ScholarShare 529, California's $12.2 billion college savings account, celebrated 529 Day by offering a $50 bonus for families that opened a new account with at least $50 between May 24 and May 31.
The families must also set up automatic monthly contributions to their new plan of $25 or more for six months. ScholarShare 529 representatives invited California residents to participate in virtual webinars and Zoom calls during the campaign through social media and partnerships with employers, associations and state agencies.
The campaign resulted in more than 2,500 new ScholarShare 529 accounts, a 50% increase over the campaign's results in 2020.
Officials are using the promotion to increase the number of new accounts and boost plan assets, which had an annual growth rate of 14.98% as of Dec. 31, according to a recent report to the ScholarShare Investment Board, which administers the plan. The industry annual asset growth rate for the same period was 16.5%, the report said.
"I'm delighted that so many Californians took advantage of this offer as a first step toward achieving higher education dreams for their family," said California Treasurer Fiona Ma in a statement.