Coverdell Educational Savings Accounts

A Coverdell Education Savings Account is a type of Individual Retirement Account established to save money for a child's educational expenses.  This savings account allows you to contribute up to $2,000 per child per year for use with secondary and post secondary educational expenses.  Contributions can be made for any child special to you, whether your own, a grandchild, niece or nephew, or a special friend.  Expenses covered can include tuition, room and board, computer equipment, books, and other items necessary to ensure your child's future.  This account is offered with a fixed-rate term of 12-17 months with interest compounded daily and credited monthly.  The account is FDIC-insured, contributions are after-tax and earnings are TAX-FREE.  And best of all you only need a $100 minimum deposit to open this account.

Saving and investing for the future is important. Use our Goal Based Savings, Tax and Retirement calculators to evaluate the best saving for the future.