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Coverdell Education Savings Accounts (ESAs)

Coverdell Education Savings Accounts (ESAs)

ESAs (formerly known as Education IRAs) are flexible accounts that allow you to save for a child's qualified educational expenses, including college, private high school tuition, and after-school tutoring. Even relatives and friends can contribute to an ESA for your child.

Contributions are not tax-deductible, but earnings accumulate tax-free, and distributions are tax-free if they are used to meet qualified education expenses. (Please consult your tax advisor for more information on the rules for ESAs.)

ESA certificates require a minimum deposit of $1,000. ESA Share Accounts may be opened with as little as $15, with ongoing contributions added to your account through direct deposit.

Coverdell Education Savings Account (ESA) Rates and Terms

Account Type Dividend Rate APY** Minimum Balance to Open and Earn Dividend
ESA* Share Account 0.05% 0.05% $15.00
6-month ESA Certificate 0.30% 0.30% $1,000.00
12-month ESA Certificate 0.45% 0.45% $1,000.00
18-month ESA Certificate 0.55% 0.55% $1,000.00
24-month ESA Certificate 0.65% 0.65% $1,000.00
36-month ESA Certificate 0.80% 0.80% $1,000.00
48-month ESA Certificate 1.00% 1.00% $1,000.00

*ESA is Education Savings Account.
**Annual percentage yield.
Rates may change after the account is open. Fees could reduce the earnings on the account.
There is a substantial penalty for early withdrawals on ESA Certificates.

Rates are effective July 20, 2020. All rates are subject to change without notice.