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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  • Funds may be withdrawn tax-free and penalty-free for qualified education expenses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

Learn more Open an Account

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 BalanceRate
$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.

*Savings accounts are subject to an excessive withdrawal fee of $2 per withdrawal if more than four withdrawals are made during a calendar month. 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.

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