They are really pretty simple. You have a lot of options as to what the investment instrument is. Just research it as any other brokered investment product. ie mutual fund
If you take any money out non educated related, you pay at your normal income tax rate state/fed plus a 10% penalty.
Can’t remember if the checks toward education are paid with 2 signatures or just directly to the institution.
This calculator will help you evaluate a particular plan:
