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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.

Earning tax-free dividends for education expenses is just smart.

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.

Savings Account Rates


Account Min. Balance to Open Min. Balance to Earn APY Dividend Rate APY*
Educational Savings $500 $500 1.25% 1.26%
*APY = Annual Percentage Yield. Share Account dividends are compounded and paid monthly. Dividend Rate and APYs are variable and are subject to change. If you close your share account prior to the payment of dividends, you will not receive the accrued dividend. Fees could reduce earnings on an account. 

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