Coverdell ESA PlansEducation expenses don’t seem as daunting when you have a smart savings plan. Coverdell Education Savings Plans: Smart Savings 0.0 00 Reviews Write a review Earn +25 PointsWhat is This?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 AccountsAffinity'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 AccountsThese 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
