You can save for your child's future using many different types of accounts. College Kids is only one program that is only offered for students who entered kindergarten in the 2015-2016 school year or later. However, we think all kids should have a head start on savings and we hope that you will consider starting to save for your all children! Here we highlight some of our favorite resources from across the web to help you choose the best option for your family. Please contact us with additional questions and if you are looking for other resources.
College Savings Account Options
When choosing a college savings plan, carefully consider your options. The plans below are each different, with their own advantages and disadvantages. We are providing a very brief summary of what makes each plan unique, but be sure to consult a financial professional to decide what works best for your financial situation. The Office of Financial Empowerment does not endorse any of these plans specifically. Remember, it is never to early to save!
- MOST 529 Accounts—Specifically designated for college savings provided by the state of Missouri. An investment account, you choose how to invest.
- Coverdell Education Savings Account–Can be used for college or private K-12 expenses. An investment account, you choose how to invest.
- Youth Savings Account at a local financial institution (Credit Union or Bank) –Can be used for any expense, but you can personally determine what the account’s savings will be used for, such as college expenses. (View our partner’s information as an example.)
- Certificate of Deposit (CD)—Can be used for any savings. Money cannot be withdrawn for the length of CD. Earns some interest. (Ask for more information at your local credit union or bank for rates and conditions.)
- Savings Bonds—Through the US Treasury. Can be used for any savings. Easy to give as gifts, but now require purchase online through setting up an online account.
Campaign for Every Kids Future
College Kids is proud to partner with the Campaign for Every Kid's Future which aims to open 1.4 million College Savings Accounts by 2020. For more information on the campaign, visit the CFED website.
Check out Treasurer Jones in action with former President Bill Clinton at the launch of the Campaign for Every Kid's Future!