Coverdell ESA
Our Coverdell Education Savings Account (ESA) is designed to help individuals and families save for educational expenses. Whether it is for current purposes or possible future expenses, such as tuition, fees or books, you can trust Midcoast FCU in helping achieve your saving goals.
Features:
- Save for private or higher education
- Pays dividend and may be tax free*
- No minimum balance to open**
- Anyone can open an ESA
- Can be transferred to another family member if not used for education
Requirements:
- No deposits can be made after the designated beneficiary turns 18
- Account must be transferred or closed by the time the designated beneficiary turns 30
*Determined annually by the IRS.
**Maximum annual contribution for 2020 is $2,000.
