Coverdell Education Savings Account (ESA)
A smart way to save for education - starting now.
Planning for your child’s future education just got easier with the Coverdell Education Savings Account at Health Advantage Credit Union. With the ability to save up to $2,000 per year, per child, a Coverdell ESA helps families take charge of rising education costs while earning tax-advantaged growth along the way.
Whether you're saving for elementary school, high school, or college, this account allows you to prepare for a broad range of qualified educational expenses.
What makes a Coverdell ESA unique?
- Save up to $2,000 per year, per child until they turn 18
- Funds can be used for qualified expenses from kindergarten through college
- Covers tuition, tutoring, room and board, school supplies, and even computer equipment
- Contributions are made with after-tax dollars
- Earnings and withdrawals are tax-free* when used for qualified education costs
- Transferable between eligible family members
One standout feature of a Coverdell ESA is flexibility. If one child doesn’t use all the funds, you can transfer the balance to another child in the family—so the savings never go to waste.
This account is ideal for parents, grandparents, or guardians who want to support a child’s education with long-term savings and tax-free growth. And because it's available through your local credit union, you’ll get personal service from a team you know and trust.
Start early, save smart.
Education is one of the most important investments you can make in a child’s future. A Coverdell ESA gives you the tools to help them succeed without putting strain on your finances down the road.
Visit our Midland or Saginaw, MI branches to learn more, or speak with a member service representative about opening a Coverdell ESA today.
Schedule an Appointment to Open an Education IRA
*Consult a tax advisor for specific tax guidance related to your situation.
