Coverdell ESA

If you are wondering how you will pay for your child's education, a Coverdell Education Savings Account (ESA) can be a smart way to save. Your withdrawals are tax-free if used for tuition, books, and other qualified higher-education expenses. Be sure to also view our helpful IRA FAQ below.

NOTE: NCUA has now increased retirement and Share Account coverage to $250,000.

With a Coverdell ESA:

  • Unlike state 529 plans, Coverdell ESAs can be used to pay for qualified elementary and secondary education expenses.
  • Earnings grow tax-free if distributions are used for qualified education expenses.
  • No deposit required to open

Learn more from the Coverdell ESA FAQ.

Use our IRA center to:

  • Open your IRA
  • Make a withdraw from your IRA
  • Contribute to your IRA
  • And much more
For additional information contact us at 757-886-3333.

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We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government by the NCUA (National Credit Union Administration), a U.S. Government Agency.  NMLS #509408