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Education Savings Account

An investment tool created for the purpose of paying for the future cost of a child's education. The plan allows total after-tax contributions of $2,000.00 per year for each child until they reach the age of 18. These contributions and their subsequent earnings are tax-free when withdrawn to pay for qualified education expenses. A Share Savings or 18 month Share Certificate account specifically for the benefit of a person's education - usually a minor. Maximum contribution is $2,000.00 annually.

Eligible Members:

  • Children, grandchildren and stepchildren
  • Brothers, sisters, stepbrothers and stepsisters
  • Nephews and nieces
  • Parents, stepparents and grandparents
  • Uncles and aunts
  • Spouses of all the family members listed above
  • Cousins

It's important to remember that even with this extended range of family members, contributions can be made only for those under the age of 18, unless the beneficiary is a special needs beneficiary.

Find out how FedChoice can help you set up a Coverdell Education Savings Account.

Already a member?

Opening your new Savings Account is easy. Just visit the nearest Financial Service Center or call us at 301.699.6151 • 800.969.6151.

Find a convenient Financial Service Center location

*Deposits are insured up to $500,000. Your savings are insured up to $500,000. The first $250,000 per member is insured by the National Credit Union Association (NCUA), a U.S. Government Agency, with an additional $250,000 of coverage provided by Excess Share Insurance Corporation (ESI), a private corporation.