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.
| Account | Min. Balance to Open | Min. Balance to Earn APY | Dividend Rate | APY* |
|---|---|---|---|---|
| Educational Savings | $500 | $500 | 1.25% | 1.26% |
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