Coverdell Education Savings Account
Formerly known as an Education IRA, the Coverdell ESA is a great way to save for a variety of educational expenses, including school uniforms, tutoring or tuition. Funds aren’t limited to higher education costs, so you’re free to use a Coverdell ESA to help pay for certain elementary and secondary educational expenses.
Learn More- Minimum deposit: $5.00
- Designated beneficiary must be under the age of 18 at the time of account creation or be a special needs beneficiary
- Dividends higher than other savings products
- Contributions are non-deductible
- Earnings are tax-deferred1
- Distributions are tax-free when used to pay for qualified education expenses