Virginia – ABLEnow

Program Name: ABLEnow
Status: Open for Enrollment
State Program Manager: Virginia 529 College Savings Plan
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): Virginia 529 College Savings Board offers investment portfolios via Vanguard and Fidelity; “Except to the extent of 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
Medicaid Payback Waived: No.
State Income Tax Deduction: Yes. $2,000 of contributions to an ABLENow account per contributor are deductible for Virginia income tax purposes.
FDIC Insured: Yes
Account Disclosure Document(s):


Additional Information:

Are you interested in opening an ABLE account with a financial professional?

ABLEAmerica is ABLEnow’s partnership with American Funds and is available only through financial advisers. Work with your financial adviser to build an ABLE savings plan that meets your specific needs. If you don’t have a financial advisor, ABLEAmerica can help you find one.

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. This 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.
  • Fee Range
    • Annual Maintenance Fee:
      $39 per year payable at $3.25 per month. This 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:
      $0 for electronic statement; $1.50 each month for paper statement
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      $0
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