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.

key features

  • $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)

Service 1st Federal Credit Union, 1985 Montour Blvd., PO BOX 159, Danville, PA 17821. Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government - National Credit Union Administration (NCUA), a U.S. Government Agency.

Service 1st Federal Credit Union routing number: 231387602.

*APR denotes Annual Percentage Rate and APY denotes Annual Percentage Yield. Click here or call us at 800.562.6049 for more information regarding current rates, terms and conditions. All Credit Union loan and deposit programs, rates, terms and conditions are subject to change at any time without notice.

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