Start saving for what's ahead
Open an account that can work for the educational path they choose. Remember: Savings can be used for a wide range of qualifying educational expenses. The more you're able to save for their future, the more options they could have.
Your contributions can go further with the triple tax benefits of a MNSAVES 529 account
State tax deduction
Minnesota taxpayers can qualify for a state tax deduction up to $3,000 per beneficiary if married filing jointly ($1,500 for single filers) for contributions made into a MNSAVES account.
100% tax-free withdrawals
Withdraw tax-free for all qualified education expenses at any eligible college, university or vocational school for tuition, room and board, books, computers and more.
Tax-deferred growth
Any earnings grow tax deferred. When you pay less taxes, you may have the ability to earn more and grow your college savings account faster—giving your beneficiary an even bigger head start!
Why a MNSAVES account?
Your child has options
Savings can be used for any eligible college or university both in the U.S. and abroad, as well as graduate school, technical programs, and post-graduate schools.
You enjoy more flexibility
Funds are transferable to other family members: siblings, stepchildren, cousins—even you can be eligible.
Your plan is financial aid-friendly
Typically your 529 is viewed as a parental asset rather than your child's asset—which means they often count less against financial aid eligibility.1
You have more control
Your savings will always be yours, and you're never locked in. You can withdraw your funds for any reason at any time.2
