(MENAFN- 3BL) CLEVELAND, May 6, 2024 /3BL/ - Fifth Third recognizes the burden that the cost of education can put on parents – whether it is a college program, vocational or trade school – and has once again provided a savings boost for future education. Parents in Northeast Ohio who had babies born on“Fifth Third Day” (5/3 on the calendar) received a gift of $1,053 to be put toward a 529 savings account .
“It was an exciting day to welcome newborns and provide their families with an opportunity to impact their child's future,” said Tom Partridge, Fifth Third's Northern Ohio regional president.“We know these contributions will make a big difference and give them a head start on saving.”
Partridge and Northeast Ohio native and TNT Sports sideline reporter Allie LaForce greeted the new moms and dads and presented the college savings gift, along with a care package that includes gift cards, a onesie, beanie and bib.
“Fifth Third Day is a special day. It's my birthday and now my child's birthday, too,” said a new father, Rob, whose baby was born at MetroHealth in Cleveland, Ohio.“Receiving this gift is a great start for the future.”
Fifth Third partnered with 22 hospitals across Northeast Ohio and Tampa to present the 529 plan gifts to parents. Participating birthing centers include University Hospitals (UH) MacDonald Women's Hospital and UH Ahuja, Geauga, TriPoint and St. John medical centers; Aultman Birth Center, Mercy Health – Lorain Hospital Veard Family Birthing Center, MetroHealth, Southwest General, and Summa Health. Fifth Third also provided goodie bags to the nurses at these hospitals to show appreciation for all they do for the moms and babies.
Since Fifth Third Day in 2017, the Bank has gifted more than 600 babies with $1,053 to go toward any 529 college savings account, in partnership with the Gift of College .
The average total cost for a year of college at a four-year school - including tuition and fees, on-campus room and board, books, supplies, and other expenses - is more than $36,436; or roughly $146,000 over the course of four years1. And the cost of trade school can be up to $22,000 annually.2
Three tips for getting started with a college savings account
Patricia Roberts is the chief operating officer of Gift of College and author of Route 529: A Parent's Guide to Saving for College and Career Training with 529 Plans.
When it comes to starting a savings account for your child, Roberts offers the following tips to new parents:
Explore your state's 529 plan options and open an account as soon as possible.
Set up automatic contributions from your paycheck or bank account.
Invite friends and family to contribute for birthdays, holidays and other special occasions.
Sweepstakes for all
You don't have to be born on 5/3 to start saving for a sunny future! Fifth Third is extending its Fifth Third Babies gift of $1,053 to go toward a 529 college savings plan to all communities with the Fifth Third Babies Sweepstakes 3. Parents can enter to win $1,053 by following Fifth Third Bank and commenting on a sweepstakes post on Facebook and Instagram between May 13 and 29. Five winners will receive a head start on their college savings fund.
About Fifth Third
Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association, is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at .
1According to BestColleges, based on 2021-2022 data.
2According to BestColleges 2023 data .
3NO PURCHASE NECESSARY. Must be at least 18 years old to enter. Sweepstakes only open to residents of Michigan, Illinois, Indiana, Ohio, Kentucky, West Virginia, Tennessee, North Carolina, South Carolina, Georgia, and Florida. Odds of winning depend upon the number of eligible entries received. Void where prohibited. Sweepstakes begins May 13, 2024, and ends 11:59 PM ET May 29, 2024. For complete sweepstakes rules please see a Fifth Third Bank representative or visit 53/babies .
MENAFN06052024007202015466ID1108180806
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.