According to Treasury Authorities, Bottle-based College Savings Account Surpassed $1 Million in 3 Years
Oregon State Treasury officials have announced that after a little over three years, a bottle redemption-based fund has generated $1 million to help students pay for higher education.
Officials from BottleDrop and the Oregon College Savings Plan announced their partnership in November of 2019, allowing customers to set up automatic financial transfers from their bottle and can redemptions to their OCSP accounts.
“We are excited to see bottle and can redemptions continuing to turn into big returns for Oregon College Savings Plan participants,” said Oregon State Treasurer Tobias Read.
“Saving a combined $1 million toward education and training after high school is a significant accomplishment and one that comes with an important bonus conservation benefit. While this is still the beginning of our collaboration, and it is gratifying to see Oregonians’ early enthusiasm for this creative savings opportunity with our partner, BottleDrop — Let’s keep saving!”
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Oregon ABLE Savings Plan is an account designed to assist people with disabilities and their families save money. State treasury officials have suggested that those who redeem their cans and bottles can contribute to this account. According to the IRS, the maximum tax credit donors may get is $300.
BottleDrop redemption locations around the state accept beverage containers returned in green bags. BottleDrop users with a minimum balance of $5 may send money to their OCSP or Oregon ABLE accounts in a one-time transfer or establish a regular monthly transfer, according to the state.
BottleDrop account members may save for themselves or others, and they can donate their cash to anybody having an OCSP account, according to the Treasury. Officials have said that OCSP deposits grow tax-free and may be used to pay for eligible costs at any recognized institution of higher learning.