Coverdell Education Savings Account
The Coverdell Education Savings Account (CESA), is a dividend earning account that is established in the name of a student to invest money specifically for educational purposes. A CESA can be used to pay for elementary, high school or college education and expenses. A parent or legal guardian is able to deposit a maximum of $2,000 a year for any child under 18 years old. The CESA features:
- No fees and a low $25 opening deposit
- Tax deferred interest
- Tax free withdrawals for qualified expenses
- Federally insured by the NCUA
Plan ahead for your child's educational expenses. Opening a Coverdell Education Savings Account is risk free. Visit any branch to open an account.