CollegeBound Saver

What CollegeBound Saver does

CollegeBound Saver is Rhode Island's official 529 education savings plan, administered by the Rhode Island Office of the General Treasurer and the Rhode Island State Investment Commission. The plan enables families to save for higher-education expenses (and, since 2024, to roll over up to $35,000 into a Roth IRA for the same beneficiary after a 15-year account age) through tax-advantaged accounts with federal tax-free growth and a Rhode Island state income tax deduction of up to $1,000 (married filing jointly) or $500 (individual). It serves Rhode Island families as the primary customer segment and Rhode Island employers as a secondary B2B2C channel offering the plan as a voluntary workplace benefit with payroll direct deposit.

The product is structured as a 529 plan platform with three portfolio families: eight Individual Portfolios (Stable Value, Bond, Inflation Protected Bond, U.S. Stock, S&P 500, U.S. Small-Mid Cap, International Stock, Global Responsible Equity), three Target Risk Portfolios (Conservative Growth, Moderate Growth, Growth), and Year-of-Enrollment target-date portfolios (CollegeBound Today through 2043–2044). Underlying investments are sourced primarily from Vanguard mutual funds and iShares ETFs, with Invesco Advisers serving as Investment Manager and Ascensus College Savings Recordkeeping Services serving as Program Manager. Supporting infrastructure includes the READYSAVE 529 iOS/Android application, the CollegeBound Starter $100 bonus program for newborns, the Ugift family gifting service, an Upromise cash-back rewards integration, and a College Planning Calculator.

Monetization is subscription-style in practice: annual asset-based program management fees ranging from 0.02% to 0.41% depending on portfolio and residency status, with no minimum contributions, no loads, and no commissions. Operations are handled from a 95 Wells Ave, Suite 155 facility in Newton, Massachusetts, with regular-mail correspondence routed through Boston and college savings specialists operating out of Providence.

Name

CollegeBound Saver

Legal name

CollegeBound Saver

Website

https://collegeboundsaver.com

Company type

Private

Founded year

2015

Operating status

Operating

Short description

CollegeBound Saver is Rhode Island's official state-administered 529 education savings plan, helping Rhode Island families (and non-resident contributors) save tax-advantaged for higher education via three portfolio families, the READYSAVE 529 mobile app, and employer payroll-deduction channels.

Ownership category

akta.pro rank

Product category

529 College Savings Plan

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Education Funding Planning (College/529) (FSAEAAAF)

akta.pro secondary industry

Tax-Advantaged Investing & Wrappers (ISA, 529, Insurance Bonds, etc.) (FSAAAAAL)

Keywords

• 529 college savings
• Education savings plan
• Tax-advantaged investments
• State-sponsored 529
• College savings accounts

Headquarters

HQ city

Newton

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Asset-Based Program Management Fees: CollegeBound Saver generates revenue through annual asset-based fees charged to account holders. The total annual asset-based fee varies from 0.02% to 0.41% depending on the Portfolio chosen and Rhode Island residency status. For Rhode Island residents, fees range from 0.02% to 0.31%. No commissions, loads, or sales charges are applied.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

CollegeBound Saver is Rhode Island's official 529 education savings plan that enables families to save for higher education through tax-advantaged investment portfolios. The plan offers Individual Portfolios, Target Risk Portfolios, and Year of Enrollment (age-based) portfolios, professionally managed by Invesco Advisers, with annual asset-based fees ranging from 0.02% to 0.41%. It is administered by the Rhode Island Office of the General Treasurer with Ascensus as Program Manager, and includes a $100 CollegeBound Starter bonus for newborns, family gifting via Ugift, cash-back rewards via Upromise, and the READYSAVE 529 mobile app for account management.

Product overview

CollegeBound Saver is Rhode Island's official 529 education savings plan administered by the Office of the Rhode Island General Treasurer and the Rhode Island State Investment Commission. The core product is the CollegeBound Saver 529 plan offering three portfolio types: Individual Portfolios (8 options including Stable Value, Bond, Inflation Protected Bond, U.S. Stock, S&P 500, U.S. Small-Mid Cap, International Stock, and Global Responsible Equity), Target Risk Portfolios (Conservative Growth, Moderate Growth, and Growth), and Year of Enrollment Portfolios (CollegeBound Today through CollegeBound 2043-2044). The offering is complemented by the READYSAVE 529 mobile app for account management, the CollegeBound Starter incentive program providing $100 bonuses for newborns, Ugift for family and friend gift contributions, Upromise for cash-back rewards, and a College Planning Calculator. Ascensus College Savings Recordkeeping Services serves as Program Manager and Invesco Advisers serves as Investment Manager.

Differentiator

Problem solved

Functional benefit

Brands

• CollegeBound Starter: Program offering $100 starter bonus for Rhode Island families who open a CollegeBound Saver account within one year of birth or adoption.
• CollegeBound Baby

Products and services

• CollegeBound Saver 529 Plan Rhode Island's official 529 education savings plan that helps families save for higher education with tax-advantaged growth, Federal tax-free withdrawals for qualified education expenses, Rhode Island state tax deductions, flexible investment options, and professional management by Invesco Advisers. Available to U.S. residents nationwide, with Rhode Island residents eligible for state tax benefits.
• READYSAVE 529 Mobile App Mobile application for iOS and Android that allows CollegeBound Saver account owners to manage their accounts, track progress toward savings goals, make contributions, perform withdrawals, and access personalized savings recommendations.
• CollegeBound Starter Rhode Island incentive program providing a $100 starter bonus to children born to or adopted by Rhode Island families when a CollegeBound Saver account is opened within the child's first year of life.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Ascensus College Savings Recordkeeping Services, LLC (ACSR)coreImplementation/ SI/ Consulting PartnerACSR has overall responsibility for day-to-day operations including recordkeeping and administrative services for CollegeBound Saver. As Program Manager, ACSR and its affiliates handle the core operational functions of the 529 plan.
• Invesco Advisers, Inc.coreTechnology or IntegrationServes as the Investment Manager for CollegeBound Saver, providing investment management services and selecting underlying funds including ETFs and mutual funds.
• Ascensus Broker Dealer Services, LLC (ABD)coreChannel Partner/ Reseller/ DistributorMarkets CollegeBound Saver as the distributing broker-dealer. Jennifer McElroy and Melissa Bailey are registered representatives of ABD.
• Upromise, LLCminorGTM or Marketing PartnerUpromise is an optional free service that allows users to earn cash back rewards from everyday activities like shopping and dining, which can be transferred to a CollegeBound Saver account. Separate from CollegeBound Saver, not affiliated with the State of Rhode Island.
• VanguardcoreTechnology or IntegrationProvides underlying funds for CollegeBound Saver portfolios including Vanguard Total Stock Market Index Fund, Vanguard Total International Stock Index Fund, Vanguard Total Bond Market Index Fund, and others.
• iSharescoreTechnology or IntegrationProvides underlying ETFs including iShares Core S&P Total U.S. Stock Market ETF for CollegeBound Saver portfolios.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Virginia Invest529: Virginia's official 529 plan offering state tax deductions and a range of age-based and static portfolios. Comparable as a state-sponsored 529 plan targeting both in-state and out-of-state savers, competing with CollegeBound Saver on fees, performance, and feature breadth.
• Bright Start 529 (Illinois): Illinois' official 529 plan with state tax deductions, administered with similar recordkeeping/investment partners. Directly comparable because it operates as a state-sponsored 529 with comparable portfolio options, employer benefit distribution, and direct-to-consumer onboarding.
• Utah Educational Savings Plan (my529): Utah's official 529 plan widely used by out-of-state savers for its low fees and strong investment ratings. Comparable because it competes head-to-head with CollegeBound Saver for non-RI residents and is a frequent benchmark for fees, performance, and plan features in the national 529 market.
• California ScholarShare 529: California's official 529 plan, run by TIAA-CREF as program manager. Directly comparable because it is a state-sponsored 529 with similar state tax deduction benefits, direct-to-consumer onboarding, and a comparable investment lineup; often benchmarked by savers weighing state plans.
• Florida 529 Savings Plan: Florida's official 529 plan administered by the State Board of Administration. Comparable as a state-sponsored 529 plan with no state income tax (limiting tax-deduction appeal) and a direct-to-consumer enrollment model similar to CollegeBound Saver.
• New York's 529 College Savings Program: New York's official 529 plan offering tax-advantaged education savings with state tax deductions, multiple investment portfolios, and direct enrollment. Directly comparable to CollegeBound Saver as a state-sponsored 529 plan with state-tax advantages, low fees, and similar employer/consumer distribution motions.

Others

• Ascensus (Program Manager): Ascensus is the recordkeeping/program management partner behind CollegeBound Saver and many other state 529 plans. Comparable as the enabling infrastructure provider whose technology, compliance, and administration underpin the user experience and operating economics.
• Upromise (Sallie Mae): Upromise is integrated into CollegeBound Saver for cash-back rewards contributions. Comparable as an adjacent ecosystem player in the 529 space, offering rewards-based contribution mechanisms and broad 529 account integrations that compete for the same household savings dollars.

Broad incumbents

• Fidelity Investments (529 plans): Fidelity offers the UNIQUE College Investing Plan (New Hampshire) and other 529 programs. Comparable because it sells national 529 savings plans with similar tax-advantaged structures, broad fund menus, and direct-to-consumer distribution, often used by savers comparing against state plans like CollegeBound Saver.

Regional players

• Massachusetts U.Fund 529: Massachusetts' official 529 college investment plan administered by MEFA. Comparable as a New England state 529 plan with state-tax benefits, similar age-based and static portfolios, and the same Ascensus-powered program management infrastructure as CollegeBound Saver, making it a close regional peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CollegeBound Saver