Save for the education of your dependent children!
These accounts were created to help parents pay for the education of their dependent children. Designate an account for each child, and start saving early. Then you won't have to stress over a tuition bill when they turn 18.
Fixed-Rate* | Min to Open | Min to Earn APY** | Dividend | APY** |
---|---|---|---|---|
7-month term*** | $500 | $500 | 1.00% | 1.01% |
1-year term | $500 | $500 | 1.20% | 1.21% |
2-year term | $500 | $500 | 1.40% | 1.41% |
3-year term | $500 | $500 | 1.55% | 1.56% |
4-year term | $500 | $500 | 1.70% | 1.71% |
5-year term | $500 | $500 | 1.90% | 1.91% |
Variable-Rate* | Min to Open | Min to Earn APY** | Dividend | APY** |
---|---|---|---|---|
18-month term | $50 | $50 | 0.75% | 0.75% |
3-year term | $50 | $50 | 0.90% | 0.90% |
5-year term | $50 | $50 | 1.10% | 1.11% |
In 2002, the re-named Coverdell education savings account (formerly called the Education IRA) became a very attractive college savings vehicle for many people, including families that wish to save for elementary and secondary school expenses as certain K-12 expenses were added to the list of qualified expenses.
If you know how a Roth IRA works, then you have a pretty good idea of how an ESAs works. They both allow you to make an annual non-deductible contribution to a specially designated investment trust account. Your account will grow free of federal income taxes, and if all goes well, withdrawals from the account will be completely tax-free as well.
Full Rate Details
Account DisclosuresOpens in New Window
Knowledge is power. Be in the know for financial betterment.
Get the details on our new online banking and mobile app, including video tutorials, FAQ, and more.
Now available!
Enjoy our 2.02% APY³ Checking — a premium rate over 65 times higher than the national average¹
Simple terms, outstanding rate
Fast-track your savings with a premium rate that's 10 times higher than the national average!³
Grow your hard-earned money