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Coverdell Education Savings Account (ESA)

 


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Earnings grow tax-deferred and are tax-free when withdrawn to pay for qualified education expenses, such as tuition, fees, books, supplies, etc. The entire balance of the account must be withdrawn before the designated beneficiary turns 30 years of age.

You can choose from two great savings options --
  • Savings Account
  • Fixed-Rate Certificate Account
Both accounts earn competitive rates and can be opened with as little as $100. Funds can be added at any time, up to the allowable annual contribution limits. (Consult your tax adviser.)

For more information or to start a Coverdell Education Savings Account, stop by a branch or contact a Member Services Representative.

*  Must be a member of University Credit Union.

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Your savings federally insured to at least $250,000 through the National Credit Union Administration (a U.S. Government Agency) and backed by the full faith and credit of the United States Government.
Your savings federally insured to at least $250,000 through the National Credit Union Administration (a U.S. Government Agency) and backed by the full faith and credit of the United States Government.
University Credit Union is an Equal Housing Lender.
University Credit Union is an Equal Housing Lender.

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For more information, please e-mail us or call (310) 477-6628.