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Transferring funds from Bright Directions to Bright Start

By Terry Savage on November 21, 2022 | College Savings / Student Loans

I currently have 529 savings accounts for my children at Bright Start and have inherited accounts that are at Bright Directions. Does it make sense to transfer the funds that are in Bright Directions into our Bright Start accounts? I am the account owner of the Bright Start accounts and my husband is the owner of the Bright Directions accounts. All of our other finances are combined.

Terry Says

The “BrightDirections” Illinois plan is sold by advisors, has different investments — and significantly higher annual expenses taken out of the portfolio!
I’m not sure whether you can transfer assets from Bright Directions into Bright Start. I’d suggest contacting BrightStart to see if this is possible. Their number is 1-877-432-7444.

If you can transfer, you should do so — but the account “title” will have to be the same (ie in your husband’s name as owner). If you can’t transfer, Id suggest that all future contributions be made to the BrightStart plan that has infinitesimal fees!

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