South Carolina

Program Name: Palmetto ABLE Savings Program (SC) (click to open an account)
Status: Open for Enrollment
State Program Manager: Intuition ABLE Solutions, LLC
State Account Limit: $468,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 4
Program Investment Institution(s): Vanguard Group, Inc. and Fifth Third Bank: “Except to the extent of the Federal Deposit Insurance Corporation (FDIC) insurance provided for the BankSafe option, ABLE accounts will be subject to investment risks, including loss of the principal amount invested.”
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: No.
State Income Tax Deduction: Yes. 100% of contributions to a Palmetto ABLE Savings program account may be deducted from SC state income tax.
FDIC Insured: Yes
ABLE Legislation:

South Carolina HB3768 established the Palmetto ABLE Savings Program.

Account Disclosure Document(s):

Account Disclosure Document


Additional Information:

Additional Information: South Carolina HB3768 established the South Carolina ABLE Savings Program.

Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $1.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. The current account maintenance fee is $42 per year, payable at $3.50 per month.
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
    No.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    Yes. There are no added costs for the STABLE Card, a loadable prepaid debit card.
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $0.
  • Fee Range
    • Annual Maintenance Fee:
      The current account maintenance fee is $42 per year, payable at $3.50 per month
    • Debit Card Fee:
      $0
    • Investment Option Fee Range:
      $1.90 - $3.40 on $1,000 investment per year.
    • Statement Fee:
      $10 annually (print/mail); $0 electronic
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