Save for Your Child’s Future
A Coverdell Education Savings Account (ESA) may be an easy way to start saving for a child’s education. Make annual nondeductible contributions on behalf of a child plus enjoy tax-free withdrawals when used for qualified education expenses. Open a savings account or a promo CD ranging from 6 to 60 months.
- Contributions each year cannot exceed $2,000 per child
- Earnings grow on tax-deferred basis, distributions are tax-free† if qualified.
- Competitive interest rate*
- View our informative Coverdell ESA brochure
*Interest rate and annual percentage yield are variable. May change at any time.
†Consult your legal or tax advisor.
Savings
Minimum Balance to Open
$25
Minimum Daily Balance
$300
Service Fees
$0
CDs
Minimum Balance to Open
$500
Renewal Grace Period
10 Days
Deposits
1-time additional deposit in first 60 days
Get the Savings You Deserve
Getting the right education can provide your child with more career opportunities, job security, and better pay. Saving for their education can provide the flexibility they need to focus on their learning. Take a look at these accounts to help you prepare for your child’s future.
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Coverdell Education Savings Account
No minimum balance to earn interest. $25 minimum to open the account.
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Coverdell Education Savings 6-Month Promo CD
$500 initial deposit. 10-day renewal grace period and a 1-time additional deposit in first 60 days.
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Coverdell Education Savings 12-Month Promo CD
$500 initial deposit. 10-day renewal grace period and a 1-time additional deposit in first 60 days.
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Coverdell Education Savings 18-Month Promo CD
$500 initial deposit. 10-day renewal grace period and a 1-time additional deposit in first 60 days.
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Coverdell Education Savings 24-Month Promo CD
$500 initial deposit. 10-day renewal grace period and a 1-time additional deposit in first 60 days.
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Coverdell Education Savings 60-Month Promo CD
$500 initial deposit. 10-day renewal grace period and a 1-time additional deposit in first 60 days.
ICCU Savings Benefits
Free Mobile Banking
You have all the tools you need to manage your accounts through the ICCU mobile app or on ICCU.com, anywhere, anytime. Check balances, transfer money, pay bills, set up alerts, and so much more.
Free Credit Score & Monitoring
My Credit is a free service powered by SavvyMoney® that helps you stay on top of your credit. Check your credit score, view your credit report, and get up-to-date credit monitoring notifications through ICCU mobile or online banking.
Free VideoChat
Bank face-to-face from anywhere in the world with a live service agent through ICCU’s VideoChat. Not only is it convenient, it’s secure and easy to use for account questions, opening a new account, applying for a loan, and much more!
Make a Deposit
Don’t have time to run to the branch to deposit your check? No problem! Deposit checks on the go using the ICCU App or from the comfort of your home using the Make a Deposit feature in eBranch.
Coverdell Education Savings Account
| Balance | APY* | Interest Rate | ||
|---|---|---|---|---|
| Balance0-299 | APY*0.20% | Interest Rate0.20% | Terms | |
| Balance300+ | APY*0.25% | Interest Rate0.25% | Terms |