Alabama

Program Name: Enable Savings Plan Alabama (click to open an account)
Status: Open for Enrollment
State Program Manager: Nebraska State Treasurer
State Account Limit: $400,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: 12140
Number Investment Options: 5
Program Investment Institution(s): First National Bank of Omaha: “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: Yes
Withdrawal Hold Rules: Yes
State Income Tax Deduction: No.
FDIC Insured: Yes.
ABLE Legislation:

SB 226

SB 226 Legislative Summary

Account Disclosure Document(s):

Account Disclosure Document


Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $50.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    Yes. $25.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. The current account maintenance fee is $45 annually, which is charged $11.25 quarterly per account, not per investment option.
  • 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 a debit card at no additional cost to be used for assets in the checking investment option.
  • 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 $45 annually, which is charged $11.25 quarterly per account, not per investment option.
    • Check Fee:
      $2 per month waived if minimum balance of $150 or electronic statement delivery
    • Debit Card Fee:
      $0
    • Investment Option Fee Range:
      $5.00 to $5.50 on $1,000 per year See state's ABLE Plan Disclosure Documents and Investment Performance Report for detailed information.

      Account Disclosure Document

    • Statement Fee:
      $0
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      $0
  • Are there other characteristics unique to your program?

    The State of Alabama, through the ABLE Program Board, contracted with the Nebraska State Treasurer to create Enable Savings Plan Alabama as part of the Trust.

Enable Savings Plan Alabama (click to open an account)
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