1-877-418-2669 Click to Call

Coverdell Education Savings Account

This IRA product is for the benefit of educational expenses. It is a non-deductible account that features tax-free, penalty free withdrawals for the purpose of paying a child’s education expenses.* There are specific income thresholds that cannot be exceeded in order to participate. However, there are no compensation requirements or age restrictions for those who wish to contribute.  Contributions cannot exceed $2,000 annually per child.

*Education expenses are classified as tuition; fees, books, supplies and equipment required for the enrollment or attendance at an eligible higher education institution are qualified expenses.  This includes vocational schools, college, or university; all accredited public, nonprofit, and proprietary post-secondary institutions.  Elementary and Secondary education includes kindergarten through grade 12 at public, private or religious school as determined by state law. Allowable expenses such as tuition, fees, books, supplies, equipment and room and board all qualify.  You may also use for uniforms, transportation and computer technology, equipment or internet access and related services if used during the designated beneficiary’s school year.

Consult with a tax advisor for assistance in determining your eligibility of this product and your contribution levels. This information is not intended to provide legal or tax advice, but merely provide an overview of the features of this product. For specific information related to your individual circumstances, you are encouraged to consult your tax or legal professional.

Commercial Equipment Loan
First Savings Bank New App
Home Equity Loan
Online Mortgage Application
First Time Home Buyer
Commercial Equipment Loan
Secure Online Banking
New to Online Banking?
Get Started Now!