Virginia – ABLEnow
ABLEnow (click to open an account)
Status: Open for Enrollment
State Program Manager: ABLEnow is the national ABLE program sponsored by the Commonwealth of Virginia and administered by Virginia529.
State Account Limit: $500,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 4
Program Investment Institution(s): Virginia529 offers investment portfolios via Vanguard and Fidelity.
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: No.
State Income Tax Deduction: Yes. There is an annual Virginia income tax deduction of up to $2,000 per contributor with an unlimited carry forward of excess contributions.
FDIC Insured: Yes
Sections 23.1-700 through 23.1-713 of the Code of Virginia, as amended.Account Disclosure Document(s):
Balances in the ABLEnow Deposit Account are insured to the extent allowed by the Federal Deposit Insurance Corporation (FDIC).
Holding Rules: Typically, funds are available one to three business days after a deposit.
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. $39 per year, payable at $3.25 per month. The monthly service fee is waived if you maintain an average daily balance of $10,000 in the ABLEnow Deposit Account.
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. There is no fee for the ABLEnow Debit Card.
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:
$39 per year, payable at $3.25 per month. The monthly service fee is waived if you maintain an average daily balance of $10,000 in the ABLEnow Deposit Account.
Debit Card Fee:
Investment Option Fee Range:
$3.70 - $4.00 on $1,000 investment per year
There is no fee for a monthly electronic statement. Customers may request to receive a paper statement for $1.50 per month.
ABLE Account Transfer Fee:
Withdrawal Transaction Fee:
- Annual Maintenance Fee: