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.
|Account Type||Dividend Rate||APY**||Minimum Balance to open and earn Dividend|
|ESA* Share Account||0.10%||0.10%||$15.00|
|6 Month ESA Certificate||0.50%||0.50%||$1,000.00|
|12 Month ESA Certificate||0.75%||0.75%||$1,000.00|
|18 Month ESA Certificate||0.90%||0.90%||$1,000.00|
|24 Month ESA Certificate||1.50%||1.51%||$1,000.00|
|36 Month ESA Certificate||1.60%||1.61%||$1,000.00|
|48 Month ESA Certificate||1.75%||1.76%||$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 December 1, 2017. All rates are subject to change without notice.