Virginia – ABLEnow

Program Name: 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
ABLE Legislation:

Sections 23.1-700 through 23.1-713 of the Code of Virginia, as amended.

Account Disclosure Document(s):

Account Disclosure Documents


Additional Information:

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?
    No.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    No.
  • 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?
    No.
  • 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?
    Yes. $0.
  • 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.
    • Check Fee:
      NA
    • Debit Card Fee:
      $0
    • Investment Option Fee Range:
      $3.70 - $4.00 on $1,000 investment per year
    • Statement Fee:
      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:
      $0
    • Withdrawal Transaction Fee:
      $0
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