Tax-advantaged savings to help you put your child through school.
The smart way to save for elementary, secondary and higher education expenses.
Invest in your child’s education.
A Coverdell Education Savings Account is an investment account that helps you save for your child’s future education expenses. The money can be used for a variety of qualified education expenses such as tuition, books, tutoring, room and board, computers, uniforms and more. This account offers advantages such as tax-deferred growth and tax-free withdrawals for qualified expenses, although you’ll want to talk with a tax advisor about the details.
- Maximum annual contribution of $2,000 per year for each child under the age of 18
- Funds may be withdrawn tax-free and penalty-free for qualified education expenses
- Funds must be used by beneficiary by age 30
- Contributors are subject to income eligibility restrictions
- $5 required minimum balance
- No monthly fees
- 24/7 account access through digital banking
Earn more so they can learn more.
Our Coverdell Education Savings Accounts help you earn at a higher rate so you can build funds for your child’s education more quickly.
| Required Minimum Balance | Rate |
|---|---|
| $5.00 | .250% APY |
These rates were last reviewed and/or updated on 8/30/19. Withdrawals will reduce earnings. *Consult your tax advisor regarding ESA contributions. **Savings rates may change without prior notice. Please Note: All savings account withdrawals are subject to Federal Regulation D guidelines. Also, please read the Credit Union’s Inactive Account Policy as it pertains to accounts that do not receive a transaction within 12 consecutive months.
