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Coverdell Savings Accounts

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 These contributions and their subsequent earnings are tax-free when withdrawn to pay for qualified education expenses.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.

  

 

Coverdell Savings Accounts

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