Washington State ABLE (click to open an account)
Status: Open for Enrollment
State Program Manager: Sumday Administration, LLC
State Account Limit: $500,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $15,000 (This limit is a Federal limit that is required of all states and does not include additional ABLE to Work contributions.)
ABLE To Work Act Contribution: Over and above the standard Annual Contribution Limit (i.e., $15,000 for 2021), a working Beneficiary is allowed to contribute an additional amount up to the lessor of: (i) the Beneficiary’s compensation for the current tax year; or (ii) an amount equal to the Federal Poverty Level for a one person household as determined for the calendar year preceding the tax year in which contributions are made ($12,760 for contributions made in 2021).
Program Banking Institution: Bank of New York Mellon
Number Investment Options: 3
Program Investment Institution(s): Vanguard & DFA
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes. Contributions received from a Beneficiary or Authorized Legal Representative will be subject to a ten (10) Business Day holding period before the funds are available for withdrawal. Contributions made as a result of a gift from a third party will be subject to a twenty (20) Business Day holding period before the funds are available for withdrawal.
Medicaid Estate Recovery Status: Upon the death of the account owner, the state Medicaid agency shall be a creditor for the total medical assistance paid under the State’s Medicaid program on behalf of the account owner after the establishment of the ABLE account, upon filing of a claim for payment by such state against the account owner's estate.
State Income Tax Deduction: No. There are no income taxes for residents of Washington.
FDIC Insured: Yes. The Bank of New York Mellon savings account is FDIC Insurance up to $250,000, subject to certain restrictions.
There are no state income taxes for residents of Washington.
ABLE to ABLE Rollovers: Free for incoming rollovers; $50 fee for outgoing rollovers.
Program at a Glance
Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
Is there a required minimum contribution to your account? If so, what is the amount?
Is there an annual set fee to maintain the account? If so, how much?
Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Yes. ACH and prepaid card disbursements are unlimited and free.
Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
- Fee Range
Annual Maintenance Fee:
$2.50 per paper check disbursement.
Debit Card Fee:
$1.25 per month
Investment Option Fee Range:
529 College Rollover Fee:
Free for E-Delivery. $10 annually for paper statements.
ABLE Account Transfer Fee:
No fee charged for incoming transfers. $50 fee charged for outgoing transfers.
Withdrawal Transaction Fee:
Free unlimited withdrawals.
- Annual Maintenance Fee:
Are there other characteristics unique to your program?
Washington State is part of the ABLE Collaborative led by Oregon.