529 College Savings Plans

Save money on behalf of a beneficiary to pay for education expenses.

Saving for College, Made Simple

Whether college is years away or right around the corner, it’s never too soon (or too late) to start saving. Offering multiple tax advantages, 529 college education savings accounts are a smart way to ease the burden of paying for higher education. Fifth Third is proud to offer two options:

Fifth Third 529 Savings Account and Fifth Third 529 CD

For an enrollment kit, please call1-800-AFFORD-IT

Fifth Third 529 Savings Account

Grow savings now. Use them anywhere later.

Use the compounding power of tax-free growth to save even more with a 529 savings account:

  • Start with as little as $25
  • After-tax contributions are invested in mutual funds or similar investments
  • Your money grows over time
  • Use funds at colleges across the country

 

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Key Benefits:

  • No monthly service charges
  • FDIC insured2
  • Earnings grow tax free3,4
  • Qualified withdrawals are exempt from federal income tax3,4 (and in some cases, state income tax)
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A young woman smiles and hugs her father after receiving a college diploma.

Fifth Third 529 Certificate of Deposit (CD)

Save even faster with a 529 CD.

Earn competitive interest rates1 at a guaranteed rate of return with a Fifth Third 529 CD.

  • Start with as little as $500
  • Guaranteed rate of return with FDIC backing, up to federal limits
  • Option to choose the maturity that best suits your needs (3 months to 12 years; early withdrawal penalties apply)
  • Automatic transfer to a 529 savings account at maturity
  • Use funds at colleges across the country

Key Benefits:

  • No monthly service charges
  • CD offers guaranteed rate of return1
  • FDIC insured2
  • Earnings grow tax free3,4
  • Qualified withdrawals are exempt from federal income tax3,4 (and in some cases, state income tax)
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Ohio CollegeAdvantage Direct 529 Plan

529 plans vary by state. With Ohio’s CollegeAdvantage Direct 529 Plan, you can use the compounding power of tax-free growth to save even more. You can choose to save through a Fifth Third 529 Savings Account or a Fifth Third 529 CD. Offering multiple tax advantages, a 529 savings account or a 529 CD are smart ways to prepare for the future and ease the burden of paying for a higher education.

For an enrollment kit, please call 1-800-AFFORD-IT

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Tax Advantages and 529 Benefits

When you’re ready to use your funds, qualified withdrawals are tax-free.3,4 Plus, Ohio taxpayers can deduct their contributions to a CollegeAdvantage Direct 529 Plan from their state income taxes up to $4,000 per beneficiary, per year, with unlimited carry forward.3,4 Most importantly, you can use your 529 funds at most post-secondary schools nationwide. If a college has a Federal School Code, you can use your CollegeAdvantage funds to pay for qualified expenses there.

Additional Resources

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Saving for College During Tough Times

Putting money aside for your child's college education can be difficult during tough financial times. Here are ways to save for school with Fifth Third.

Father and young daughter smile as he plans how to start saving for her college tuition.

Ways to Start Saving for College

What are your options to save for college? Here are popular college savings plans to use for your own college education or for your children's.

Higher Education: Is the Cost Worth the Payoff?

Higher Education: Is the Cost Worth the Payoff?

As college tuition and student debt rise, many Americans still feel college education is worth the cost. Learn about average college tuition and trends.