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California 529 $100 bonus when you open account with $1000 or more in september

$1,000.00
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$100 - Get a Back-to-School Bonus
when you open a new account with $1,000* between 9/1 and 9/30/2019.


https://www.scholarshare529.com/b...-offer.php

Offer Description: The ScholarShare 529 College Savings Plan ("ScholarShare 529") is a 529 college savings plan administered by the ScholarShare Investment Board ("SIB"), an instrumentality of the state of California, and managed by TIAA-CREF Tuition Financing, Inc. ("TFI"). To receive a $100 matching deposit ("the Matching Deposit"), eligible individuals must open a new ScholarShare 529 account (for a new beneficiary) online at www.ScholarShare529.com between September 1, 2019 at 12:01 AM Pacific Time (PT) and September 30, 2019 at 11:59 PM PT with an initial deposit of at least $1,000 to be contributed and invested at the time the new ScholarShare 529 account is opened. The initial $1,000 deposit must be received within 10 business days after the account is established. The Matching Deposit will be made to the eligible ScholarShare 529 account on or before 11:59 PM PT on January 15, 2020. Limit: one (1) Matching Deposit per new ScholarShare 529 account per unique accountholder/beneficiary combination.

Eligibility: Offer open to legal residents of the 50 states of the United States who are at least 18 years of age or older as of September 1, 2019 and have a social security number or federal taxpayer identification number and excludes the following: (a) members, officers, and employees of SIB; TFI and its parent, subsidiaries, affiliates, owners, members, directors, managers, officers, employees, trustees, agents; and their respective immediate family members (spouse, domestic partner, parents, legal guardians, grandparents, grandchildren, siblings, children and "step" of each) and those individuals living in their same household; and (b) FINRA affiliated customers. All taxes and other costs associated with this promotion are solely the responsibility of the recipient and/or beneficiary. Beneficiary for the new ScholarShare 529 account cannot be a beneficiary of an existing ScholarShare 529 account for that account owner
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Created 09-03-2019 at 06:52 PM by uspeed
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$1,000.00

15 Comments

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#2
Anyone know the difference between the $225 bonus on matching grant ? I want to open accounts for my 3 kids but not sure which one to pick
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#3
Sounds attractive but the underlying fund fees will likely eat up the bonus quickly. Better to put money in low costing fund option 529 plans through Vanguard, if you are looking to grow the balance more than a few years out.

Overwhelming majority of active managers underperform their benchmark and they charge too much which adds to the underperformance. Best to get cheap beta exposure (i.e. passive funds that mimic the benchmark) one of the best known companies for cheap passive funds is Vanguard.
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Last edited by Kouskous44 September 6, 2019 at 09:56 AM.
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#4
Quote from Kouskous44
:
Sounds attractive but the underlying fund fees will likely eat up the bonus quickly. Better to put money in low costing fund option 529 plans through Vanguard, if you are looking to grow the balance more than a few years out.
The fees in the passive portfolios are comparable to other 529 plans with Vanguard funds https://www.scholarshare529.com/r...fees.shtml
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Last edited by soobaerodude September 6, 2019 at 10:05 AM.
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#5
Quote from soobaerodude
:
The fees in the passive portfolios are comparable to other 529 plans with Vanguard funds https://www.scholarshare529.com/r...s.shtml​
Link doesn't work. Try this one: https://www.scholarshare529.com/r...fees.shtml
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#6
Quote from soobaerodude
:
The fees in the passive portfolios are comparable to other 529 plans with Vanguard funds https://www.scholarshare529.com/r...s.shtml​
I wouldn't think so on the active option, but the passive age based funds seem comparable. Thanks.
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#7
Quote from Kouskous44
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I wouldn't think so on the active option, but the passive age based funds seem comparable. Thanks.
Yup, that's why I said passive
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#8
anyone went with vanguard 529 vs scholar share 529? I have vanguard for everything else and i'm looking to consolidate 529 to vanguard as well.
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#9
Quote from soobaerodude
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The fees in the passive portfolios are comparable to other 529 plans with Vanguard funds https://www.scholarshare529.com/r...fees.shtml
+1 agreement. Clearly the other person didn't look up the fees for many of the Scholarshare investment options, which are among the lowest of any 529 in the country.
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#10
Quote from Superdealsonline
:
anyone went with vanguard 529 vs scholar share 529? I have vanguard for everything else and i'm looking to consolidate 529 to vanguard as well.
If you want to stick to vanguard, you could just deposit $1000 into Scholarshare to earn the $100 bonus, and then roll it over into your vanguard plan later
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#11
Quote from Superdealsonline
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anyone went with vanguard 529 vs scholar share 529? I have vanguard for everything else and i'm looking to consolidate 529 to vanguard as well.
Why not have both? Diversify your portfolios. The asset allocation methodology and underlying assumptions are highly likely to be different between the 2 providers.
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#12
So if I have no educational use and withdrawal that $1100, there's a 10% penalty on the $100? Is that right?
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#13
Quote from TopSpeed510
:
Anyone know the difference between the $225 bonus on matching grant ? I want to open accounts for my 3 kids but not sure which one to pick
For starters, looks like income limitations AGI $75k. Also has a lower initial contribution, matching is 1:1 for up to $200 contributed before Dec 31, 2019, and you get a $25 bonus in January if you sign up for automatic monthly contributions.

I got this all from the T&Cs...just Google'd Scholarshare Matching Grant and read up on it on the Scholarshare webpage for it there. If I was eligible, I'd go for the matching program, but since I'm not, I'm going for the $100 bonus.
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#14
Quote from Kouskous44
:
Why not have both? Diversify your portfolios. The asset allocation methodology and underlying assumptions are highly likely to be different between the 2 providers.
I want to simplify accounts. I used to have fidelity, vanguard, charles schwab and bank accounts all over the place. I'm consolidating to just 2 to 3 institution.
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#15
Quote from TopSpeed510
:
Anyone know the difference between the $225 bonus on matching grant ? I want to open accounts for my 3 kids but not sure which one to pick
are your 3 kids older than 14?
The Beneficiary must be 14 years old or younger as of December 31, 2019
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