Coverdell Education Savings Account

With college tuition on the rise, an Education Saving Account is a great way to save for a child’s future. An Education Saving Account (ESA) allows tax and penalty free earnings when the money is used to pay for qualified primary, secondary, and higher education expenses. Contributors may be grandparents, aunts, uncles, and even friends.

Education Savings Account Benefits:

Contribute up to $2,000 per year for each child under 18. Full contributions to the account are allowed apart from contributions to a Traditional IRA, Roth IRA, or employer-sponsored retirement savings plan. Choose from a variety of investment products, including stocks, bonds, and mutual funds through UVEST, and bank products such as FDIC-insured CDs and money market accounts. Receive professional guidance from a UVEST Investment Consultant.

Education Account Comparison Chart

Want to determine how much money you will need for college. Use one of our calculators.

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You are eligible to contribute to an Education Savings Account if your Modified Adjusted Gross Income (MAGI) is $190,000 or less for married taxpayers or $110,000 or less for single taxpayers. Partial contributions allowed between $95,000 - $110,000 if single and between $190,000-$220,000 for married filing jointly.