Backer
529 college savings with easy gift links for family and friends
How it works
Backer is a platform that helps families open a 529 college savings plan and invite family and friends to contribute monetary gifts online. Parents get a shareable gifting page, and contributors can give via bank transfer, credit card, Apple Pay, or Google Pay. Gifted funds sit in an FDIC-insured Backer Safe holding account before being invested into your chosen 529 plan.
Is it right for you?
Consider if you
- You want grandparents and relatives to gift to a 529 plan easily
- You want help picking from over 100 top-rated 529 plans
- You want automated birthday and holiday gifting reminders for contributors
Skip if you
- Families not planning to use a 529 plan at all
- Those put off by a $1.99 platform fee on every gift contribution
Your money and data
Backer is operated by Principly, Inc., an SEC-registered investment adviser. Gift contributions held in Backer Safe are FDIC-insured through partner banks via pass-through deposit insurance. Once invested in a 529 plan, funds grow tax-free and can be used for qualified education expenses including tuition, books, K-12 costs, apprenticeships, and student loan repayment.
Pros & Cons
Pros
- Easy shareable gifting pages for family and friends to contribute
- Recommends from over 100 top-rated 529 plans matched to your needs
- Backer Safe holds gifted funds FDIC-insured before you invest them
Cons
- $1.99 platform fee on each gift contribution adds up over time
- Pro plan at $29.99/month is pricey for most families
Pricing details
Free (Basic) · $1.99/gift platform fee · $29.99/month (Pro, no platform fees)
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