New app now available to manage TNStars College Savings 529 accounts, just in time for 529 Day!
Nashville, TN – The Tennessee Department of Treasury annually recognizes 529 Day to raise awareness of the importance of saving for a child’s future education. May 29 is nationally recognized as 529 College Savings Plan Day, and it’s an excellent time to become a TNStars College Savings 529 account holder!
When you become a TNStars customer, you will have another useful way to put college savings in the palm of your hand, with access to the new ReadySave529 education savings mobile app. TNStars partnered with Ascensus financial services to offer the app, which makes it easier to view your account balance and investment allocation, contribute funds, and see how your savings compare to peers. It also makes it even easier to invite family and friends to make gift contributions to your child’s account.
So, what is a 529 Plan? It’s named after Section 529 of the Internal Revenue Code that authorizes tax-free status for qualified tuition programs. Earnings in 529 plans accumulate on a tax-deferred basis and distributions are not taxed federally when used for qualified higher education expenses. A 529 plan can be used to pay for college costs at any qualified college nationwide.
With TNStars, a parent, grandparent, family member, employer, or friend can make gift contributions to an account. Earnings grow tax-free, and money can be used for tuition and fees, room and board, books, computers and more. The Tennessee Department of Treasury monitors the plan’s investment options and works to keep costs low so families can save even more.
Families can visit TNStars.com to open an online account in minutes with as little as $25. Once you open a TNStars account, the app is available for download in the Apple and Google Play app stores.
“May 29 is an excellent annual reminder of the importance of saving for a child’s future in a 529 college savings account, such as TNStars,” said State Treasurer David H. Lillard, Jr. “With the mobile app, we can provide technology to better connect TNStars customers to their accounts. That’s something worth celebrating on 529 Day.”
Join the conversation about 529 Day and the new app by following TNStars on Facebook, Instagram, and Twitter (#529Day).