Holiday bonus can add up to $100 to new OK529 accounts; new cash-back rewards program builds financial savings

Oklahoma City (Dec. 4, 2024) – Oklahomans who need the perfect gift for the young person in their life can give a gift that can grow with them, an Oklahoma 529 account.

“An Oklahoma 529 account gives the gift of a head start toward saving for future education costs – a gift a child may never outgrow,” said State Treasurer Todd Russ. “Funds from Oklahoma 529 accounts can be used for nearly any education path, making this a gift that lasts a lifetime.”

Russ added that this holiday season there are additional advantages to opening an account. New accounts opened through Dec. 13 receive a $100 bonus when opened with $500 or more and recurring contributions of $100 or more per month are set up until June 30, 2025. New accounts can get a $50 bonus when opened with $250 and recurring contributions of $50 or more per month are set up until June 30, 2025.1

“These offers are meant to help families get started saving for higher education costs and gain the annual tax benefits from their account contributions as well,” Russ said. “It’s a way parents, grandparents, aunts or uncles can help remove barriers to higher education in Oklahoma.”

Parents, grandparents, relatives or friends may open an Oklahoma 529 account on behalf of a beneficiary or contribute to an existing account using OK529 Ugift®.

In addition, just in time for the holidays, OK529 announced a new partnership with UPromise® to give account owners a way to earn cash-back rewards that automatically transfer into their Oklahoma 529 account. Whether you’re shopping for holiday gifts, discovering new brands, or dining out with your loved ones, Upromise rewards can help turn the ordinary into extraordinary progress towards your most important financial goals. To learn more about the program or to enroll visit Oklahoma529.com/program/upromise.

In addition to cash-back reward, Oklahoma taxpayers can take advantage of Oklahoma’s generous state income tax deduction of up to $20,000 if married filing jointly ($10,000 filing single), from contributions made into Oklahoma 529. On October 29, 2024, Morningstar, one of the nation’s top investment research firms, released its annual 529 analyst ratings assigning a Bronze medal to Oklahoma 529 for the fifth consecutive year.2 According to Morningstar, “Oklahomans should look no further given the well-rounded option is paired with the state’s generous tax deduction, up to $20,000 annually if filed jointly.”