Personal Banking - Savings
When you save with CollegeChoice CD, you can be confident your college funds are secure.
- 3 FDIC-insured CD1 options that provide principal protection make saving for college safe and secure.
- Earnings and distributions used to pay for qualified education expenses are tax-free.2
- Special tax credits are available to Indiana taxpayers: Contributions made to a CollegeChoice CD Plan account are eligible for a state income tax credit of 20%, up to $1,000 per year.3
You can open an account with as little as $25 a month when you sign up for a direct deposit plan or payroll deduction.
For more information about the CollegeChoice CD 529 Savings Plan (CollegeChoice CD), call your local Lake City Bank office or our One Call Center or visit www.collegechoicecd.com to obtain an Enrollment Kit. The Enrollment Kit includes a Disclosure Statement that discusses investment objectives, risks, charges, expenses, and other important information; read and consider it carefully before investing.
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 CollegeChoice CD account is insured by the FDIC on a pass-through basis, together with any other deposit accounts the account owner holds at College Savings Bank, up to the maximum amount. Please see the Enrollment Kit for further information. The CollegeChoice CD 529 Savings Plan is not insured by the State of Indiana. Neither the principal invested nor the investment return is guaranteed by the State of Indiana.