Skip to main content

Online Banking

Open An Account  |  Apply For A Loan

Education Savings Accounts (ESAs)

Coverdell ESA's are Custodial Accounts Set Up to Pay for Qualified Education Expenses K - College/University/Vocational School

  • Formerly known as an Education IRA
  • Accounts can be open for any child under 18, and must be withdrawn by the time the student reaches age 30*
  • $2,000 in contributions per year per child is allowed until the child reaches age 18 and do not count against the contributor's  limit for IRAs
  • Parents, grandparents, other relatives and friends may contribute to Coverdell ESAs. Income limitations apply.
  • Withdrawals (including earnings) are tax-free when used for qualifying elementary, high school, and post-secondary education expenses **
  • Withdrawals for non-qualifying expenses are taxable as income and may have a 10% penalty
  • Prior to beneficiary reaching age 30, funds may be rolled over to a Coverdell Education Savings account for another eligible family member
  • Contributions are not tax-deductible, but they earn interest tax-free until distributed
  • The deadline for making a 2018 contribution is April 15, 2019

* Accounts for beneficiaries with special needs generally are not subject to the age restrictions on contributions and withdrawals.

** Expenses include tuition, fees, books, supplies, computers, tutoring, and in some cases room and board, uniforms, transportation and more, at virtually all accredited, public, nonprofit, religious, and private institutions.

ESA Investment Options*

ESA Savings Account

  • $5 minimum deposit requirement
  • ESA Savings Account balances may be transferred to an ESA Certificate Account

ESA Certificate of Deposit (CD) Account

  • 3 month to 60 month certificates are available
  • Minimum purchase amounts of $1,000; or any amount above this minimum
  • Generally term-length and balance driven: The longer the term, the higher the rate. The higher the balance, the higher the rate.

*As with any investment that will affect your taxes, and to find out if you are eligible to contribute, consult your tax advisor.

Savings Rates

Financial Education

Intro to Finance

Are you stressed about money? Don't worry - you're not alone and help is available! This program will help you understand key financial concepts and make better decisions related to managing your money.

Intro to Finance Articles

Major Life Transactions

Life is full of big decisions, and it can feel overwhelming at times! This program will equip you to better manage some major financial decisions that may come your way.

Major Life Transactions Articles

Paying for College

Paying for education can seem expensive and overwhelming. But don't worry - you're not in it alone! This program will help you understand the costs associated with financing an education and navigate the application and repayment process.

Paying for College Articles

Retirement Planning

Are you prepared for retirement? This program will help you plan today for the life you want in retirement. Explore important financial planning topics like investment strategies, estate planning, and social security so you can have a comfortable retirement.

Retirement Planning Articles

Members LoveECSFCU!

  • Todd Linke IMG_4888 no wording cropped
    After financing a newly purchased truck with ECS, Todd wrote: Thank you for your efficient and friendly service! I always appreciate the "small bank" customer service, but the "big bank" options!
    Todd Linke, Mount Miguel HS Science Department
  • Karl Danielson 2018
    I've bought three cars through the credit union. They make it very easy, very simple, and you can't beat the interest rate. I highly endorse them, their friendly staff, and the service that East County Schools gives its members!
    Karl Danielson Granite Hills HS Television, Film and Digital Media Teacher
  • ECSFCU is big enough to approve loans with great rates and small enough to provide personal service and products that are important to the educational community.
    Randy Montesanto Grossmont Union High School District
  • We bank with East County Schools Federal Credit Union and learned they also have a great car buying service! We decided to look into it and ended up with the best customer service, an amazing price, no hassle of going to the dealership, and a brand new 2017 Honda Accord Sport! A year later, we were in need of another car for our growing family. It was an easy decision to go with the credit union and New Cars Inc again. The process and customer service didn’t disappoint once again, and we love our new 2018 Honda CRV! A big thank you to New Cars Inc and ECSFCU!
    Carly and Luke Esquerra