How it Works

Opening an account

You can open a Washington State ABLE account in as little as 10 minutes. We’ll ask for some information about the beneficiary, the qualifying disability, and how your account will be funded. To complete the setup, you’ll allocate money. There’s a $25 minimum deposit to start off your account and a $10 minimum for any contribution after that.

Your Washington State ABLE account can be linked to your bank account. You can save money through your account in a cash option, and/or an investment option. Then, when you are ready to use your saved funds, simply transfer them from your ABLE account to your bank account, or prepaid ABLE card, to use on eligible expenses. 

You can save your money in one or more of four different investment options: the cash option, conservative option, moderate option, and aggressive option. The choice is up to you. 

Picking an investment option

The investment option you choose may depend on what type of investor you are. A good place to start is to understand what risk is and to gauge your risk tolerance.

If you’re a “saver” rather than an “investor,” and if you think you’ll need to withdraw funds sooner than later, the cash option could be a good option for you. The cash option does not have exposure to the financial markets so it is not exposed to market fluctuations. Returns will vary based on prevailing interest rates. This option protects your assets more than other types of investments because your contributions are made to an account that is FDIC-insured.

If you’re an “investor”, there are three investment portfolios to choose from: ABLE Conservative, ABLE Moderate, or ABLE Aggressive. Each investment option has its own benefits and limitations. It’s up to you to decide which one is right for you.

For more detailed information on the investment options, including investment objectives and risks, please see the Plan Disclosure Booklet.

You can also check out the Performance History of these investment options.

Adding money

With the online platform powered by Vestwell, the whole process is simple and intuitive. You can add as little as $10 to your account at any time, or every month with recurring contributions to help you reach the yearly maximum ($18,000 for 2024, or more if the beneficiary is employed). Friends and family can also add to an account by making gift contributions.

Direct Deposits

You can contribute to your account using fast, secure direct deposits from either the Social Security Administration or your paycheck.

Complete the setup process in three simple steps:

1. Log in to your ABLE account and click on “Direct Deposit” on the Total Balance tile or go to “Transfers > Direct Deposit.”

2. Enter your information and retrieve your unique direct deposit details, including your routing and account number.

3. Complete the process by:

a) Federal Benefit Direct Deposit: Updating your direct deposit details with the SSA. If you are receiving SSI benefits, you will need to update your direct deposit details by phone at +1 800-772-1213 (for TTY call +1 800-325-0778) or by visiting your local Social Security Administration office.

OR

b) Payroll Direct Deposit: Providing your employer with the direct deposit details, the same as you would with your own checking or savings account

Withdrawing money

You can withdraw a minimum of $10 online from your ABLE account to deposit to your bank account or load your prepaid card.

Fees

There are low asset-based fees charged by Washington State ABLE ranging between 0.30% and 0.38% of your account’s balance per year. These costs include the underlying mutual fund fees paid to the Washington State ABLE administrators to support the operations of Washington State ABLE. There is also an annual maintenance fee of $35 charged to each account. Additional fees are added when you opt out of electronic statements or request a withdrawal check, instead of doing everything online. You can check them out in our Fees FAQ.