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Coverdell ESA

Plan ahead for higher education.

Make savings for higher education less taxing!  The Coverdell Education Savings Account helps parents /guardians and students save for college or other continuing education.  It is funded with post tax contributions and is designed specifically for qualified educational expenses for the beneficiary.

Benefits to You:

  • Choose between Coverdell Education Savings Account or Coverdell Education Certificate investment option to earn the highest market rates available.
  • Saving is easy when using payroll deduction, direct deposit or automatic ACH transfers. Contributions by mail are also accepted.
  • Up to $2,000 contribution limits annually per child.
  • Anyone is able to contribute to the Coverdell ESA on behalf of the beneficiary.
  • Deposits made prior to April 15 eligible for previous years contributions.
  • Contributions can be transferred tax-free and penalty free to another eligible Coverdell ESA, if the original beneficiary chooses not to go to college as long as the new beneficiary is a family member and under the age of 30.
  • No annual maintenance fee on your investments and quarterly statements to monitor your earnings.



  • Beneficiary must be an eligible credit union member.
  • Responsible Individual must be a parent or the legal guardian of the designated beneficiary.
  • Contributions can be made up to the beneficiary’s 18th birthday.
  • Coverdell Education ESA funds may not be used as security on a loan.