Security alert:
We have been alerted to malicious phishing texts from 201.441.1333 that may have been directed to our members. This is not from Affinity. You are advised not to provide member credentials and to delete the text immediately. If you have questions, call 800.325.0808. For our latest security tips, click here.

Education Savings Accounts

Coverdell ESA Plans

Education expenses don’t seem as daunting 
when you have a smart savings plan.

Coverdell Education Savings Plans: Smart Savings

A Coverdell ESA is a savings account that is opened in a child’s name to help save for education-related expenses.

  • Anyone can contribute, including parents, guardians, relatives and friends.
  • Total annual contribution limit (all sources combined) is $2,000 per year.
  • Contributions may be made until the child reaches age 18.
  • Funds in the account grow tax-free.
  • No tax on distributions if they are less than the beneficiary’s qualified education expenses at an eligible institution.
  • Funds must be used by age 30 or transferred to an ESA benefitting another child in the family.


Coverdell ESA Accumulator Savings Accounts

Affinity's Accumulator accounts work like a regular savings account but with tax-saving benefits.

Open An Account
  • Minimum deposit required: $50
  • Competitive dividend rates and zero risk
  • Can be transferred to a Certificate for greater returns once account balance reaches $500
  • Early withdrawal penalties apply

Coverdell ESA Certificate Accounts

These Certificate Account options give you a guaranteed rate of growth with great flexibility.

Open An Account
  • Minimum deposit required: $500
  • Must be opened with ESA funds
  • Term restrictions apply; must rollover to an ESA account after maturity
  • Early withdrawal penalties apply