition program under Section 529 of the Internal Revenue Code.

These accounts offer tax advantages to Colorado residents, including tax-deductible contributions and tax-free distributions when used to pay for qualified educational expenses. Residents of other states may also receive state tax benefits from utilizing a 529 account.

Please consult a tax advisor.

What does FirstBank offer?

FirstBank offers two Smart Choice College Savings Plans: a Money Market Savings account and a 1-Year Time Savings account.

The Money Market option is a liquid account that allows deposits and withdrawals at any time.

The 1-Year Time Savings option offers low-risk investment opportunities and higher interest rates by locking in your deposits for one year. Deposits can be made at any time, without extending the account’s maturity.

Learn more and get started at efirstbank.com

How to Maximize Your Savings

FirstBank has partnered with CollegeInvest to offer a series of incentives to make the most of your college savings. Here’s how:

Current Incentives Offered by FirstBank

$2,500 CSA Giveaway¹

FirstBank will randomly select winners from Colorado and Arizona to win one of three prize amounts, up to $2,500, in the form of a contribution to their FirstBank College Savings Account. Visit efirstbank.com for more information.

FirstBank Smart Saver $50 Bonus²

Open a new CollegeInvest Smart Choice College Savings Account with FirstBank with at least a $50 opening deposit and set up automatic monthly transfers to receive a $50 bonus.

Current Incentives Offered by CollegeInvest³

1. Matching Grant Program

CollegeInvest will provide eligible account owners with $500 in matching funds for up to 5 awards for a total of $2,500 – when they open and contribute to a CollegeInvest 529 College Savings Account.

The 2024 program year will open for applications on Tuesday, October 3, 2023, through Friday, December 29, 2023.

Applicant Requirements

You must be a Colorado resident
You must be able to claim the beneficiary as a dependent on your Federal Tax forms
Must be the Parent/Guardian of the 529 CollegeInvest Savings account
Must have a Family Adjusted Gross Income (AGI) at or below the figures outlined on Collegeinvest.org
If filing separately, your AGI must be from all Parent/Guardians in the household Federal Tax Forms

Beneficiary Requirements

Must be the beneficiary (child, grandchild, etc.) of the CollegeInvest 529 Savings account.
Must be 8 years old or younger at the time of the initial application
- After the first application year, the beneficiary does not have to meet the maximum age limit

Must not be over the age of 18 at the end of the current program year
No more than one application per beneficiary per year will be accepted for a Matching Grant in connection with the contributions to their CollegeInvest account(s)

CollegeInvest 529 Account Requirements

Must be open at time of application (account number will be required to apply)
Applicant must be the CollegeInvest 529 Savings Account Owner
Have the child as the Beneficiary
Only one Beneficiary per account
If you have more than one Beneficiary, you must submit a separate Application Form for each and they must also individually meet the eligibility requirements
Be funded by the end of the contribution period
The match is up to the first $500 contributed to the account of the current Program year

Visit CollegeInvest.org/matching-grant-program for a full list of requirements and to apply.

2. First Step Program

A one-time $100 gift contribution from CollegeInvest is granted to any child born or adopted in the State of Colorado on or after January 1, 2020. Better yet, any future CSA contributions will be matched dollar-for-dollar, up to $500 per year for 5 years by CollegeInvest.

What You Need to Receive $100

An established CSA account prior to application
Birth Certificate of the beneficiary

Visit CollegeInvest.org/first-step/ to see a complete list of requirements and apply.

DISCLOSURES

No Purchase or Payment of Any Kind is Necessary to Enter or Win. The FirstBank $2,500 College Savings Account Promotion begins May 1, 2023 and ends May 31, 2023. Promotion is available to new and existing FirstBank College Savings Account customers residing in Arizona or Colorado. To be eligible to win, the College Savings Account must be opened prior to May 31, 2023 and a contribution of at least $1 must be made to the College Savings Account between May 1 and May 31, 2023 or a contribution of at least $1 must be made to an existing College Savings Account between May 1 and May 31, 2023. You may also be eligible to win by mailing a 3″ x 5″ piece of paper to FirstBank. For complete mail-in details, see the Official Rules. One Grand Prize of $2,500 will be awarded to an Arizona resident. One Grand Prize of $2,500 will be awarded to a Colorado resident. Odds of winning based on number of entries. One entry per College Savings Account for the duration of the promotion. The Grand Prize winners will be randomly selected on June 10, 2023. The COLLEGE SAVINGS ACCOUNT PROMOTION is open to all FirstBank College Savings Account owners who are eighteen (18) years of age or older as of May 1st, 2023, and are either legal residents of Colorado or Arizona or are international/foreign exchange students possessing a current valid United States student visa and are residing in Colorado or Arizona. Winners may decline the prize and an alternate winner or winners will be selected. The $2,500 Grand Prizes will be deposited into the winners’ College Savings Account within 90 days of June 10, 2023. FirstBank employees and their immediate families are not eligible to enter. The College Savings Account Promotion prize contribution of $2,500 could impact the winners’ overall financial aid.
$50 bonus offer valid for CollegeInvest 529 Savings Plan Accounts opened. Limit one gift per beneficiary. FirstBank College Savings Accounts do not have a minimum balance, but a minimum opening deposit of $50 and an automatic transfer into the FirstBank College Savings Account(s) of at least $1 is required to receive the gift. The First Step by CollegeInvest program does not qualify as the opening deposit to receive this bonus. Transfers must have at least a monthly occurrence for six consecutive months. Offer subject to change at the sole discretion of FirstBank. The $50 award is considered interest and is subject to IRS and other tax reporting. The award will be given at account opening. Certain restrictions apply. Please consult your tax advisor regarding tax benefits.
The CollegeInvest 529 Scholarship, Matching Grant, and First Step programs are administered and funded by CollegeInvest.

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