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Personal > Savings Accounts > Education Savings Account

Coverdell Educational Savings Account

It’s never too early to start saving for your child’s education. A Coverdell Educational Savings Account (ESA) is a smart way to save for your child’s (or grandchild’s) education. When used to pay for qualified educational expenses, ESAs provide tax-free growth and withdrawals. Even better, ESAs aren’t just for college--they can also be used to save and pay for elementary and high school tuition expenses.

 

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Features

  • All contributions to ESAs are tax-free
  • Unlimited number of separate accounts can be opened for the same beneficiary
  • Accounts can help any beneficiary under the age of 18 or with special needs
  • Can be used to pay for elementary, secondary, and post-secondary education

How to Get Started

Contact an ISB banker today for details!

Account Requirements and Charges

  • Minimum balance of $100 required to open any ISB deposit account.
  • Account contributions allowed until beneficiary turns 18 (unless beneficiary has special needs)
  • Funds must be used before beneficiary’s 30th birthday (unless beneficiary has special needs)
  • Must maintain a minimum of $1 each day to obtain APY*. $1 monthly service charge — This service charge is waived if:
    • Average balance of $100 or greater
    • — OR —
    • Primary account holder is under age 18

Fees may reduce earnings. Fees may reduce earnings. Service charges are subject to both state and local sales tax. This information is not a Truth in Savings disclosure. Ask a bank representative for Truth in Savings disclosures, account details, restrictions, processing limitations and enrollment instructions. *APY = Annual Percentage Yield; APY accurate as of 9/1/2019 and is subject to change