UPDATE: The $25 sign up bonus [1] for the College Advantage 529 plan is back! Please see my latest article on the Ohio 529 College Advantage $25 Sign Up Bonus [1].
My favorite 529 plan just got even better! The Ohio College Advantage 529 plan [2] is giving out $25 sign up bonuses for friends and family. And you don’t have to live in Ohio to take advantage of it!
For those of you new to My Dollar Plan, every Friday is Free Money [3] Friday! There is no better way to end the week than finding a free money deal!
Ohio 529 Plan Details
The Ohio plan is one of my favorites [4] because of the low fees [5] and investment options. You can invest in the Vanguard 500 index fund with 0.19% expense ratio. In addition to the low fund expenses, there is no enrollment fee or maintenance fee.
How to Earn Your Referral Bonus
- Open [6] a new 529 account with $25.
- Enter the following referral code: 2323158
- You will receive a $25 credit to your account within 7-10 business days after your account is established. (And I will get $25 for referring you.)
- You must establish an account on or before December 15, 2008 in order to be eligible to receive the referral bonus.
- Send [7] your name and e-mail address so I can add you to my referral list.
Tips and Tricks
Refer Your family members. Sweeten the deal for multiple family members. If you open an account for one child, you can refer yourself to open a second account for another child to earn an extra $25 in each account. ($25 referral + 2 x $25 sign up bonus = $75)
No Kids? No Problem. Just use yourself as the beneficiary. (And refer your spouse for a second account if you want.)
No Plans for College? You can withdraw your deposit and referral bonus five business days after it is deposited. (Just remember, earnings are subject to income tax when withdrawn, plus 10% additional federal tax.)
Deduction for Ohio residents. Anyone can use the Ohio plan, but if you are a resident you can deduct contributions from Ohio income tax ($2,000 annually).