Newborns to get college savings accounts

May 29, 2014 is 529 College Savings Day (Photo courtesy virginia529.com)
May 29, 2014 is 529 College Savings Day (Photo courtesy virginia529.com)

RICHMOND, Va. (AP) — The Virginia529 plan is giving 22 newborns a jump on paying for college.

The state investment plan is handing out college savings accounts valued at $529 on Thursday, which is being celebrated nationally as 529 College Savings Day. The accounts will be given to one baby born closest to 5:29 p.m. Thursday at each of 22 participating hospitals statewide.

Virginia529 CEO Mary G. Morris says it’s a fun way to remind parents and grandparents to start saving now.

Other incentives will be offered, too. People who open Virginia529 inVEST accounts with at least $100 through Thursday will receive a $50 match from Virginia529. One person also will be awarded a $2,500 contribution toward a new or existing Virginia529 account.

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Online:

http://www.virginia529.com/529day/

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