1. Tucker says

    Someone on bogleheads posted that Union First does in fact take out of state customers.

    Does anyone have experience with BB&T and/or Union First and a view on which is easier to deal with? I realize that Union First has a lower breakpoint for its higher interest rate tier ($10K vs $25K at BBT) but since the value of that is minimal, I’m more interested in who is easier to deal with when we are ready for distribution or seek to effect another transfer. Thanks

    • Harry Sit says

      I don’t know which is easier. BB&T is easy enough. Distributions and transfers are done through the VA 529 program administrator for both banks.

  2. Michelle Morris says

    Hi Harry,

    I am a financial planner and just opened accounts for my own son and daughters of a client in the FDIC insured account at BB&T. The 2.25% rate over 25K is still in effect, of course it could disappear at any time, but we shall see. I found the application process very user friendly.

    I am wondering if you have ever heard of this option and if so what your thoughts are:
    They sent a promotional email to NAPFA members.

    Thank you,

    • Harry Sit says

      The yields on their fixed rate CDs are very low. The variable rate CDs linked to IC 500 college tuition index pay the index minus a big margin. The other one is linked to S&P 500 over a 5-year term; the quarterly averaging makes it unattractive.

    • Harry Sit says

      Thank you for the heads-up. The other bank in the CollegeWealth program Union Bank & Trust also lowered to 1.5% over $10k. I’m transferring to the Colorado Stable Value Plus plan.

Leave a Reply

Your email address will not be published. Required fields are marked *