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Coverdell Education Savings Account

Save up for educational expenses.

  • Books and supplies
  • Computer equipment
  • School uniforms
  • Tuition and fees

It’s not only an education. It’s their future.

The Coverdell Education Savings Account1, or Education IRA, is a flexible account designed to offset growing educational expenses. If your child is under 18 years, everyone can contribute to the account. Share this account with grandparents, aunts, uncles, and other family members.

Coverdell ESA benefits include:

  • Contribute up to $2,000 per year per child under the age of 18 years
  • Future potential financial aid options are minimally affected, as long as the account is owned by the parents
  • Earnings are tax-free and can be used to pay for eligible school costs
  • Use funds for elementary to college, plus secondary education
  • Unused funds can be rolled-over – but talk to your tax advisor first
  • Potential tax-free withdrawals if used for qualified education expenses at any college, university, vocational, elementary or secondary school

1Fees may reduce earnings. Dividends will be compounded monthly and will be credited monthly. Penalty for early withdrawal.

All Firefighters First Credit Union deposit accounts except for share certificates have a variable rate. All rates subject to change. The designated Beneficiary on this account must be a member of the Credit Union.