Posted by William Charles on September 6, 2019
Deals

Published on September 6th, 2019 | by William Charles

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[Expired] Michigan Education Savings Program 529 Plan $50 Bonus For New & Existing Users That Contribute $500

Deal has expired, view more Michigan Education deals by clicking here

The Offer

Direct link to offer

  • Michigan Education Savings Program is offering a bonus of $50 when you open a new account and contribute $500 or contribute $500 to an existing account

The Fine Print

Our Verdict

We posted a similar deal for ScholarShare, but that was deposit $1,000 and get $100. I have no idea what the best plans are, especially when it comes to tax so make sure to do your own research or consult a professional.



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Pudding
Pudding

I got a letter for the same promo terms for the Connecticut 529 plan yesterday

Michael
Michael

It sucks that the Sholarshare deal is only for new accounts. I already use them. I have little interest in opening more 529 accounts in another state for $50 each.

Jim
Jim

But it’s a 10% automatic return on each account for very little work!

Jim
Jim

Looks like a few of the state 529s with funds managed by TIAA-CREF are the ones offering these types of bonuses (California, Michigan, Connecticut, etc).

You can consolidate 529s once a year per beneficiary per IRS without tax penalty (10%). So you could technically open up these at different states and then consolidate. Takes some time and patience of course.

Justin
Justin

Could you also remove the original contribution (without any tax penalty since you’ve already payed taxes on that money) sometime after the bonus posts?

Robert Frank
Robert Frank

Money has to be used for qualified educational expenses. Otherwise, there is a penalty for withdrawal.

Seonwoo Lee

The 10% penalty is only assessed on the gains, not your original contribution. All withdrawals are distributed pro-rata between contributions and gains.
I do believe that the $50 would be counted as gains.

Catapult
Catapult

Waiting for data points of bonus getting posted..

Superman
Superman

Expect to wait awhile, last time bonus posted within the last 24 hours. “The Matching Deposit is expected to be made on or before January 15, 2020.”

Superman
Superman

“Thank you for completing the MESP Back to School $50 Bonus Form. Your enrollment has been recorded. The $50 bonus will be added to your eligible account(s) in January 2020.”

Superman
Superman

$260 profit in 4 months. $50 bonus posted to both accounts +10%, market returned +12%, and account funding by GoC for CC rewards +4%.

tripleM
tripleM

I registered and made the $500 qualifying deposits to 2 accounts. No $50 credits, so I got stuck calling them. After telling them I had screen shots to prove i registered, they told me the payment on first account was not paid due to band roll. The second account did not have any transactions so the person could not explain why they are not paying out on that account. I did get promised that both accounts would get paid within a couple weeks. This is like dealing with the mail in rebate companies.

scott6k
scott6k

Looks like I am missing it on one account as well and there was a band roll on that account. Other account got it though.

Cameron
Cameron

Posted 1/14 for me.

amz
amz

$50 bonus posted yesterday

puli h
puli h

Posted in both my accounts yesterday as well.

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