Texas

Program Name: Texas ABLE Program (click to open an account)
Status: Open for Enrollment
State Program Manager: NorthStar Financial Services Group
State Account Limit: $370,000
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, PIMCO and Eaton Vance: “Except to the extent of the Federal Deposit Insurance Corporation (FDIC) insurance provided for the debit/checking option, ABLE accounts will be subject to investment risks, including loss of the principal amount invested.”
Debit Card Or Prepaid Card: No
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: No.
State Income Tax Deduction: No. There is no state income tax for residents of Texas.
FDIC Insured: Yes
ABLE Legislation:

SB 01664

Account Disclosure Document(s):

Account Disclosure Document and Participation Agreement


Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $50.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. $48
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
    Yes. There is a $1 charge for each withdrawal by ACH in excess of 2 per month. There is a $5 charge for each withdrawal by check.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    No.
  • 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:
      $48 per year
    • Check Fee:
      $5
    • Debit Card Fee:
      NA
    • Investment Option Fee Range:
      $2.50 - $6.50 on $1,000 investment per year.
    • Statement Fee:
      $0
    • ABLE Account Transfer Fee:
      Yes
    • Withdrawal Transaction Fee:
      $1 charge for each withdrawal by ACH in excess of 2 per month. There is a $5 charge for each withdrawal by check.
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