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
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
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. See state's ABLE Plan Disclosure Documents and Investment Performance Report for detailed information.

      Account Disclosure Document and Participation Agreement

    • 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.
  • Are there other characteristics unique to your program?

    Texas ABLE offers online account management, a gifting feature and payroll deduction. There is no enrollment fee and the program has a low minimum contribution limit. The program is established and maintained by the Texas Prepaid Higher Education Tuition Board with assistance from the Texas Comptroller of Public Accounts.

Texas ABLE Program (click to open an account)
Scroll Up