Coverdell Education Savings Account (ESA)

coverdellweb2Coverdell Education Savings Account (ESA) is a savings account used for saving for education expenses. Contributions are not tax-deductible. Withdrawals including earnings are tax-free, if used to pay for qualified education expenses for the ESA owner before they reach the age of 30.

Benefits

Makes you money by offering you higher dividends on education funds.

Saves you money by offering tax benefits.

Offers you peace of mind by knowing your education funds are federally insured.

Deposits Contributions limited by IRS annual limits
Withdrawals Distributions are tax-free as long as they are used for qualified education expenses before the owner reaches the age of 30. See current IRS guidelines for penalties.
Dividends Check Truth-in-Savings Rate and Fee Disclosure for current rates. Dividends are calculated daily and credited monthly.
Statements You will receive either monthly or quarterly statements, depending on your account activity.
Share Account Minimum Opening Deposit $1
Certificate Minimum Opening Deposit $500