The Virginia College Savings Plan (VCSP) is partnering with BB&T Corporation to expand CollegeWealth, a higher education savings account combining the tax advantages of Internal Revenue Code Section 529 programs with the security of an FDIC deposit account.

Richmond, Va.-based VCSP operates the Commonwealth’s Internal Revenue Code Section 529 qualified tuition program, offering four options: the Virginia Prepaid Education Program, the Virginia Education Savings Trust, CollegeAmerica and CollegeWealth.

The new partnership will make CollegeWealth available across the country later this year through BB&T’s online account opening platform on BBT .com.

“We are extremely pleased that BB&T, with over 1,800 financial centers in the Southeast and mid-Atlantic, is partnering with us to take CollegeWealth to the next level by making it accessible online to individuals and families seeking a conservative and guaranteed way to save for college, graduate studies, technical training and ongoing education,” said Mary G. Morris, chief executive officer of VCSP, in a statement.

CollegeWealth is one of the first FDIC-insured 529 savings options offered in the industry, according to VCSP, as an affordable, flexible and secure way to save for higher education expenses and helps account owners deposit small or large amounts (up to the current FDIC insured amount of $250,000) at any time to suit their budget and college savings time horizon.

CollegeWealth accounts grow tax-free and remain tax-free as long as they are used for qualified higher education expenses, including tuition, mandatory fees, room and board, textbooks, special services, supplies, equipment and computers.

Virginia also offers state taxpayers a tax deduction of up to $4,000 per account, per year with a carryover until all contributions to CollegeWealth and Virginia’s other 529 programs have been fully deducted, the agency said.

“CollegeWealth is a great addition to BB&T’s comprehensive range of financial products and services, including banking, lending, insurance and investment services,” said BB&T Chief Operating Officer Chris Henson.

VCSP will continue to provide information about CollegeWealth on its own website.