CA Residents: $50 Gift Card For ScholarShare 529 Plan

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Here is another 529 account bonus, but only open to California residents. If you open a California ScholarShare 529 College Savings Plan today and sign up for automatic investing of at least $50 per month on the account, and you’ll receive a $50 Target GiftCard.

From the fine print:

To receive a $50.00 Target GiftCard (a “Gift Card”), eligible individuals must (a) open a new account under the ScholarShare Plan (a “ScholarShare Account”) within 30 days of registering for the Gift Card offer between August 15, 2008 and December 31, 2008 and (b) establish an automatic investment plan for the ScholarShare Account of at least $50 per month, with the initial $50 automatic investment contributed and invested within 90 days after the ScholarShare Account is opened. Limit: two (2) Gift Cards per person. Each ScholarShare Account must have a different designated beneficiary and be individually owned (no trust, custodial or other ownership arrangements).

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  1. Is the plan any good? I’m from CA but I’ve never heard our state’s plan being recommended.

  2. Frugalchick says:

    So, I can get two $50 Target GC if I open two accounts with me as beneficiary on one and my husband on the other, right? If my husband does the same, will he get additional two $50 Target GC?

  3. What is the advantage to this account if you don’t have kids? It says that California is not a state that allows tax credits for these 529 accounts.

  4. Last I recall, the plan is above average in my opinion, with expense ratios around .50% and the standard age-based funds of funds that change asset allocation with time. Ohio and Illinois are still better in general.

    Frugalchick – As far as how I read the fine print, yes, that should work. I did this a few years ago (search the archives) and got two gift certificates with two beneficiaries.

    TJ – If you don’t plan to pay for anyone’s college expenses (your kids, your relatives or friends, or yourself) then there isn’t very much benefit at all. There are no state tax deductions in CA, no. If I lived in CA – ignoring these bonuses – I probably wouldn’t own a Scholarshare 529.

  5. ^My thoughts too…thanks Jonathan. I’ll stick with another state’s plan. πŸ™‚

  6. I had a question. For CA residents is there a tax advantage opening a California ScholarShare 529 College Savings Plan? Right now I have a Vanguard 529 plans which are from Nevada. Just wondering if earnings from my Vanguard 529 plan will be taxed since I live in CA.

  7. Love your blog.

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