Updated… The Ohio CollegeAdvantage Direct 529 college savings plan is now offering a $25 bonus contribution if you open a new account and invest at least $500 of your own money. A guaranteed 50% return-on-investment! The promotion code is PLAN. Offer ends June 1, 2012. The $25 bonus will be applied on or about June 15, 2012 as long as the account is still open with the original $500 initial contribution. You can easily set up an automatic contribution of as little as $25 every month. I’ve had mine going for over two years now, and I barely notice it anymore.
How is good is the Ohio plan relative to other state plans? Well, you should always check if your own state plan has special incentives. Mine doesn’t, and I hold my 529 assets in the Ohio plan. Another good one is Utah, although most plans with Vanguard investments are going to be well below-average in costs. I like Ohio because they offer low-cost conservative investments for college, including high-yield CDs and inflation-indexed bonds. (As of early 2012, TIPS and CDs are at record-low yields, so I am shifting a small percentage in to equities.) I should have bought more of that 10-year CD at 5% APY.
Expired Promotional Codes
KIDS
PLAN (for $50 expired 11/18/2011)
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I’ve had an Ohio plan since I started saving for our daughter’s education. I’ve been happy with it, like the Vanguard investments and the low cost structure. Since I’m in Washington, my only state option was the GET program. Hindsight, I probably should have bought some of those credits early on because they have skyrocketed in price, but I’m still happy to just be saving each month in a low cost plan. We’re currently putting away $400 per month for our daughter, but I’m considering increasing that due to the lackluster market performance and low stock prices. I’m hoping that the market will see some peaks in the next 10 years and end up higher when she’s headed off to college. While I don’t like to try to time the market, it’s basically a necessity when you have a 10 year horizon.
You can also use the promotional code KIDS to get the $50 Bonus.