If you are not an Arizona taxpayer, consider before investing whether your or the beneficiary’s home state offers any state tax or other benefits that are only available for investments in that state’s qualified tuition program. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision. In addition, you should periodically assess, and if appropriate, adjust your 529 plan investment choices with your time horizon, risk tolerance and investment objectives in mind.

The Bank Plan is sponsored by the State of Arizona and administered by the Arizona State Treasurer’s Office (ASTO). The Arizona State Board of Investment (BOI) is Trustee of the Trust. College Savings Bank, a Division of NexBank (CSB) serves as Program Manager for the Bank Plan. CSB provides recordkeeping and administrative services with overall responsibility for the day-today operations, including marketing and distribution of the Bank Plan. CSB offers FDIC-insured certificates of deposit (CDs) and a high-yield savings account. CDs may be subject to early withdrawal penalties. For additional information, please refer to the Bank Plan Disclosure Statement.

Tax and other penalties may apply to non-qualified withdrawals from a Bank Plan account. You should consult your financial, tax, or other adviser to learn how state-based benefits (or limitations) will apply to your specific circumstances. The Bank Plan is not insured by the State of Arizona, nor is the principal and interest invested in the plan thereon guaranteed by the State of Arizona. For additional information, please refer to the Bank Plan Disclosure Statement.

Neither the Bank Plan, nor the BOI, nor the ASTO, nor NexBank, nor other organizations participating in the program are providing tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

1. Savingforcollege.com: “2020 FDIC-insured products in 529 Plans.” SavingForCollege.com,June 2020.    https://web-resources.savingforcollege.com/uploads/2020-JUN-Federally-Insured-Products-in-529-Plans.pdf.  FDIC-insured 529 Plan savings accounts and certificates of deposit accounts ranked by APY (Annual Percentage Yield).

2. APY (Annual Percentage Yield) is accurate as of 8/3/2020. Rates are subject to change and may change without notice. 

Honors Savings Account Minimum Deposit Amount: The minimum initial contribution is $250 for enrollment. Additional contributions of $25 may be made to the existing Account under the same terms and conditions. Automatic Clearing House (ACH) and Payroll Deductions. If you do not intend to contribute $250 at one time for enrollment, you may contribute $25 per month if you use an ACH Plan or $25 per pay period using payroll deduction. The APY of the Honors Savings Account, under the APY selected at enrollment will be applied to your account, starting at a minimum balance of $25. 

CD Minimum Deposit Amount: The minimum initial contribution is $250 for enrollment. Additional contributions of $25 may be made to the existing Account under the same terms and conditions. Automatic Clearing House (ACH) and Payroll Deductions. If you do not intend to contribute $250 at one time for enrollment, you may contribute $25 per month if you use an ACH Plan or $25 per pay period using payroll deduction. The APY of the Fixed Rate CD you purchase will be the APY offered as of the Contribution Date of your initial $25 contribution. 

See product terms and conditions and disclosure statement for more information.

* Refer to collegesavings.com and the Bank Plan disclosure statement for additional details.

The Federal Deposit Insurance Corporation (FDIC) generally insures, with respect to each FDIC-insured institution, deposit accounts that are held in the same right and capacity up to the maximum amount set by federal law, currently $250,000. An account owner’s interest in the insurable balance of a Bank Plan account is insured by the FDIC on a pass-through basis to each account owner up to the maximum amount. Under applicable FDIC regulations, accounts that have the same owner will be deemed to be held in the same right and capacity and will be combined for purposes of the $250,000 limitation. Interest that accrues on a Fixed Rate CD or CollegeSure Honors Savings Account is also covered by FDIC deposit insurance, subject to these same limitations.

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