BRANCH CLOSURE NOTICE: Orlando Credit Union's Sheriff's Office Branch is temporarily closed due to onsite building enhancements from April 29th, 2024, to June 30th, 2024. (The exterior ATM is still accessible and you can visit other branch locations)
ROAD CLOSURE: Due to FDOT construction, be advised that at different times some entrances to the SODO branch might not be accessible starting June 4, 2024, for approximately 2–3 weeks. Click here for a map and details.
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Education Savings Accounts

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

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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

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  • 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
     

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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.

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