Eide Chrysler and the Bank of North Dakota Team Up to Offer College Save Program

Posted at Tue, Sep 12, 2017 12:00 PM

Eide Chrysler and the Bank of North Dakota (BND) are teaming up to help kids and encourage college savings for the month of September. College SAVE, is a state program that helps families save for college tax-free.

HOW IT WORKS

When you purchase a new vehicle from Eide Chrysler, BND will offer a $50 College Save contribution. Eide Chrysler will also match the contribution with another $50 to the program. Eide Chrysler and BND feel that this is a terrific investment for any child's future.

What is College SAVE?

College SAVE is Bank of North Dakota’s 529 college savings plan.

Accounts can be opened for any age child in order to pay for college.
Earnings grow tax free when used for qualified higher education withdrawals at any college in or out of state.
Qualified withdrawals are for tuition, room and board, books, fees and even computers.
Annual administrative fees are waived for ND residents and investments are through Vanguard portfolios.

Match programs with BND

Plus there are two significant match programs that total up to $1,100 from BND. Families can qualify for both programs for their newborns.

The first $200 match is for ND newborns when an account is opened prior to the child’s first birthday.
The second is an income based match of $300 when married couples filing jointly earn $120,000 or less, or single filers earn $80,000 or less. Families may receive the $300 match three years in a row if they earn $80,000 or less, and single filers may receive the multi-year match if they earn $60,000 or less. Four out of five North Dakota families qualify for the match.

Learn more about this program at collegesave4u.com, and contact Eide Chrysler with any questions.