 Local Shared Branches
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(formerly known as Education IRA)
- There is a $5.00 minimum deposit requirement, and additions to the principal can be made at any time, up to the maximum contribution allowed, per year by law (currently $2,000 per year per child).
- Dividends are calculated daily and paid monthly.
- Contributions may be made until he or she reaches age 18. The age limit does not apply to special needs beneficiaries.
- No penalties for early withdrawal, your withdrawals (including earnings) are tax-free and may be used for qualifying elementary, high school, and post-secondary education expenses.
- Coverdell ESA are not tax-deductible.
- Balances may be transferred into a Coverdell Education Savings account for another family member under the age of 30 for education purposes only.
- 3 month to 60 month certificates are available
- Minimum purchase amounts of $1,000, or any amount above this minimum
- "Amount sensitive," generally offering higher dividend rates for higher balances. Balances of up to $9,999 earn dividends at one rate, those $10,000 to $49,999 earn at a higher rate, and those of $50,000 or more earn the highest rate.
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Becoming A Member
