Colorado ABLE (click to open an account)
Status: Open for Enrollment
State Program Manager: CollegeInvest, a not-for-profit division within the Colorado Department of Higher Education
State Account Limit: $400,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 6
Program Investment Institution(s): BlackRock, Schwab and Vanguard
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: No.
State Income Tax Deduction: No.
FDIC Insured: Yes
Program Administrator: CollegeInvest, a not-for-profit division within the Colorado Department of Higher Education.
Program Investment Manager: BlackRock, Schwab and Vanguard provide the mutual funds and/or ETFs in the target risk options. Sallie Mae Bank provides the high yield savings account in the applicable target risk options. Fifth Third Bank provides the checking account product in the checking option.
Please see the disclosure document regarding more information on: investment options risk, withhold rules, how to reduce account fees, ABLE to Work Act limits, and Medicaid payback. The checking option offers FDIC insurance up to $250,000, subject to certain restrictions.
ATM fees: $2.75 for U.S. transactions, $5.00 for international transactions. Other ATM network owners may also assess a usage fee. No charge to use partner network ATMs. International POS/ATM Transaction Fee: 3% of transaction amount. Currency Conversion Fee: 0.20% of transaction amount.
Program at a Glance
Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
Is there a required minimum contribution to your account? If so, what is the amount?
Is there an annual set fee to maintain the account? If so, how much?
Yes. $2 a month. Fee is waived if an average monthly balance of at least $250 is maintained.
Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Yes. $2.00 monthly fee is associated with utilizing the debit card option. However, the fee can be waived with an average daily balance over $250, or if enrolled in electronic statement delivery at Fifth Third Bank.
Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
- Fee Range
Annual Maintenance Fee:
$2 a month. Fee is waived if an average monthly balance of at least $250 is maintained.
$6 an order (50 checks). If you are invested in the checking option, you will be charged a monthly service charge of $2, as set forth in Appendix B to the plan disclosure statement. This fee is waived if your account has an average daily balance over $250, or if you are enrolled in electronic statement delivery.
Debit Card Fee:
$2 per month
Investment Option Fee Range:
$3.40 to $3.70 on $1,000 per year.
ABLE Account Transfer Fee:
Withdrawal Transaction Fee:
- Annual Maintenance Fee: