Coverdell Education Savings Account (ESA)

The Coverdell Education Savings Account (ESA) enables you to save money for educational expenses for a designated student, who is called the beneficiary. Contributions are non-deductible and can be made up to the beneficiary's 18th birthday.

  • Investment grows tax-free as long as the money is used to pay for qualified education expenses
  • A maximum contribution of $2,000 can be made per year per student under the age of 18
  • Balance may result in waived service charge on Classic Checking Account
  • You can choose to invest in
    • HEBFCU IRA Variable Share Account with an opening balance as low as $50 and add additional deposits until the maximum annual contribution is reached*
    • HEBFCU IRA Term Share Certificate with a minimum of $1,000 for a 12-, 24-, 36- or 60-month term and add additional deposits until the maximum annual contribution is reached

* This rate is subject to change quarterly and may change after the account is opened