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Education Savings Accounts (ESAs)

Start saving money to help a child, grandchild or any young person pay for education expenses.

Coverdell Education Savings Accounts (ESAs) are an ideal way to begin saving money to help a child, grandchild or any young person pay for education expenses.

ESA contributions are not tax-deductible, but they may earn interest tax-deferred until distributed.

ESA Features

  • Qualified expenses for K-12 school costs
    This includes home computer equipment, Internet access and tutoring.
  • Waiver of age limitations for children with special needs
    The law allows contributions for individuals with special needs beyond age 18 and no mandatory pay-out at age 30.

ESA Investment Options

  • Savings Account - $100 minimum deposit or $25 with automated deposits
  • Certificate Accounts - $100 minimum deposit or $25 with automated deposits, 6-month, 1-year and 2-year terms

ESA Summary

ESA Dividend APYs

IRA / ESA Savings

1.85

%

APY (1.83% rate)



6-Month IRA / ESA

1.90

%

APY (1.88% rate)



1-Year IRA / ESA

1.95

%

APY (1.93% rate)



2-Year IRA / ESA

2.00

%

APY (1.98% rate)

 

Open an ESA

 

Service your ESA

 

ESA Information and Help