Savings & Checking

Coverdell Education Savings

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Coverdell ESAs are the perfect savings vehicle for parents, grandparents or guardians to allocate money for a child’s education expenses.

Although classified as an IRA, Coverdell ESAs are used for qualified education expenses at any time during a child's life. Earnings are tax-free and withdrawals made before the child turns 30 will be tax-free if used for qualified education expenses. Participation is subject to income restrictions.

Traditional and Roth IRAs are typically used as savings vehicles for retirement planning.

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