Your savings federally insured to at least
$250,000 and backed by the full faith
and 
Need help? Call us at 800.662.2772
You’ll want to give your child the very best education, but will you be able to afford it?
A Coverdell Education Savings Account (ESA) allows you to save up to $2,000 per
child per year, and earnings grow tax-free if distributions are used for qualified
education expenses.*
Since Coverdell account contributions are made with after-tax dollars, you might be wondering where the “free” part comes in. It’s at the most important time- when your college-bound teen must pay for tuition, books, room and board.
You or anyone else, like grandparents, who meet the income requirements can contribute $2,000 per year to a Coverdell account for each of your children. However, the total contributions to all Coverdell ESAs for each child can’t exceed $2,000 per year.
Account Features
- MCU offers a variety of ways you can invest in a Coverdell Account, including a variable-rate savings plan and certificates with terms ranging from 90-days to 5-years.
- Free 24-hour online banking and phone access
- NCUA insured up to $250,000
To apply for a Coverdell Education Savings Account, please call 800-662-2772 and an MCU Financial Service Associate will be happy to assist you.
*Qualified expenses include tuition, fees, books, supplies, equipment, and in some
cases, room and board and computers.
Need help? Call us at 800.662.2772