Benefits of an MNSAVES account:
100% Tax-Free Growth—pay no state and federal taxes on funds used toward qualified expenses
Reduce State Taxable Income—As a Minnesota taxpayer, you could reduce your state taxable income up to $3,000 a year. Limitations apply.1
Investment Choice—flexibility with professional management
Best In Class Rating by Morningstar.**
Take advantage of this great $50 offer!
- Set up Recurring Contributions or Payroll Direct Deposit of $25 or more for six months from a bank account or by direct deposit of payroll.
- We'll add $50 to your account.*
*When you open a new Minnesota College Savings Plan (MNSAVES) with a $50 contribution (and sign up for and maintain recurring contributions or payroll direct deposit of $25 or more per month for a minimum of 6 months) between May 26, 2020, at 12:01 a.m. and May 31, 2020, at 11:59 p.m. (CT), MNSAVES will match $50 on or before January 31, 2021. Click here for official Terms and Conditions. Void where prohibited or restricted by law. Sponsored by the Minnesota College Savings Plan.
**In an annual review (10/22/2019) of the largest 529 college savings plans (62 total), Morningstar identified 30 plans that rose above their typical peers, awarding those plans Gold, Silver, and Bronze Morningstar Analyst Ratings for 2019. These forward-looking, qualitative ratings signal Morningstar’s conviction in the plans’ abilities to outperform their relevant benchmark and peer groups on a risk-adjusted basis over the long term. Morningstar evaluates college savings plans based on five key pillars – Process, Performance, People, Parent, and Price. For more information about Morningstar’s overview of Minnesota College Savings Plan, go to Morningstar.com. Past performance does not predict future results. Source: Morningstar.com. A Morningstar Analyst Rating for a 529 college savings plan is not a credit or risk rating. Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions.
1To learn more about the Minnesota College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Plan Description at mnsaves.org. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Consult your legal or tax professional for tax advice. If the funds aren't used for qualified education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Minnesota taxpayers can reduce their state taxable income up to $3,000 if married filing jointly ($1,500 filing single) for contributions made into a Minnesota 529 college savings plan. Or taxpayers may be eligible for maximum credit amount up to $500, subject to phase-out based on certain federal adjusted gross income thresholds.
TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Minnesota College Savings Plan.
For terms and conditions, click here.