Coverdell Education Savings

The prospect of funding a college education may seem daunting, but it doesn't have to be. Coverdell Education Savings allows you to set aside funds for your child's college education.

Contributions to a Coverdell ESA aren't tax deductible, however, no taxes are due on accrued interest. Withdrawals are also tax-free. Invest in your child's future by starting to save for it today.

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  • No setup or annual fee
  • Tax-free interest as account grows
  • Withdrawals are tax-free when used for qualified education expenses*
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply**
  • Contributions are not tax deductible
  • $2,000 maximum annual contribution per child
  • Subject to dormancy fee for account inactivity***
  • FDIC insured

*You must be 18 years or older to apply*

Fees may reduce earnings.

*Qualified expenses include tuition and fees, books, supplies, board, etc.

**Consult your tax adviser to determine your contribution limit.

***Accounts with no activity for one year and balance less than $300.00 will be assessed a $5.00 monthly dormant fee. Children under 18 are exempt from dormant charges.

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