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Which bank should I use to save for college?

While everyone's circumstances are different, in many cases, the best way to save for college, especially if one's kids are fairly young, is through a 529 plan. 529s are tax-advantaged savings plans offered by each state.


With a 529 plan, your investments grow tax-free. You put in after-tax money (meaning you do not get a tax deduction for putting the money in -- if you're familiar with IRAs, it's more like a Roth IRA rather than a deductible traditional IRA) and when the money is ultimately spent for your kids college expenses, it comes out with no taxes due on the growth of the investments. …

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David S. Meyers, CFP 2018