The Ohio CollegeAdvantage 529 Plan has a new promotion for existing account holders linked to tax refund season. If you make a new one-time contribution of $3,000 or more by April 30th, they will give you a $50 bonus. The $50 bonus will be applied on or before June 15, 2012. Account must be opened prior to March 1, 2012.
I received this offer by e-mail, but you can see it when you log in. There is no promotion code required. The $50 bonus contribution will be invested in the CollegeAdvantage investment option with the largest balance as of June 15, 2012.
$50 is only 1.7% of $3,000, but if you were going to contribute anyways it’s something – and sadly double what a savings account would pay you in interest on that same $3,000 over an entire year. Also, rollovers from outside 529s do indeed qualify as a contribution. I have money in the Ohio plan and have found it a solid plan with low-cost investment options, so if you’re in a more expensive 529 then this could be good time to move money over. It’s regularly ranked as a top plan by Morningstar.
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Before doing this, make sure you are not giving up a tax break you could get by contributing to your home state’s plan. In New York for example, the 529 is very similar to Ohio’s but contributions are tax deductible, potentially saving you much more than this bonus.
@Jeff – Good point.
But you can also contribute to OH first, the withdraw money with the bomus – and contibute to NYS.
Btw, June 15th has passed. Did anyone get their bonuses?