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 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 a specified period of time. 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 two winners (one from Colorado, one from Arizona) to receive $2,500 each, in the form of a contribution to their FirstBank College Savings Account. Visit our CSA page 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 

Outside of the $2,500 CSA giveaway and $50 bonus FirstBank provides, CollegeInvest also offers a First Step Program.

First Step Program

As an added incentive to help jump-start college savings, CollegeInvest offers a one-time $100 gift contribution through the First Step Program. Through this program, any Beneficiary born or adopted in the state of Colorado on or after January 1, 2020, will receive a $100 contribution to their CollegeInvest College Savings Account.

Once you get started, CollegeInvest will continue to help. Claim your First Step award by December 31, 2024, and CollegeInvest will match your future contributions up to $2,500 ($500 per year, up to 5 years).

What You Need to Receive $100:

• An established CSA account prior to application
• You must be the Parent/Legal Guardian of the Beneficiary
• Birth Certificate or adoption documents 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.

1. The FirstBank $2,500 College Savings Account Promotion begins May 1, 2024, and ends May 31, 2024. Promotion is available to new and existing FirstBank College Savings Account customers residing in Colorado and Arizona. To be eligible to win, the College Savings Account must be opened prior to May 31, 2024, and a contribution of at least $1.00 (USD) must be made to the College Savings Account between May 1 and May 31, 2024, or a contribution of at least $1.00 (USD) must be made to an existing College Savings Account between May 1 and May 31, 2024. 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 (1) Grand Prize of $2,500 USD will be awarded to a Colorado resident. One (1) Grand Prize of $2,500 USD will be awarded to an Arizona resident. The odds of winning are based on the number of eligible entries received. One entry per College Savings Account for the duration of the promotion. All promotion winners will be randomly selected on or around June 14, 2024. Must be 18 years or older and a U.S. citizen or permanent U.S. resident. Promotion winners may decline the prize and an alternate winner, or winners will be selected. If the winner is a FirstBank customer, the prize will be deposited into the winner’s College Savings Account; if the winner is not a FirstBank customer, they will be mailed a cashier’s check payable to their College Savings Account within 90 days of June 14, 2024. FirstBank employees and their immediate families are not eligible to enter. The College Savings Account Promotion prize contribution is subject to IRS and other tax reporting, could impact the winners’ overall financial aid, and is not eligible for state-level reporting as a normal contribution.
2. $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.
3. The CollegeInvest First Step program is administered and funded by CollegeInvest.

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