Utah Educational Savings Plan® - Utah's official nonprofit 529 college savings plan 800.418.2551
 
Utah Educational Savings Plan

Opening Your Account

When can I open a Utah Educational Savings Plan (UESP) account?

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You can open a UESP account anytime. If opened manually, UESP must receive your paperwork by the last business day of the year in order to receive credit for a contribution in that particular tax year.

 

How do I open an account?

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You can open an account online or by completing an Individual Account Agreement. Account Agreements can be submitted in one of the following ways:

  • Fax to 800.214.2956
  • Mail to UESP at PO Box 145100, Salt Lake City, UT 84114-5100
  • Hand deliver or send overnight to the Board of Regents Building, The Gateway,
    60 South 400 West, Salt Lake City, UT 84101-1284
 

What is the difference between an individual, institutional, and UGMA/UTMA custodial account?

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Individual account. An individual account is an account opened and controlled by an adult for the benefit of a beneficiary. This is the most common type.

Institutional account. An institutional account is opened and owned by an institution such as a trust, corporation, or other organization.

UGMA/UTMA Custodial account. A UGMA/UTMA Custodial account may only be established with liquidated assets from an existing Uniform Gifts to Minors Act (UGMA)/ Uniform Transfers to Minors Act (UTMA) custodial account. The beneficiary is the irrevocable owner of the account. A custodian (agent) will manage the account for the beneficiary until the beneficiary reaches the age of majority in the state in which the UGMA/UTMA account was established.

For complete definitions and descriptions of the account types, see the Program Participation section of the UESP Program Description.

 

Important Legal Notice:

You should read the Program Description and consider all investment objectives, risks, charges, and expenses before investing. The Program Description is available for download on the web or a hard copy can be mailed to you by requesting it online here.

FDIC Insurance. Except for the underlying investment specified below, investments in UESP are not insured by the Federal Deposit Insurance Corporation (FDIC). FDIC insurance is provided for the FDIC-insured savings account held in trust by UESP at Zions First National Bank (Bank). Funds in the savings account are insured by the FDIC on a pass-through basis to each account owner up to the maximum amount set by federal law, which is $250,000. The amount of FDIC insurance provided to an account owner is based on the total of (1) the value of an account owner’s investment in the FDIC-insured savings account plus (2) the value of other accounts held (if any) at the Bank, as determined by the Bank and by FDIC regulations.

No Other Insurance and No Guarantees. Investments in UESP are neither insured nor guaranteed by the State of Utah, UESP, the Utah State Board of Regents, the Utah Higher Education Assistance Authority, other state agencies, federal government agencies (except to the extent noted above regarding FDIC insurance), or any employees or directors of any such entities. Units in UESP have not been registered with the United States Securities and Exchange Commission or with any state securities commission.

Account Value. The value of your UESP account may vary depending on market conditions and the performance of the investment option you select. It could be more or less than the amount you contribute; in short, your investment could lose value. However, subject to the application of Bank and FDIC rules and regulations to each account owner, funds in the FDIC-insured savings account will retain their value, whether in the FDIC-Insured Savings investment option or when allocated to portions of the Age-Based Aggressive Growth, Age-Based Growth, Age-Based Moderate, Age-Based Conservative, Customized Age-Based, or Customized Static investment options (if, in the customized investment options, the FDIC-insured savings account is selected as an underlying investment).

Non-Utah Taxpayers and Residents. You should determine whether the state in which you or your beneficiary pay taxes or live offers a 529 plan that provides state tax or other benefits not otherwise available to you by investing in UESP. You should consider such state tax treatment and benefits, if any, before investing in UESP.