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Education IRA (Coverdell Education Savings Account)

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

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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

Deposit Rates

Traditional, Roth, & Education IRA Savings

Minimum Balance to Earn DividendsRateAPY*
$0.00 - $2,499.000.25%0.25%
$2,500.00 - $24,999.000.25%0.25%

Traditional, Roth, & Education IRA Certificates

($500.00 Minimum Deposit to Open)
12-23 months0.30%0.30%
24-35 months0.45%0.45%
36-47 months0.55%0.55%
48-59 months0.85%0.85%
60 months1.00%1.00%

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

Education IRAs 1
Education IRAs 2
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