Coverdell Savings Accounts
Saving for your child's or grandchild’s education has become easier. Coverdell Savings Accounts are now available. A Coverdell Savings Account is an investment tool created for the purpose of paying for the future cost of a child's elementary, secondary, or higher education. The plan allows total after-tax contributions of $2,000 per year for each child until they reach the age of 18. These contributions and their subsequent earnings are tax-free when withdrawn to pay for qualified education expenses. The minimum balance to open this account is $100.