Maryland ABLE Account Information


  • Status: Open for Enrollment
  • Program Name: Maryland ABLE Program
  • Program Manager: Sumday Administration, LLC, a subsidiary of BNY Mellon
  • Program Investment Institution: The investment options are a mix of Vanguard funds and one DFA fund to make up the Conservative, Moderate and Aggressive investments. There is also a FDIC-insured Cash Option with BNY Mellon. Marquette Associates is the Investment Adviser.
  • Program
  • Annual Contribution Limit: $15,000.00


Maryland ABLE Account FAQs

Does this program offer enrollment to out of state residents?


Is there a state income tax deduction or credit for contributions made into accounts opened in this state by state residents?

Yes. There is a Maryland income tax deduction of up to $2,500 per contributor per beneficiary per year, with a 10-year carry forward of excess contributions.

Who is the program administrator?

Sumday Administration, LLC, a subsidiary of BNY Mellon, is the Program Manager

Is there an initial minimum contribution requirement to open an ABLE account? 

Yes. The initial minimum contribution requirement to open an ABLE account is $25.00. 

Is there an annual set fee to maintain the account? 

Yes: $35.00 per year, billed quarterly, and pro-rated based on date of enrollment.

Is there a required minimum contribution to your account? If so, what is the amount?

Yes. The required minimum contribution is $25.00 to open the account, and a minimum of $10.00 for additional contributions.

Are there fees or restrictions to the number of disbursement you are allowed?


Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?

Yes. There is no fee to roll over into a Maryland ABLE account. However, there is a $50 fee associated with rolling out of the Maryland ABLE Program.

Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?

Yes. There is a pre-paid card. The fee for the pre-paid card is $1.25 per month.

How many investment options are associated with the program? Do those investment options vary in risk?

There are four options, including an FDIC-insured cash option with BNY Mellon. These investment options range from little risk, FDIC-insured to conservative, moderate and aggressive investment options with varying levels of risk, based on the risk of the underlying component investments.

Is there a fee associated with the investment choices? If so, how much?

Yes. Depending on the investment choices, the total fees range from 0.30% to 0.38%.

Are there other characteristics unique to the program?

Maryland ABLE offers customer service from 9:00AM – 8:00PM, Monday – Friday, and includes a Live Chat feature to assist customers. Maryland ABLE has partnered with the State of Oregon’s ABLE for All program to provide enrollment for out-of-state residents.