Sweet! Now You Can Get $50 Bonus from CollegeAdvantage

Early this month, Ohio CollegeAdvantage 529 College Savings Plan announced a promotion which gives each new plan participant $25 bonus for just opening an account. Yesterday, I got an email from CollegeAdvantage with a sweetened deal: For a limited time, each new customer will get another $25 bonus on top of the existing $25 referral bonus for simply setting up a systematic savings program (SSP), such as electronic funds transfers (EFT) from a bank account or payroll deduction with their employer. That’s a total of $50 incentive to start saving for your child’s future education, if that’s what you plan to do

Here’s how you can get $50 bonus from CollegeAdvantage:

1. Follow the step in my previous post to open an account with reference code 2331122 before December 15, 2009;
2. Once the account is opened, set up a systematic saving program to invest in the plan automatically before January 31, 2010;
3. Receive the $25 bonus 90 days after the SSP begins.

Quite simple, right? In order to get the bonus, the following requirements have to be met as well:

• A minimum of $25 must be deducted per month.
• The EFT and payroll deduction must still be active at the 90-day mark.
• For EFT only, a minimum of three EFT pulls must have occurred within the 90 days.
• For payroll deduction only, at least one payroll check must be applied within the 90 days.

I have been using EFT to invest since I set up the plan more two year ago (I didn’t get any bonus back than). In my opinion, an automatic savings plan is all you need to put saving and investing ahead of spending.

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