Updated for 2023. 5/29 is “National 529 College Savings Plan Day” and every year a few state plan offer promotions and/or giveaways. Most offers end by May 31st. Some offers require in-state residency, but some don’t. 529 plans can now also pay for K-12 tuition and other educational expenses beyond college tuition and room/board.
I find that having an open 529 plan is a great way to redirect various cash gifts from friends and family (like grandparents) so that the money doesn’t just get spent mindlessly and then forgotten. Finally, opening a plan and making any contribution also starts the 15-year clock on potential future 529-to-Roth IRA rollovers.
Here’s a list of what I could find, please let me know if you find more. I’m listing the state, but you do not have to be a resident of that state to open a 529 account there. You can have multiple 529s from different states. However, you may need to be a resident to qualify for a specific bonus, or there may be an age restriction on the beneficiary, etc.
- California – CA Scholarshare 529 $100 bonus.
- Florida – Florida Prepaid 529 $50 bonus.
- Idaho – IDEAL 529 $25 match bonus.
- Michigan – MESP 529 $100 bonus.
- Minnesota – MNSAVES $100 bonus.
- Oklahoma – Oklahoma 529 $50 bonus.
- Pennsylvania – PA 529 Sweepstakes. Note: All PA children born after January 1, 2019, have a $100 investment available for them in a Keystone Scholars account. You must activate to claim.
- Utah – My529 up to $40 bonus.
- Virginia – Virginia529 $50 bonus. Reader David aka The 529 Guy has shared his detailed experiences.
- Wisconsin – Edvest 529 $100 bonus.
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I looked into the Utah 529 after your original article. All four of my grandchildren have a Utah 529 now and it’s a good plan. Note: None of us live in Utah.
Awesome! By the way, it looks like cash contributions from grandparents will soon no longer have any effect at all on their need-based financial aid eligibility (FAFSA).
For Minnesota, there is a specific password if you want to integrate your account with personal capital. This password is different than the login password.
Good to know, thanks!
Added another $100 bonus for Pennsylvania 529 Guaranteed Savings Plan
Michigan slow to pay out bonus. Wisconsin fast.
15-year clock on 529-to-Roth IRA rollovers.
Good catch! Fixed.
I have an account with the SholarShare. Can I still open a new account for this promotion? What’s the promo code if I want to open a additional new one under my login? Thanks in advance.