Go to main content Orlando Credit Union
Online Banking Login

Education Savings Accounts

Elevate your loved one’s education with a savings account designed just for school.

Girl in graduation gown and cap with diploma

Coverdell Education Savings Account

Formerly known as an Education IRA, the Coverdell ESA is a great way to save for a variety of educational expenses, including school uniforms, tutoring or tuition. Funds aren’t limited to higher education costs, so you’re free to use a Coverdell ESA to help pay for certain elementary and secondary educational expenses.

Learn More

graduate cap
  • Minimum deposit: $5.00
  • Designated beneficiary must be under the age of 18 at the time of account creation or be a special needs beneficiary
  • Dividends higher than other savings products
  • Contributions are non-deductible
  • Earnings are tax-deferred1
  • Distributions are tax-free when used to pay for qualified education expenses
     

calendar
To open a Coverdell ESA account in-person, schedule an in-branch appointment.

 

ESA Rates

 

Coverdell ESA

0.15 APY*

Calculate How Much to Save for College

 

View All Rates

 

1The IRS states that distributions are tax-free to the extent the amount of the distributions doesn't exceed the beneficiary's qualified education expenses. If a distribution exceeds the beneficiary's qualified education expenses, a portion of the earnings is taxable to the beneficiary. Amounts remaining in the account must be distributed when the designated beneficiary reaches age 30, unless the beneficiary is a special needs beneficiary. Certain transfers to members of the beneficiary's family are permitted.

*APY = Annual Percentage Yield current as of March 18, 2019.  Rates subject to change at any time without notice.  Fees and penalties can reduce earnings on the account.

Go to main navigation

Have questions? We're here to help.

Go to main navigation

Copyright © 2024, Orlando Credit Union. All Rights Reserved.

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency

Orlando Credit Union

You are leaving Orlando Credit Union

Orlando Credit Union does not endorse or guarantee the products, information, or recommendations provided by linked sites and is not liable for any failure or products or services advertised on those sites. Each third-party site may have a privacy policy different from Orlando Credit Union and the linked third-party websites may provide less security than the Orlando Credit Union site.

PROCEED