CollegeChoice CD Available From LCB
July 28, 2016 at 4:25 p.m.
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The new College Choice CD option was announced in northern Indiana recently by Indiana Treasurer Richard Mourdock. Mourdock is chairman of the Indiana Education Savings Authority, which is responsible for state-sponsored college tuition savings plans that qualify for tax advantages under IRS section 529.
“Hoosiers have enjoyed one of the most robust 529 college savings plans in the country,” said Mourdock. “The CollegeChoice CD now adds yet another opportunity in a fully comprehensive college savings strategy that already includes the high-quality equity, fixed income, money market and savings investments offered through CollegeChoice Direct and CollegeChoice Advisor.”
Kevin L. Deardorff, executive vice president-retail banking & brokerage for Lake City Bank, described the CollegeChoice CD as an attractive option for people who prefer the security of an insured investment. “The CollegeChoice CD is FDIC-insured, so the principal is not at risk and remains at full value as long you leave it in the account for the full term of the CD,” he said.
Indiana residents who contribute to a CollegeChoice CD are eligible for a state income tax credit of 20 percent - up to a $1,000 credit per year. Earnings grow tax-free and distributions used to pay for qualified education expenses are also tax-free.
A CollegeChoice CD can be purchased for a minimum of $250 or an automatic or payroll deduction of $25 or more.
“The Indiana Education Savings Authority has made the new CollegeChoice CD a convenient and affordable option for Indiana families,” said Deardorff.
The adult who purchases a CollegeChoice CD designates the beneficiary of the account, which could be a child, grandchild, friend, relative or even the purchaser.
CollegeChoice CD assets can be used at nearly any U.S.-accredited public or private, two-year or four-year college or technical school in the U.S. or abroad, as long it is eligible to participate in the U.S. Department of Education student financial aid program. A CollegeChoice CD can also be used to save for graduate school, including medical school or law school.
The CDs can be purchased in maturities ranging from one year to 22 years and with three interest rate options: the CollegeChoice CollegeSure® CD, the CollegeChoice InvestorSure® CD and CollegeChoice Fixed Rate CD.
Information about the CollegeChoice CD is available at Lake City Bank's offices in Warsaw, Winona Lake, Silver Lake, North Webster, Pierceton and Mentone or at any of Lake City Bank's 43 banking locations. The College Choice CD is also available online at www.collegechoicecd.com or through participating investment advisors and by mail.
College Savings Bank, a Pacific LifeCorp Company, serves as the Program Manager to CollegeChoice CD.[[In-content Ad]]
The new College Choice CD option was announced in northern Indiana recently by Indiana Treasurer Richard Mourdock. Mourdock is chairman of the Indiana Education Savings Authority, which is responsible for state-sponsored college tuition savings plans that qualify for tax advantages under IRS section 529.
“Hoosiers have enjoyed one of the most robust 529 college savings plans in the country,” said Mourdock. “The CollegeChoice CD now adds yet another opportunity in a fully comprehensive college savings strategy that already includes the high-quality equity, fixed income, money market and savings investments offered through CollegeChoice Direct and CollegeChoice Advisor.”
Kevin L. Deardorff, executive vice president-retail banking & brokerage for Lake City Bank, described the CollegeChoice CD as an attractive option for people who prefer the security of an insured investment. “The CollegeChoice CD is FDIC-insured, so the principal is not at risk and remains at full value as long you leave it in the account for the full term of the CD,” he said.
Indiana residents who contribute to a CollegeChoice CD are eligible for a state income tax credit of 20 percent - up to a $1,000 credit per year. Earnings grow tax-free and distributions used to pay for qualified education expenses are also tax-free.
A CollegeChoice CD can be purchased for a minimum of $250 or an automatic or payroll deduction of $25 or more.
“The Indiana Education Savings Authority has made the new CollegeChoice CD a convenient and affordable option for Indiana families,” said Deardorff.
The adult who purchases a CollegeChoice CD designates the beneficiary of the account, which could be a child, grandchild, friend, relative or even the purchaser.
CollegeChoice CD assets can be used at nearly any U.S.-accredited public or private, two-year or four-year college or technical school in the U.S. or abroad, as long it is eligible to participate in the U.S. Department of Education student financial aid program. A CollegeChoice CD can also be used to save for graduate school, including medical school or law school.
The CDs can be purchased in maturities ranging from one year to 22 years and with three interest rate options: the CollegeChoice CollegeSure® CD, the CollegeChoice InvestorSure® CD and CollegeChoice Fixed Rate CD.
Information about the CollegeChoice CD is available at Lake City Bank's offices in Warsaw, Winona Lake, Silver Lake, North Webster, Pierceton and Mentone or at any of Lake City Bank's 43 banking locations. The College Choice CD is also available online at www.collegechoicecd.com or through participating investment advisors and by mail.
College Savings Bank, a Pacific LifeCorp Company, serves as the Program Manager to CollegeChoice CD.[[In-content Ad]]
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