** Note: State Bank of Park Rapids is not currently offering this product, however existing Higher Learning Fund accounts will continue per account agreement. This is a great account and we do plan to offer it again in the future….
– Provides for non-taxable gift transfers under the Uniform Transfers to Minors Act. (Consult your tax advisor for more information on the taxability of transfers and interest earnings.
– No minimum balance required – additional contributions can be made in any amount at any time, including automatic transfers from checking or savings.
– Pays a variable interest rate of 1.5% over the 13-week T-Bill rate listed in the Money Rates section of the Wall Street Journal. This competitive rate is adjusted each calendar quarter with changing market conditions, however, it has an interest rate floor of 4.0%.
– Matures in the year the child is expected to graduate from
– Insured by the FDIC.
– The penalty will be imposed for early withdrawal.
– Withdrawals will reduce earnings.
Finally, a college savings plan that fits your budget and pays a high rate of return.
The Higher Learning Fund Account is a savings plan that helps you get ready for the future educational needs of your children or grandchildren. The account is different than most because it earns a high rate of return without requiring a large minimum deposit.
Affordable and convenient.
You can open a Higher Learning Fund in your child’s name with only a small minimum deposit. And no regular deposits are required thereafter. You decide how much to contribute and how often. Make contributions by transfer from your savings or checking accounts, or stop by the bank to make deposits in person.
The Higher Learning fund will mature in the year your child is expected to graduate from high school. As custodian, you then maintain control of distributions for college expenses until the minor reaches the age of majority – at which time accumulated principal and interest will automatically be distributed, regardless of whether he or she attends college.
Pays a high rate of return.
The Higher Learning Fund pays one of the highest interest rates offered by our bank, a rate that normally requires a substantial minimum deposit. Current interest rates.
With the cost of college tuition and expenses rising each year, there’s no better time than now to start a Higher Learning Fund for your child’s future education.
See one of our account representatives today for more complete details, including our current Annual Percentage Yield.