Education Savings (Coverdell IRAs)
Set up an IRA for your child's future education* and earn interest, tax-free. Make sure your child isn't left behind or strapped with debt when they're just starting out.
Anyone can make contributions — up until the Account-holder is age 18. However, the money must be used by the time the Account-holder turns 30. Use the funds to help finance tuition, textbooks, supplies, and more, at any accredited institution.
- Education, or Coverdell, IRAs can be used to pay for qualified education expenses*
- No annual fee
- Interest grows tax-free**
- Withdrawals are tax-free when used for qualified education expenses*
- Contributions can be made until the child reaches 18 years
- Contributions are NOT tax-deductible
- Contributors do not have to be related to Account-holder
- Contributions are capped at $2,000 per child per year
- NCUA insured
*Qualified expenses include tuition and fees, books, supplies, board, etc.
** Consult your tax advisor.