|Coverdell Educational Savings Account
A minimum deposit of $5.00 is required to open a Coverdell account. The following conditions apply:
- Interest compounded daily and credited quarterly
- The maximum annual contribution per designated beneficiary is $2,000.00
- Accounts are set up in the child's name and social security number, also known as beneficiary. ESA's also require the naming of a "responsible individual".This must be a parent or guardian. The child would not be the signer.
- Annual contributions can be received up to age 18. Distributions must be completed by age 30.
- Distributions used for qualified education expenses are not taxable
- Variable interest rate
See the Rate Schedule for current interest rates.
See the Fee Schedule for other fees that may apply. Fees may change subject to a 30 day notice to accountholders. Please read the following disclosures prior to opening an account:
Truth in Savings Statement | ATM cardholder Agreement | Electronic Funds Transfer Policy |Funds Availability Policy | Internet Banking Access Agreement |Deposit Account Agreement
For an application or questions contact customer service at firstname.lastname@example.org or call 410-768-5300.
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