Coverdell Education Saving Account (ESA)

A high-yield account set up for the purpose of saving for higher learning expenses for a designated beneficiary under the age of 18:

  • Minimum opening deposit is $50
  • No maturity date or limits on transaction frequency
  • Contribute up to $2,000 per year
  • Must be set up with the legal guardian of a minor
  • No minimum investment periods, like term certificates
  • Withdrawals are tax free when used for educational expenses
  • Funds can be transferred at any time to a qualifying family member under 30 years old
  • Contributions & withdrawals are subject to government rules and regulations

Contact us if you are interested in an account.

Minimum Balance APY
$50 -$499 1.15% APY
$500-$24,999 1.25% APY
$25000-$74,999 1.30% APY
$75000-$124,999 1.35% APY
$125,000 and up 1.40% APY
Last Updated September 1, 2023. 

Consult your tax advisor about IRA and Coverdell Education Savings Account eligibility, contributions, qualifications, and early withdrawal penalties. Maintenance fees may apply. Rates accurate as of September 1, 2023.

Annual Percentage Yield. Subject to approval.  Certain restrictions may apply. Rates subject to change. Early withdrawals, fees, and other conditions could reduce the earnings on the account. Credit union membership required.  Accounts federally insured to at least $250,000 by the National Credit Union Administration.