Fifth Third Gives Tampa Bay Families A College Savings Head Start

71 ‘Fifth Third Babies’ born on May 3 in 12 Tampa Bay hospitals each received $1,053 to go toward a 529 savings account

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. 71 babies in Tampa Bay who were born on “Fifth Third Day” (5/3 on the calendar) received a gift of $1,053 to be put toward a 529 savings account. The gift was designed by Fifth Third Bank, in collaboration with hospital systems, to help parents start saving for their child’s education early.

“It was an honor to welcome the newest members of our community on a day that is near and dear to Fifth Third,” said Cary Putrino, regional president of North Florida for Fifth Third Bank. “Finding ways to strengthen families and communities is core to what we do, and I can’t think of a better way to support parents and children than helping them start saving for their future education.”

Fifth Third regional president Cary Putrino and Tampa Bay Buccaneers K.J. Britt and YaYa Diaby 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.

Mariangely Hernandez, mother to a baby girl who was born on May 3 at AdventHealth Tampa added, “Every parent dreams that their child has this start.”

Fifth Third partnered with 22 hospitals across Northeast Ohio and Tampa this year to present the 529 gifts to parents. 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’s launch of Fifth Third Babies 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 in recent years.

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 years. And the cost of trade school can be up to $22,000 annually.

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:

1. Explore your state’s 529 plan options and open an account as soon as possible.

2. Set up automatic contributions from your paycheck or bank account.

3. Invite friends and family to contribute for birthdays, holidays and other special occasions.