CO-OP Shared Branch


Grossmont Schools Federal Credit Union

Coverdell Education Savings Account Shares

(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.

Coverdell Education Savings Account Certificates

  • 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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