Education IRA (Coverdell Education Savings Account)
Education IRAs are designed to help individuals save for a child's education expenses
- Dividends grow tax-free
- Withdrawals are tax free when used for qualified education expenses1
- Contributions are not tax deductible
- Beneficiary must be under 18 at time of opening
- Beneficiary does not have to be a relative
- Mandatory distributions begin if balance remains when beneficiary reaches age 30
- Maximum annual contribution of $2,000
IRA: Savings or Certificate
At Silver State Schools Credit Union, education IRAs can be opened either as a savings account or as a certificate. A savings account offers members the ability to earn dividends with the flexibility to access2 their funds at any time. A certificate offers members the opportunity to earn a higher dividend rate for added tax-deferred earnings for a term that is right for their needs.
|Education IRA Savings
||Education IRA Certificate
|Earns dividends3 at a variable rate
||Earns dividends4 at a fixed rate
|No monthly maintenance fee
||No monthly maintenance fee
|No minimum balance requirements
||Terms from 12-60 months
|No minimum deposit to open
||$500 minimum deposit to open
|$25 fee to open/close
||$25 fee to open/close
Traditional, Roth, & Education IRA Savings
|Minimum Balance to Earn Dividends||Rate||APY*|
|$0.00 - $2,499.00||0.25%||0.25%|
|$2,500.00 - $24,999.00||0.25%||0.25%|
Traditional, Roth, & Education IRA Certificates
|($500.00 Minimum Deposit to Open)|
1 Qualified expenses include tuition and fees, books, supplies, room and board, etc.
2 No more than 6 preauthorized, automatic, or telephone transfers may be made from each account to another account or to a third party in any month.
3 Compounded and credited monthly using the daily balance method.
4 Compounded and credited monthly. If you elect to have dividends paid to you by check, or transferred to another account, compounding will not occur.
See complete account disclosures.
*Annual Percentage Yield