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College Savings Bank Now Offers Suite of Fixed Rate CDs through the Arizona 529 Plan.

PRINCETON, N.J. -- College Savings Bank, the nation's only Bank dedicated exclusively to helping families save for higher education, has added a series of fixed rate certificates of deposit to its line up of college savings products. Through the Arizona Family College Savings Program (AFCSP), College Savings Bank now offers both 1- and 3-year CDs with the tax benefits of a state sponsored 529 plan.

The College Savings Bank fixed rate CD series will join the Bank's CollegeSure CD and InvestorSure CD in the AFCSP.

"Right now consumers are looking for shelter," said Chief Marketing Officer for College Savings Bank, Dan Davenport. "Our goal is to give our account holders protection for their hard earned money."

The College Savings Bank fixed rate CD series is perfect for families who want to know exactly what their earnings will amount to. On October 22, 2008, the College Savings Bank fixed rate CDs offered the following annual percentage yields:

* 1-year: 3.40%

* 1-year jumbo: 3.50%

* 3-year: 3.75%

* 3-year jumbo: 3.85%

Rates are posted to www.collegesavings.com and updated at least weekly. They are subject to change without notice.

Money for education is not something we believe should be put at risk. The fixed rate CDs offer competitive rates and account holders will be able to calculate the exact amount they'll have saved at the maturity date of their CD," Davenport added.

Fixed Rate CDs earn a fixed rate for the entire term of the CD determined at the time of opening the certificate. With a fixed rate CD, each account holder's principal and earned interest held in the same right and capacity with the Bank are insured by the FDIC and backed by the full faith and credit of the U.S. Government at least to a maximum aggregate amount of $250,000* per depositor. Account holders have both the safety of FDIC insurance and the ability to earn competitive rates.

"With today's volatile equity markets, our CD options provide a conservative investment that really helps meets the need of those saving for a college education," said executive director of the Arizona Commission for Postsecondary Education, Dr April Osborn. The Commission is the state organization that runs the Arizona 529 college savings plan.

College Savings Bank is dedicated to maintaining competitive rates for this CD product. Yields may change at any time and the Bank continually updates these rates.

Fixed rate CDs allow you to begin earning interest the next business day after deposits are received. Interest is calculated and credited annually and there are no application, maintenance or other fees in connection with the fixed rate CD.

In addition to the fixed rate CDs available, Arizona offers both the CollegeSure CD and the InvestorSure CD, with principal protection and FDIC insurance to at least $250,000* per depositor.

The Bank has been helping families save for college for over 20 years with products that concentrate on safety. To find out more about fixed rate CD options from College Savings Bank, call your College Savings Adviser today at 1-800-888-2723 or visit our web site, www.collegesavings.com.

*On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009. The program, the principal, and the return are not guaranteed or insured by the state of Arizona or by College Savings Bank or any of its affiliates.. Read the Disclosure Statement carefully before you invest or send money.

About College Savings Bank

Founded in 1987, College Savings Bank is a member of the Federal Deposit Insurance Corporation (FDIC), and the first savings bank chartered by New Jersey since 1893. The Bank assists families across the country by offering safe and effective financial products to help meet the rising costs of postsecondary education. Meeting the actual cost of a college education is dependent upon the amounts deposited and the time periods for which deposits are held, among other factors. College Savings Bank is the exclusive provider of the CollegeSure CD and InvestorSure CD, innovative, unique, saving-for-college investments. Deposits are FDIC insured up to $250,000 per depositor. College Savings Bank is a program manager to the Montana and Arizona qualified tuition programs. For residents of states other than Montana and Arizona, their state may offer state income tax benefits not available through the Montana or Arizona 529 Plans, respectively. Early withdrawal penalties apply. Please see the product Terms and Conditions for complete details. College Savings Bank can be reached online at www.collegesavings.com or by calling 800-888-2723.
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Publication:Business Wire
Date:Oct 22, 2008
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