Save for a child's education expenses!
A Coverdell Education Savings Account (ESA) is a tax-advantaged* way to save for education expenses. Contributions are not tax deductible, but the earnings grow tax-free, and withdrawals are tax-free when used for qualified educational expenses (from grade school through college).
Here’s what our Coverdell ESA offers:
- Money Market & Certificate options available
- Guaranteed earnings and a tiered rate structure
- Just a $100 minimum balance to earn dividends
- No setup or monthly maintenance fees
- Convenient deposit options
Ready to open an ESA?
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*Important Things to Know: Before opening an ESA, we recommend members research all their options and seek qualified tax advice to determine the best education savings plan for their families. Unlike a regular savings account, ESAs have contribution limits. The total annual contribution limit for all ESAs for a single beneficiary is $2,000. Contributions may be made up to the beneficiary's 18th birthday and must be used before their 30th birthday (exceptions apply). Anyone may contribute to the ESA; however, there are income limits for contributors.
ESA's are commonly confused with 529 College Savings Plans. To learn about the difference, visit saveforcollege.com
Looking for Kids' Savings?
If you're interested in opening a Minor Savings Account for your child or a UTMA (Uniform Transfers to Minors Account), contact one of our Member Service Representatives. They'll help you choose the best account.