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Coverdell Education

First Credit Union Coverdell Education

The Coverdell Education Savings Account (CESA), formerly known as an Education IRA, is a trust or account in the name of the student. The CESA can be used to pay for elementary and/or secondary (high school) education or college.

How does a CESA work?
Contributions to a CESA are not tax deductible. However, a CESA offers you the potential for tax free withdrawals, including earnings.

• The maximum contribution is $2,000 per year.
• Contributions must be made before the student’s 18th birthday and distributed before the student’s 30th birthday.
• The contributor gives up ownership of the funds to the student.
• Contributions made are not tax deductible, but will appreciate tax deferred; distributions will be tax free if used for qualified education expenses.

How to Join

You may fill out a membership application agreement form provided online or at your local branch. Once you have completed your application, take or mail it to the nearest First Credit Union branch. With your application you must:

•	Include a minimum deposit of $5. Provide a copy of your driver's license and a secondary form of identification.
•	You may also open your account by arranging for a payroll deduction, net pay deposit, or a direct deposit through your payroll department.

Add a New Account

If you currently have a First Credit Union account and would like to add an additional account please do the following:

•	Complete a First Credit Union "New Account Request" application. Once you have completed your application, take or mail it to the nearest First Credit Union branch.
•	Include a minimum deposit of $5. Provide a copy of your driver's license and a secondary form of identification.

Federally Insured by NCUA
All funds deposited in the credit union are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government by the National Credit Union Administration, an agency of the U.S. Government. In addition, IRA funds are insured separately to $250,000 by the NCUA.

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