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.

• Money Market Savings account: is a liquid account that allows deposits and withdrawals at any time.
• 1-Year Time Savings account¹: 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:

Incentives offered by FirstBank.

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 CollegeInvest.³ 

Outside of the $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 $115 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, may be eligible for a $115 contribution to their CollegeInvest College Savings Account (CSA).

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 $115:

• 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

1. Withdrawals made before maturity on the 1-Year Time Savings CSA are subject to an early withdrawal penalty. A reminder notice is sent ten days prior to maturity. You will have a 10-day grace period after the account matures to withdraw from or close the account without penalty. If you do not instruct us otherwise, the account will automatically renew at maturity.
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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