Quick guide to opening a MOST 529 account
Ready to open an account? Here's what to expect.
First, we're going to need some basic information
- Your Social Security number.
- Your birth date.
- Your beneficiary's Social Security number.
- Your beneficiary's birth date.
Then we'll get into setting up your account, where you'll:
- Choose your investment option(s).
- Set up your payment method. If you're going to make contributions electronically, you'll need your checkbook handy for bank routing and account numbers.
- Decide how you want to receive confirmations and updates from us.
Finally, you'll confirm your information
Once you review and submit your information, you'll be on your way to saving for education!
What happens next?
Continue to make contributions
Contribute to your plan account whenever it's convenient—by check or electronic bank transfer. Or you can set up recurring contributions (also known as automatic investment plan or AIP) when you open your account or at any time later on.
Monitor your investments
No matter which investments you chose, it's a good idea to review them periodically. You can view statements and performance information online.
Pay education bills
When you request a withdrawal to pay for qualified expenses, you can have the money sent to yourself, the student, or an eligible school. If you send the money to yourself, you (as the account owner) will receive a Form 1099-Q. If the money is sent to the beneficiary or the school, the beneficiary will receive Form 1099-Q.