Coverdell Education Savings Account
With rapidly escalating costs of higher education, a parent's dream of seeing their child earn a college degree can become a nightmare. A Coverdell Educational Savings Account (ESA) can help parents sleep at night. Read more in our online brochure.
Current Rates
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Share IRA
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0.55% APY
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IRA Certificate - 3 months
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0.20% APY
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IRA Certificate - 6 months
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0.30% APY
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IRA Certificate - 12 months
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0.30% APY
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IRA Certificate - 24 months
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0.50% APY
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IRA Certificate - 36 months
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0.75% APY
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IRA Certificate - 48 months
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1.06% APY
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IRA Certificate - 60 months+
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1.50% APY
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A Coverdell ESA:
Can be used to pay for qualified elementary and secondary education costs
Earnings grow on a tax-deferred basis and distributions are tax-free if the money is used to pay for qualified education expenses.
*Transaction limitations apply
*Possible loss of dividends if account is closed in the middle of the month
*Contact your tax advisor to discuss possible tax penalty implications
Must meet membership eligibility requirements. Please see "How to Join AmeriChoice" page for additional details on membership eligibility.
Choose from two types of IRAs:
Share IRAs
Similar to a share account
No minimum opening deposit required
$100 minimum required to earn dividends
May contribute at any time up to the maximum allowable contribution
Dividends calculated on daily balance — Paid quarterly
IRA Certificate
Multiple options for rates and terms available
Minimum deposit of $500 required
Penalty for early withdrawal
Dividends paid quarterly
For complete account detail review our Truth in Savings Disclosure