Education Accounts
PNC Investments Offers a Number of Plans to Help Save for College
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Rising tuition costs can make it difficult for even the most diligent of savers to cover 100 percent of a child’s education expenses. That’s why it’s important to plan for educational needs as early as possible. PNC Investments can help guide you with an investment approach aligned with your situation and goals.
A 529 plan is a tax-advantaged investment vehicle (typically sponsored by states or state agencies) designed to encourage saving for the future education expenses of the plan’s beneficiary. They can be used to pay for qualified education expenses at most accredited colleges and universities, as well as tuition expenses at both public and private elementary and secondary schools (K-12).[1]
- Investments accumulate tax-deferred
- Qualified withdrawals are not subject to federal (and some state) income taxes
- You can change the plan’s beneficiary at any time
- Substantial maximum contributions are permitted (over $300,000 per beneficiary in many state plans) and, generally, there are no income limitations or age restrictions
A custodial account under the Uniform Transfers to Minor Act (UTMA) allows you to save for your child or grandchild's future higher education needs.
- Anyone can open an account; no restrictions or qualifications to be met
- Allows for unlimited contributions and unlimited contribution amounts
- You control all investment decisions
- Beneficiary gains control of the funds when he/she reaches a certain age
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This material is meant to educate and not to provide legal, tax, accounting or investment advice. PNC Investments and its affiliates and vendors do not provide legal, tax or accounting advice.
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Securities products, brokerage services and managed account advisory services are offered by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and member FINRA, and SIPC. Annuities and other insurance products are offered through PNC Insurance Services, LLC, a licensed insurance agency.
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