BB&T Corp. said yesterday that it has started a 529 college-savings account.
The bank said it is one of the first financial-holding companies to offer the product in a money-market savings account insured by the Federal Deposit Insurance Corp.
BB&T has partnered with the Virginia College Savings Plan to offer its account. With more than 2 million accounts and almost $27 billion in assets under management as of Sept. 30, the Virginia College Savings Plan is the largest 529 plan in the country.
Among the benefits the bank touts are no state residency restrictions; up to $4,000 state income-tax deduction for Virginia taxpayers; $25-minimum opening deposit; no fees or minimum balance requirements; and availability to full- and part-time students.
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