Utahns who open a Utah Educational Savings Plan before Dec. 23 could get a matching $25 deposit courtesy of Zions Bank.
To qualify for the match, both the account holder and the beneficiary must be new to the plan, which is the state’s official 529 college savings program. Plans where the account holder is also the beneficiary also qualify. At least $25 must be deposited into the new account.
To open a plan, visit uesp.org and select “open an account.” Enter the promotional code 2013HOL during the process. The bank will deposit the match directly into the account in one to two weeks. The match counts towards the income tax credit residents can claim for beneficiaries under 19. Utah individual taxpayers may claim a 5 percent state income tax credit for deposits up to $1,840 per beneficiary.
Earnings on 529 UESP accounts grow tax-deferred. When the money is used for educational expenses like tuition, fees and books, it is not subject to federal or state income tax. Account holders don’t have to be Utah residents — though only residents can take advantage of this week’s match offer — and the program is consistently ranked among the top in the nation for low fees and investment options. For more information about the program or the match, call 800-418-2551 or visit uesp.org.