IRA Description Page

Coverdell Education Savings Account

Maximize the benefits of an Education Savings Account with tax-free distributions and tax-free earnings. You're permitted to make after-tax contributions of $2,000 per year per child until the child reaches age 18. The funds in your Education Savings Account can be applied toward tuition, room and board, educational fees, supplies or equipment. The Education Savings Account is convenient because contributions can be made by anyone, not only family members.

Put your IRA to work by investing in one of the Dollar Bank IRA CDs shown below. Click a CD name for more details.
  • $2000 maximum contribution per child
  • Contributions continue until the child reaches age 18
  • Contributions are made on an after tax basis and generally have tax and penalty free earnings if used for higher education expenses
  • Contributions generally have tax and penalty free earnings used for qualified education expenses for any private, public or religious school providing elementary or secondary education.
  • Contributions are non-deductible
  • The safety of FDIC insurance for a guaranteed return
  • Unused balances may be re-designated for use by another family member.
  • Distributions for qualified education expenses are tax and penalty free
  • Unused balances must be distributed by 30th birthday or re-designated for another individual.

* Contribution limits vary based on age and tax filing status. Please consult your tax advisor.

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Other IRA Options:
Traditional Term CD - (IRA)
CD Ladder - (IRA)
Relationship CD - (IRA)
Money Market Account - (IRA)
Premium Money Market Account - (IRA)
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