Youth Accounts

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Coverdell ESA

Get on the fast track to your dream with an ESA!

We know higher education can become a financial burden. A Coverdell Education Savings Account (ESA) is designed to help lighten the load — from kindergarten to college. The funds you set aside now will grow tax-free*. And even better, withdrawals for qualifying education expenses are free from federal taxes.*

Summary

  • Set aside funds for your child's education
  • Dividends grow tax-free*
  • Withdrawals are tax-free and penalty-free when used for qualifying education expenses*
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply*
  • Contributions are not tax deductible
  • Contributions are allowed regardless of traditional or Roth IRA participation
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 30
  • The ESA may be transferred without penalty to another member of the family

*Consult a tax advisor.

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