Coverdell Education Savings Account

Invest in your child’s future today!
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Contribute up to $2,000 per student annually
Earn competitive dividends
Enjoy a variety of tax benefits
Use funds for tuition, room and board, textbooks and more

Give your child a strong financial start with a Coverdell Education Savings Account (Coverdell ESA)

A Coverdell ESA helps you save for future education costs with tax-free growth and flexible spending options — from elementary school through college.

Benefits:

  • Tax-Free Growth: All annual dividends are tax-exempt. 
  • Tax-Free Withdrawals: Qualified withdrawals for education expenses are tax-free. 
  • Flexible Contributions: Parents, grandparents, relatives and even family friends can contribute. 
  • Transferable Funds: If your child doesn’t attend college, funds can be reassigned to another beneficiary. 
  • Great Supplement to 529 Plans: Works alongside other education savings tools for maximum flexibility.

Account Details:

  • Minimum Balance to Open: $25 
  • Minimum Daily Balance to Maintain Account: $0 
  • Minimum Daily Balance to Earn Dividends: $0.01
  • Monthly Service Fee: FREE

KeyPoint Credit Union has the personal savings solutions you need. Connect with us online or visit our branches in the San Francisco Bay Area and Santa Barbara County.

Invest in their future today. Start saving with a Coverdell ESA.
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Frequently Asked Questions

KeyPoint offers low rates on loans, high rates on savings, and low fees. At your member-owned financial institution, you’ll save money AND enjoy personal service! To learn more about our current fees, please call our contact center at (888) 255-3637.

Notify us immediately at (888) 255-3637 so we can block your card and prevent further fraud. We will mail you a new card(s), or you can get a replacement instantly at any KeyPoint branch. Or complete and submit a Cardholder Dispute Form so we can research the unauthorized transaction(s).

In order to close your account, we must first confirm your identity. Call (888) 255-3637, Live Chat (the link is in the top right corner of our website) or visit any Branch location.

Are you moving out of the area?

No need to close your account! We offer free remote banking options as well as more than 5,000 shared branch locations for your convenience. If you can’t visit one of our local branches, speak with a live KeyPoint Member Service Representative by calling (888) 255-3637 or use our Live Chat at the bottom of the page. Don't miss out on our Member benefits.

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A Coverdell Education Savings Account (ESA), formerly known as an Education IRA, provides tax-free, fixed-rate asset growth for education costs from kindergarten on up. Eligible individuals may contribute up to $2,000 per year on behalf of a child up to age 18. There are income guidelines to establish a Coverdell plan, and you should consult a tax advisor for your specific situation.  

KeyPoint Membership required.

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