Lunch and Learn: College Savings Account (CSA) or 529 Account

Saving for college is an important financial goal, and FirstBank is here to help. We are hosting Lunch and Learns at three Arizona branch locations during the month of October. Representatives from our College Savings Account (CSA) Department will be there to answer questions and provide key information.

When and Where:

REGISTER HERE for one of the following events.

Please note: due to current COVID restrictions in-person capacity is limited to 6 attendees per event. Registration is required to attend.

Monday, October 18th from 12:00 p.m. – 2:00 p.m. Sun City West – 19309 North R.H. Johnson Boulevard

Tuesday, October 19th from 12:00 p.m. – 2:00 p.m. Scottsdale – 7602 East Indian School Road

Wednesday, October 20th from 12:00 p.m. – 2:00 p.m. Gilbert – 1550 North Gilbert Road

Giveaways & Freebies:

FirstBank will be providing lunch for all event attendees. Additionally, attendees will be eligible to win a $25 Amazon Gift Card and other promotional items.¹

Six Reasons to Open a 529 Account with FirstBank

The CollegeInvest Smart Choice College Savings Plan, commonly referred to as a 529 account, is a valuable tool to help you save money for college. You can open a CollegeInvest Smart Choice College Savings Plan with FirstBank in less than five minutes at www.efirstbank.com. But why should you open one?

1. Flexibility

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 is a time account that offers higher interest rates by locking in your deposits for a specified period of time (1 year). The account holder can make a deposit to the 1-Year Time Savings account at any time without extending the account’s maturity.

2. FirstBank Smart Saver $50 CSA Promotion

Open a new CollegeInvest Smart Choice College Savings Account with at least a $50 opening deposit and set up automatic monthly transfers to receive a $50 bonus.² This promotion is administered and funded by FirstBank.

3. Be Entered for a Chance to Win $2,500

To enter to win $2,500, courtesy of FirstBank, open a FirstBank College Savings Account between October 1st and October 29th and make a contribution of at least $1.00 (USD) in that timeframe. If you are already a current 529 CSA account holder, you can still have a chance to win as long as you make a qualifying deposit during the promotion period. Arizona residents only. Certain restrictions apply. Visit www.efirstbank.com/CSApromo for additional information and official rules.

4. College is Expensive

The earlier you start saving for college means more time to allow your savings to work for you. The annual cost of four years of room and board, tuition, and fees are continuously on the rise, according to College Board’s Trends in College Pricing.

5. The Cost of Waiting

The longer you wait, the more difficult it can be to pay for college. CollegeInvest has two handy calculators, powered by Vanguard, on their website. One is the Cost of College Calculator and the other is the College Savings Planner. Check out these calculators to better understand your scenario.

6. 529 Plan Tax Benefits

Federal Tax Advantages

Earnings grow tax-deferred
Distributions are tax-free when used for qualified secondary education costs
“Qualified” = Tuition, fees, room & board, required supplies/equipment

Arizona State Tax Advantages

One of the most generous in the nation
Contributions are tax-deductible. Up to $2,000 for individual filers and $4,000 for joint filers.
Funds may be used for qualified education loans up to a $10,000 lifetime cap.
Funds may be used up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school.

View Disclosures

Please consult your tax advisor regarding potential tax benefits. All information provided here is intended as a convenient source of information. The information is general in nature, is not complete, and may not apply to your specific situation.

To be eligible to apply for a College Savings Account at FirstBank, you must be a U.S. citizen or U.S. resident alien.

CollegeInvest, the CollegeInvest logo, and the CollegeInvest Smart Choice College Savings Account are registered trademarks, administered and issued by CollegeInvest.

¹NO PURCHASE OR PAYMENT OF ANY KIND IS NECESSARY TO PARTICIPATE OR WIN THE $25 GIFT CARD. BY PARTICIPATING YOU AGREE TO THE TERMS AND CONDITIONS. FirstBank employees and their immediate family members are not eligible to win. Must be a U.S. citizen or U.S. resident alien. Must be 18 years or older with valid identification and SSN (Social Security Number) or TIN (Tax Identification Number) to receive the gift card. Prizes cannot be exchanged. Participants must attend a Lunch and Learn event and open a College Savings Account, with a minimum opening balance of $1.00. Winner may decline the prize.

²The FirstBank Smart Saver $50 bonus offer is valid for new CollegeInvest 529 Savings Plan Accounts opened. Limit one gift per beneficiary. FirstBank College Savings Accounts do not have a minimum balance requirement, 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 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 bonus 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.