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Education Savings
as high as 2.75% 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.


Type/Term APY Dividend Rate
Coverdell Education Account 0.25% 0.25%
Share Certificate 91 Days* 0.50% 0.50%
Share Certificate 182 Days 1.00% 1.00%
Share Certificate 5 Mos. 0.40% 0.40%
Share Certificate 12 Mos. 1.80% 1.79%
Share Certificate 18 Mos. 2.00% 1.99%
Share Certificate 24 Mos. 2.30% 2.28%
Share Certificate 25 Mos. 1.10% 1.10%
Share Certificate 36 Mos. 2.55% 2.53%
Share Certificate 48 Mos. 2.65% 2.62%
Share Certificate 60 Mos. 2.75% 2.72%
Share Certificate 91 Day Jumbo* 0.40% 0.40%
Share Certificate 6 Mo. Jumbo 1.05% 1.05%
Share Certificate 9 Mo. Jumbo 1.75% 1.74%
Share Certificate 12 Mo. Jumbo 2.00% 1.99%
Share Certificate 18 Mo. HSA 2.00% 1.99%
Share Certificate 19 Mo. HSA 2.45% 2.43%
Share Certificate 11 Mos.* 2.20% 2.18%
Share Certificate 19 Mos.* 2.45% 2.43%
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
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Education Savings Certificate Calculator

0.40 1.80 2.00 2.30 1.10 2.55 2.65 2.75

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.
  1. Share Certificates and HSA Certificates with terms of 24 months or less will forfeit 90 days of dividends whether earned or unearned.
  2. Share Certificates and HSA Certificates with terms greater than 24 months will forfeit 182 days of dividends whether earned or unearned.
  3. Jumbo Certificates will forfeit 7 days of dividends whether earned or unearned.
*11 Month, 19 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. See Rate and Fee Schedule. Rates are subject to change without notice. Federally insured by NCUA.