Coverdell Education Savings Accounts (CESAs)

Education accounts for your children and grandchildren help ensure that the money will be there when they are ready to pursue their goal of a higher education. The interest is 100% tax free when used by the beneficiary for qualified education expenses. It's a smart way to start planning for education.

Coverdell Education Savings Accounts (CESAs)
Summary
  • No annual fee
  • Interest grows tax free
  • Withdrawals tax free when used for qualified education expenses*
  • Contributions are not tax deductible
  • $2,000 maximum annual contribution per child
  • Contributions can be made until the child is 18 years old
  • Funds must be distributed when recipient reaches age 30
  • Contributors do not have to be related to recipient
  • Individuals and non-individuals (such as companies or charities) can contribute up to $2,000 per child per year
  • FDIC insured

*Qualified expenses include tuition and fees, books, supplies, board, etc.

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