Many 529 plans, such as The Education Plan, do not charge a maintenance fee. Others charge a fixed annual maintenance fee, typically $10 to $25, for maintaining the 529 plan account.
The aggregate balance of all 529 plans for a particular beneficiary must be lower than the state’s maximum account balance limit. Maximum account balance limits are set by each 529 plan and are typically several hundred thousand dollars. (For the New Mexico plan, this amount is currently $500,000.) Once the aggregate balance reaches this limit, no further contributions may be made until the balance drops below this limit.
A mutual fund invests in a group of assets, such as stocks, bonds, and money market investments. Mutual funds are typically priced once each business day, unlike ETFs.