Bank options
Bank options from Fifth Third Bank provide a simple and safe way to save for college. These options are great for:
- Risk-averse savers
- Parents with children near college age
- Parents with children currently enrolled in college who may not want to take on risk or lose principal
- Investors looking to diversify their 529 portfolio
Fifth Third 529 Certificates of Deposit (CDs)
Certificates of deposit (CDs) provide a unique way to manage your money when you can set aside funds for a period of time. The Fifth Third 529 CDs offer a wide variety of terms ranging from 3 months to 12 years (144 months), allowing you to maximize your return and take advantage of longer-term market rates.
Fifth Third 529 CDs base the Annual Percentage Yield (APY) on the length of the term of the CD, not on the opening balance. The minimum opening balance for all CollegeAdvantage CDs is $500.
Click here for current CD Annual Percentage Yields (APYs)
Fifth Third 529 CDs feature:
- Premium market rates of interest
- Guaranteed rate of return with FDIC backing
- 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
Once CDs mature, they automatically transfer to a Fifth Third 529 Savings Account. At that time, you can withdraw the funds, reallocate the funds* to other CollegeAdvantage investment options, or leave the funds in the savings account to earn interest.
Contributions to the Fifth Third 529 Savings Account and CD Options require two business days to complete the transaction. Accordingly, such contributions will receive the APY in effect on the business day following the receipt of a contribution received in good order before 4:00 p.m. on any given business day.
Fifth Third 529 Savings Account
A 529 Savings Account lets your money grow over time with the security of FDIC insurance and 529 tax advantages. The Fifth Third 529 Savings Account currently offers a 0.15% - 0.65% Annual Percentage Yield (APY)** based on balance amount.
The Fifth Third 529 Savings Account features:
- Premium market rates of interest
- Guaranteed rate of return with FDIC backing
- No fees and low minimum deposit of $25
*Federal regulations for qualified 529 programs limit the number of times account owners can reallocate investment options for the same beneficiary. See the Offering Statement and Participation Agreement for details.
**Annual Percentage Yield (APY) accurate as of 12-10-2010. APY amount is based on savings account balance. Current APYs are: 0.15% on balances under $5,000; 0.25% on balances between $5,000 and $9,999; 0.35% on balances between $10,000 and $24,999; 0.45% on balances between $25,000 and $49,000; 0.55% on balances between $50,000 and $99,000; and 0.65% on balances greater than $100,000. Rates may change after account is opened.