Saving for college or future education expenses? Maximize your educational dollars with a Coverdell Educational Savings Account (ESA) with Corporate America Family Credit Union. When your child needs money for qualified education expenses, funds can be withdrawn from the ESA tax-free to pay for them.
A Coverdell ESA offers these features:
- Make after-tax contributions of up to $2,000* a year per child
- Potential tax savings
- Contributions can be made for any child in your family under 18 years old
- Contributions can be made by anyone
- Multiple share certificate terms to fit your child's investment needs
- Can be used to pay tuition, fees, books and equipment for enrollment and/or attendance at an eligible educational institution
- Federally insured up to $250,000 by NCUA
Open a Coverdell ESA today!
Visit Accounts > IRA Service Center to get started.
Note: You must be a current CAFCU member to open an account online.
| $1,000 minimum | APY** | Dividend Rate |
|---|---|---|
| 6-month | 0.25% | 0.25% |
| 12-month | 0.35% | 0.35% |
| 24-month | 0.40% | 0.40% |
| 36-month | 0.60% | 0.60% |
| $10,000 minimum | APY** | Dividend Rate |
|---|---|---|
| 6-month | 0.30% | 0.30% |
| 12-month | 0.40% | 0.40% |
| 24-month | 0.45% | 0.45% |
| 36-month | 0.65% | 0.65% |
For more information or questions connect with us:
* Your income may limit the amount you can contribute to an ESA. Consult your tax advisor.
+Penalties will apply for early withdrawal of funds.
**APY = Annual Percentage Yield.