Brilliant Baby College Savings Accounts are an important early investment in the school success and bright futures of children in our community. Oakland Promise works with parents to set up a Brilliant Baby College Savings Account for their eligible child.
Brilliant Baby college savings accounts are held at my529, one of the top college savings companies in the country. The accounts are owned by Oakland Promise, a nonprofit organization, and each child is the only beneficiary of their account, connected by their social security number and their parents’ contact information. Parents get financial statements in the mail every three months with the account balance and can check the balance online any time.
The seed funding of $500 is invested in a portfolio of stock and bond funds. While returns on these investments are never certain, if the portfolio grows an average of 6% annually until the child is 18, this account will have an estimated $1,400 for post-secondary school expenses.