MADISON, Wis. - Five Wisconsin credit unions have now signed up to accept insured certificates of deposit under a state program offering the 529 college savings plans, a tax sheltered vehicle which has been showing investor gains across the U.S.

Members United Corporate FCU of Warrenville, Ill., is helping coordinate CU bids on the Wisconsin CD product, known as Edvest 529 that was introduced in October by State Treasurer Dawn Marie Sass.

"The financial market's recent volatility shouldn't discourage families from investing in their child's college savings plan," declared Sass in announcing the CD feature on the 529 plan. "The EdVest enhancements offer Wisconsin families three new conservative options, including portfolios that invest in certificates of deposit that are federally insured by either the FDIC or NCUA."

Combined with existing money market portfolio and bond portfolios, said Sass, EdVest "offers a variety of options to meet the needs of conservative investors."

In describing the CD features as "innovative," Sass said the "Bank CD Portfolio and a Credit Union CD Portfolio are the first of their kind in the 529 industry."

EdVest, which gives investors the option to invest funds for educational purposes while claiming potential tax benefits, has until now only offered portfolios that invest in underlying mutual funds, said the league.

But the CD linkup with CUs "means Wisconsin citizens, who are looking to build a nest egg for future educational purposes, can now access the most competitive rates offered by credit unions statewide."