saving for higher education
Given the rising costs of a college education, it's never too early to begin saving for child. Help keep your children out of debt by giving them the gift of education.
Coverdell education savings account
A Coverdell education savings account (ESA) is an account created as an incentive to help parents and students save for education expenses. ESA's are a type of tax-advantaged savings accounts created by the Taxpayer Relief Act of 1997, specifically for paying qualified higher education expenses.
$2,000 annual limit per beneficiary
contributions are non-deductible
qualified distributions are tax-free
virtually anyone can contribute
contributions must stop at beneficiary's 18th birthday, with the exception of special needs children
funds must be disbursed or rolled over by beneficiary's 30th birthday
Visit our faqzzzz
to learn more about a Coverdell education savings accounts or visit us today to open an ESA and start saving now.
529 college savings plan
A 529 college savings plan is a tax-advantaged way of saving for higher education that anyone can contribute to. The student uses the 529 account for qualified education expenses, such as tuition, room and board, books, etc. Learn more about a 529 college savings plan or visit our Retirement & Investment Center to open an account for your child today!
also see: youth account benefits; basic savings; youth certificates; individual retirement account (IRA)