Phone: 1-847-244-6000

Education Savings

An investment in education is always money well spent. Help your kids save for their education with a Coverdell Education Savings Account. Formerly called an Education IRA, this account earns tax-free interest when used to pay the qualified education expenses of a designated beneficiary.

Summary

Deposits and interest grow tax-free
Distributions are tax-free as long as they are used for qualified education expenses (tuition and fees, books, supplies, board, etc.)
If distributions exceed qualified education expenses, that portion is taxable
Virtually all accredited public, private, and religious institutions are eligible
Competitive interest rates
Free online banking
Only $1,000 to open
FDIC insured

Check out our current interest rates.