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Coverdell Savings Account
A Coverdell Education Savings Account offers flexibility funding of your child's education expenses. Up to $2,000 can be contributed to a single beneficiary's account per year. There is no tax deduction for the contribution; however, all amounts withdrawn for qualified educational expenses are tax-free. Some of the benefits include:
  • Your account begins to earn dividends with any positive balance.
  • Deposits can be made through direct deposit, by mail or in person at any branch.
  • Dividends are compounded daily and credited to your account monthly.
  • All savings accounts earn dividends and are federally insured to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency.
To open a Coverdell Education Account, come into any branch and speak to a Specialty Services Representative today!
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