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Education Savings
as high as 0.15% APY

Coverdell Education Savings Account (Coverdell ESA) is an account created as an incentive to help parents and students save for education expenses.

  • Contributions are limited to $2,000 per child per year, which amounts to about $166 a month. Bit by bit, those savings can accumulate into a tidy sum.
  • The chief feature of the Coverdell account is that it shelters investment growth from the tax collector. That means that savings set aside in such accounts — plus the earnings they make — are fully available for qualified school bills.
  • Besides protecting earnings from taxes, Coverdell accounts offer investment flexibility, transferability, and tax-free withdrawals to cover education costs such as books, tuition, and room and board. And, they’re not just for college kids.
  • Coverdell contributions must stop when the child reaches 18, and the account must be spent on schooling by the time the beneficiary reaches 30, unless the student has special needs. Otherwise, the earnings could be subject to income taxes as well as a 10% penalty.
  • Unused portions of the Coverdell account may be transferred to a relative — a sibling, niece, nephew, even cousin—to keep the education savings in the family and avoid tax penalties.


Account APY Dividend Rate
Coverdell Education Account 0.15% 0.15%
Share Certificate 91 Days12 1.16% 1.15%
Share Certificate 182 Days 1.25% 1.24%
Share Certificate 5 Month 0.30% 0.30%
Share Certificate 11 Month12 3.50% 3.45%
Share Certificate 12 Month 1.35% 1.34%
Share Certificate 18 Month 1.45% 1.44%
Share Certificate 24 Month 1.55% 1.54%
Share Certificate 25 Month 3.00% 2.97%
Share Certificate 36 Month 1.95% 1.94%
Share Certificate 48 Month 2.05% 2.03%
Share Certificate 60 Month 2.50% 2.48%
Share Certificate 91 Day Jumbo12 1.00% 1.00%
Share Certificate 6 Mo. Jumbo 1.10% 1.10%
Share Certificate 9 Mo. Jumbo 1.15% 1.15%
Share Certificate 12 Mo. Jumbo 1.20% 1.19%
See Other Rates

Education Savings Certificates

$ 500 to open

Start saving for your child's education today

Ask Us To Set Up Account

Savings or Certificate Accounts
Alternative to 529 savings plan
Tax benefits on distributions on qualified educational expenses
$5 ESA Minimum Opening Balance
Digital Banking


Education Savings Certificate Calculator

0.30 1.35 1.45 1.55 3.00 1.95 2.05 2.50


12. 11 Month and 91 Day Certificate not available for IRA.
Fees may reduce the earnings on some accounts. Annual Percentage Yield applies when the dividend is reinvested in the account. Rates are subject to change without notice.
An early withdrawal penalty will be imposed if Share Certificate funds other than credited dividends are withdrawn before the maturity date. A certificate may not be reduced below the required minimum balance. Share Certificates and HSA Certificates with terms of 24 months or less will forfeit 90 days of dividends whether earned or unearned. Share Certificates and HSA Certificates with terms greater than 24 months will forfeit 182 days of dividends whether earned or unearned. 91 Day Jumbo Certificates will forfeit 7 days of dividends whether earned or unearned.

The dividend rate and annual percentage yield may change at any time as determined by the credit union's board of directors. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. The dividend rate and annual percentage yield are the prospective rate and yield that the credit union anticipates paying for the applicable dividend period. Dividends begin to accrue on noncash items (i.e. checks) on the business day you make the deposit to your account. If you close your account before dividends are credited, accrued dividends will not be paid. Fees may reduce the earnings on any account.

See Rate and Fee Schedule.
Rates are subject to change without notice.
Truity Credit Union is federally insured by NCUA.