Growing Your College Savings As Your Student Grows

While opening a college savings account for your student is the most important step you can take, the next important step is contributing to the account so it will grow! Once you’ve opened your account, adding money to it is easy. You can sign up for an automatic withdrawal of as little as $15 a month from your checking account or directly from your paycheck. This is the best way to grow your savings because you take away the task of having to make a decision to contribute every month.

For many families, the best option for recurring deposits is Direct Deposit. To have your paycheck, pension, Social Security check, tax refund, or other regular payments deposited into your accounts, provide your routing (ABA) number and account number to your employer, government agency, or third party. Your routing and account numbers can be found on your U.Fund Portfolio Summary page: select an account, and at the top of the page under the account name, select Routing Number. You can also use the direct deposit form (PDF) if you want to print the information and provide it to your payee. Additional information about Direct Deposit, can be found here on the Fidelity website.

Other options for adding funds to your 529 account include sending in paper checks that reference the account number or contribute online whenever you are able. Or, you can even snap a picture of a check with you smart phone and mobile deposit the funds into your account.

Relatives and friends can get into the act too! Fidelity offers the ability to set up a gifting page in your child’s name. Add a picture of your little future college student and send the page link to family and friends. When a big milestone comes up, a baptism, birthday, bar or bat mitzvah, or graduation, get the word out that friends and family members can give money directly in to your child’s U.Fund account using that gifting page.