Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays Bank.
As a complement to this morning’s post on the best 529 plans, here’s a list of the worst 529 plans, once again courtesy of Consumer Reports. Without exception, these funds have to be purchased through a broker or financial advisor, which translates into significantly higher fees and correspondingly worse performance.
The five worst 529 plans
- Tomorrow’s Scholar (Wisconsin; Wells Fargo)
- John Hancock Freedom 529 (Alaska; T. Rowe Price)
- Franklin Templeton 529 College Saving (New Jersey; Franklin Templeton)
- Columbia New York Advisor 529 Plan (New York; UPromise/Columbia Management)
- Columbia 529 Plan (Nevada; Columbia Management)
Is your state on the list?
The good news for those that live in one of the states listed above is that most states offer multiple plans. Hopefully you’ll be able to find something more acceptable. If not, you may want to look outside your state. Yes, you’ll be giving up any possible state income tax breaks by doing this, but that’s probably a better option than putting your money into a bad plan.
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