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: 12490
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 Estate Recovery Status: Medicaid payback is subject to federal and state probate laws.
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. $50.
  • 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:
      Please See Plan Disclosure Documents See state's ABLE Plan Disclosure Documents and Investment Performance Report for detailed information.

      Account Disclosure Document

    • Statement Fee:
      $10 annually (print/mail); $0 electronic
  • Are there other characteristics unique to your program?

    STABLE Account is the national ABLE savings program administered by the Office of the Ohio Treasurer of State. Through its partner state model, South Carolina residents have access to a program that features the best customer service and offers ease of enrollment, unsurpassed website accessibility, an online portal to manage your account, some of the lowest investment management fees in the country, payroll deduction / direct deposit, and a loadable debit card with customizable spending controls and transactional recordkeeping.

Palmetto ABLE Savings Program (SC) (click to open an account)
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