Education Savings (Coverdell ESA)

Straightforward saving for the turns ahead.

College savings accounts offer tax benefits and investment options

Here's how a Coverdell Education Savings Account could help you bank better:

  • You can start with a small sum and build up your balance with regular deposits
  • Contribute up to $2,000 a year
  • Your savings grow tax-deferred and are not taxed when withdrawn for qualified education expenses1
  • Coverdell funds can be withdrawn for a broad range of qualified K-12 expenses such as tuition, books, uniforms, supplies, tutoring and special needs services
  • To avoid tax penalties, the funds must be withdrawn by the time the student reaches age 30 (or transferred to another beneficiary)


Earn up to 2.25% with our high yield IRA

High Yield IRA Savings

  • Useful if you don’t like being locked into a term deposit
  • Earn an impressive 0.35% APY2on your Retirement savings and enjoy an extra .25% if you have a direct deposit of $500 or more into a Coastal Checking account
  • To open your High Yield IRA Savings account, fill and print out our forms and bring them in to a branch
IRA Certificates up to 3.00%APY

IRA Certificates

  • If you want a guaranteed return and don’t mind a little commitment, get Certificates up to 3.80% APY2
  • Choose one or more of our high rate certificates with terms ranging from 7 days to 5 years
  • To open your IRA Certificate account, fill and print out our forms and bring them in to a branch
An example of the Interest module

Want to learn more about additional investment options?

Frequently Asked Questions

Frequently, we see that direct deposits may not credit your account due to an invalid account number. Be sure to verify with the issuer of the deposit that they are sending funds with your full 14 digit account number. You may also provide the issuer of the deposit a voided check.

You may also want to validate the ABA Routing Number, 253175494.
Transferring funds is easy and free! Simply log into Digital Banking and select Transfer Funds. Follow the displayed prompts. Transfers may take up to 3-5 business days to credit.

You may also transfer funds from your Coastal account to another financial institution via a wire transfer. To initiate a wire transfer, please contact our Call Center at (800)868-4262, ext 6784 or 919-420-8000, ext 6784 or visit the nearest branch location.
Federal Reserve Board Regulation D is a federal law that says you can't make more than six withdrawals or transfers per month out of your savings account. The same rules also apply to money market accounts.

Prior to the interim rule, Federal Regulations require us to have limitations on the number and types of withdrawals allowed on a savings account. Your savings accounts are limited to 5 teller withdrawals (this includes cash and official checks) per month. Any transactions in excess of 5 are charged a fee for each withdrawal. As an alternative, you can avoid this fee by performing a cash withdraw from your savings account at an ATM. It's good to know that ATM withdrawals from savings accounts do not count against your 5 monthly teller withdrawals, or the 6 monthly electronic withdrawals that are allowed by Federal Regulation D. Transfers made through Telephone Banking, Digital Banking, or our Transaction Call Center count towards the 6 monthly transactions allowed by Federal Regulation D. Any ACH (electronic) debits from savings count towards the 6 as well. Also, if a savings account is used for overdraft protection, then overdraft transfers from savings will also count towards the six transactions per month. If you find yourself coming close or exceeding your limits, you may want to consider a checking account at Coastal.
To set up a direct debit or credit to your account you will want to provide the ABA/Routing Number 253175494. If you have a checking account, please use the 14 digit number on the bottom of your checks. If you want to debit or credit another account with your Coastal account, please give us a call at 800-868-4262 or 919-420-8000. For security reasons, we will mail you the account details to set up direct debit or credit to your account.
If wiring U.S. Dollars, please provide the issuing institution the following instructions:

Bank Name: Coastal Credit Union ABA/Routing Number: 253175494 Credit Name: (Your name and address) Account Number: (Your 14-digit Coastal account number)

1. Please consult a tax advisor for contribution eligibility

2. APY - Annual Percentage Yield. High Yield IRA Savings requires $25 minimum to open. For more details, see the Truth-In-Savings Disclosure and Rate Table. Fees may reduce earnings on account. Rates subject to change without notice after account opening. Penalty for early withdrawal. APY is accurate as of the last dividend declaration date.

3. Certificate requires $250 minimum to open and will automatically renew at the end of the term. 1.00% APY is based off of a 60 month certificate. Fees may reduce earnings on account. Rates subject to change without notice. Penalty for early withdrawal. APY is accurate as of 03/19/2019.

4. Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Coastal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

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