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