Wisconsin CUs' CD an option to state's college savings plan
PEWAUKEE, Wis. (11/9/09)--Wisconsin credit unions are the first in the nation to offer certificate of deposit (CD) portfolios that could lead to up to $3,000 in state tax deductions per child per year for individual contributors, regardless of income.
"To credit unions, this means they're again being recognized by the state as a valuable asset to Wisconsin citizens," said Wisconsin Credit Union League President/CEO Brett Thompson. "To consumers, it means they can now indirectly access the most competitive rates offered by Wisconsin credit unions statewide to enhance a long-term investment portfolio."
To claim the state tax deductions, individuals must contribute to an account by Dec. 31. Individuals can contribute to family member's accounts--such as a grandchild, niece or nephew--or to their own account, the league said.
Instead of purchasing the CD directly from credit unions, consumers contributing to an EdVest account would direct the state Treasury to use credit unions for a portion of their invested funds.
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