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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  • Accounts can be open for any child under 18, and must be withdrawn by the time the student reaches age 30*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

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  • 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
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