Bank Independent’s college funding programs provide growth comparable to Wall Street equivalents.*
Program DescriptionBank Independent is pleased to create a college funding program with good growth potential and safety of your principal. First, let’s start with why you need to save.
The College Board indicates that college costs have risen at an annual rate of 8% in the last two decades. If we project future costs at the same rate, the annual money required for college may be substantial.
Projected Four Year College Costs For An In-State Public UniversityThis is an illustrative depiction based on a College Board report showing a national rate of increase in tuition and fees of 10% over the last decade from a base average tuition of $33,300 for the 2010-2011 year for in-state four year public universities. (2012CollegeBoard.org)
Growth ExamplesA well thought out savings plan can use time to your advantage. In addition, there is some tax protection for minors whereby dollars saved for college can be allowed to grow, unencumbered by some taxation. The example below shows how a moderate monthly savings amount can grow, unencumbered by current taxation (consult your tax advisor for details).
Illustrative Growth ChartIllustrative growth of $50, $100, and $200 at .71% APY (Annual Percentage Yield) compounded annually on 7/15/2012 with an initial deposit of $1. Rate subject to change.** No minimum balance required to earn APY. A penalty may be imposed for early withdrawal.
Checking Choices You can fund your College Express account from any Bank Independent checking. Note that some plans even waive the monthly service fee based on the amount saved monthly.
Custom Calculators for College PlanningWe have several calculators to help you determine how much to save for college including:
What will it take to save for college education?
What is the value of higher education?
What investments can I use to save for college?
What expenses do I face prior to attending college?
Should I live on campus, off campus or at home?
How much should I budget for college living expenses?
Is a meal plan a good deal?