For families that want an easy way to save for a child’s education expenses, University Credit Union offers the Coverdell Education Savings Account (ESA).
The Coverdell Education Savings Account is available to children* under 18 years old and can receive up to $2,000 per year in after-tax contributions from relatives and friends.
Earnings grow tax-deferred and are tax-free when withdrawn to pay for qualified education expenses, such as tuition, fees, books, supplies, etc. The entire balance of the account must be withdrawn before the designated beneficiary turns 30 years of age.
For more information or to start a Coverdell Education Savings just visit one of our branch offices or call a Financial Services Specialist at 310.477.6628, x1.
* Must be a member of University Credit Union.