It's never too early to begin saving for your child's education.
Contact us toThe Coverdell Education Savings Account (Coverdell ESA) was established to help a parent or legal guardian save for a child/beneficiary's education expenses.
This is a tax-advantage savings account designed to help save for primary and secondary schools (grades k-12) as well as higher education. Contributions grow tax free and can be withdrawn without restrictions at any time if used for qualified education expenses.
Examples of qualified education expenses include:The contribution limit is $2,000 a year per child. Contributions cannot be accepted after the child/beneficiary reaches age 18, and the balance must be distributed within 30 days of the beneficiary's 30th birthday. Age restrictions may be waived for special needs beneficiaries.
If you have any questions, or you would like to establish a Coverdell ESA, please contact our IRA Specialists at 850.862.0111 or email us via secure email.
Coverdell ESA funds are insured up to $250,000 per depositor by the NCUA.
This is a custodial/trust account with a designated beneficiary for the specified purpose of education. Contributions are not tax deductible. Withdrawals can be made at anytime. Upon withdrawal, earnings on your contributions are tax-free provided these are qualified education expenses.
A $50 daily minimum balance is required to earn dividends. The APY stated is accurate as of the last dividend declaration date, which is the last day of the previous quarter. Dividend rate and APY are variable and subject to change after the account is opened.
Our Coverdell Education Savings accounts annual percentage yield (APY) is .35% and has a dividend rate of .35%.
| Description | Dividend Rate | APY* |
| Coverdell Education Savings (S10) | .35% | .35% |
If you would like to open a Coverdell Education Savings account, please contact Eglin FCU Member Services by calling 850.862.0111, Option 4, or via Secure Email. (Requires Eglin FCU membership.)
*APY = Annual Percentage YieldThe Coverdell Education Savings suffix is not a 529 College Savings Plan. We do not offer a 529 College Savings Plan.
Routing Number: 263178070
*APR = Annual Percentage Rate.
