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Coverdell Education Savings

A Coverdell Education Savings account offers flexibility and provides tax-free treatment for your investment earnings. You can use the money for a variety of educational expenses such as private school tuition, academic tutoring, college and graduate school tuition and more.

Features Benefits
No required annual contributionsFlexible
No minimum balance required. However, if the CESA aggregate balance drops below $100 there is a $10 monthly feeFlexible
Maximum annual contribution per child is $2,000Savings
Dividends are calculated using the average daily balance method and compounded monthlyEarns dividends
Distributions to pay for elementary, secondary and higher education are tax freeSavings
Earnings withdrawn for a qualified distribution are tax and penalty freeSavings, peace of mind
Rates and deposit terms are same as traditional IRAsFlexible
Age limit of 18 for contributionsConvenient
Distributions must be completed by age 30; funds can be transferred from the child’s account to another family member under the age of 30Convenient
Contributions can be made up to the tax return deadline each yearConvenient
You may access your account in person, Online Banking and through mailConvenient
Federally insured by NCUA for up to $250,000Peace of mind
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