Education Savings Accounts

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A Coverdell Education Savings Account (ESA) allows individuals to save tax-deferred for education expenses.

North County CU ESA features

  • No set-up or annual maintenance fees
  • Convenient deposits through payroll deduction and automatic transfers
  • Attractive rates, with higher rates for ESAs with larger balances

Account Options

We offer Share Savings Accounts and Certificate options:

Education Share Savings Account

Great when you don't want to lock-in your funds

  • Requires a minimum opening deposit of $100
  • Dividends are paid quarterly based on a daily balance of $100 or more

ESA Certificates

Great when you want a high-yield, fixed investment

  • Dividend rates are guaranteed until maturity and depend on the term you select
  • Minimum deposit amounts of $1,000, $50,000 & $100,000 available
  • Choose from terms ranging from 1 to 4 years
  • Dividends are compounded daily and paid quarterly and at maturity

ESA Requirements*

  • Established in the name of the designated beneficiary, a North County CU member under the age of 18 or with special needs
  • Can be set up by parents, grandparents, or other interested individuals
  • Any individual (meeting Adjusted Gross Income requirements) can make a non-deductible contribution
  • Earnings are tax-free if used for education expenses
  • Students may be the beneficiary on more than one ESA-total contributions cannot exceed $2,000 per year
  • All funds must be withdrawn by the time the beneficiary reaches 30 years of age

*Check with your tax advisor or the Internal Revenue Service.

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