Coverdell Education Savings Account (CESA)
State Employees' Credit Union offers the Coverdell Education Savings Account (CESA), which is a tax-advantaged deposit account designed to help save for future educational expenses.
- Must be established in the name of a designated beneficiary who is an SECU member under the age of 18 or with special needs
- Can be established by parents, grandparents, or other interested individuals
- Parent or legal guardian must be named as responsible individual
- Contributions, up to $2,000 per year, are made with after-tax dollars
- Earnings grow tax-deferred
- Tax-free withdrawals to pay for qualified elementary, secondary and higher education expenses
- $25 minimum opening deposit
- Current interest rate is % / % APY1
You may apply for a Coverdell Education Savings account online via Member Access.
1 Quoted rates and annual percentage yields (APY) are subject to change daily.