Education Savings (Coverdell ESA)

Invest in your child’s future today.

With tax advantages and flexible spending options, a Coverdell ESA is more than just a savings account – it’s a pathway to educational success.

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Secure your child’s educational future.

The Coverdell Education Savings Account (ESA) is a smart choice for families looking to secure their children's educational future.

  • Start Small, Dream Big:

    It’s easy to open your account and watch your balance grow through regular deposits.

  • Annual Contribution Limits:

    Contribute up to $2,000 annually to steadily build your educational fund.

  • Tax-Advantaged Growth:

    Your savings grow tax-deferred and are not taxed when withdrawn for qualified education expenses.70

  • Versatile Usage:

    In addition to college, these funds can be used for a wide range of K-12 expenses, including tuition, books, uniforms, and special needs services.

  • Beneficiary Flexibility:

    To avoid penalties, use funds before the beneficiary turns 30 or transfer them to another eligible beneficiary.

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Get personalized planning for a more secure future. Featuring:

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    Let our CFS advisors craft a customized plan that aligns with your retirement aspirations.

  • Adaptive Planning

    Life changes, and so should your retirement plan. We'll help you stay on track, adjusting as needed.

  • Complimentary Sessions

    Benefit from a no-cost retirement planning session with a CFS financial advisor, to help ensure your retirement goals are within reach.12

Frequently asked questions about our Education Savings (Coverdell ESA) accounts.

You may open a Coverdell ESA account by visiting a local branch or by calling 800-868-4262.
The maximum annual contribution for this year is $2,000.
Your savings are tax-deferred and are not taxed when withdrawn for qualified education expenses. Please consult a tax advisor for additional benefits.
Coverdell ESA funds can be withdrawn for a broad range of qualified K-12 expenses such as tuition, books, uniforms, supplies, tutoring and special needs services.
The funds can be transferred to a beneficiary, or you may seek advice from a tax advisor.
You may contact our Wealth Management Department for other options for saving for education.