Main Menu

Download our mobile app

Download our app from the App Store. Download our app from the Google Play Store.
Contact Us
Locations
Make a Payment Residents & Homeowners

Save for college with an Education IRA

The Coverdell Education IRA (EIRA) allows you to set aside money for qualified post-secondary education expenses of a ‎designated beneficiary. Contributions and earnings from an EIRA account are tax-free when withdrawn, allowing you to pay for qualified education ‎expenses such as tuition, fees, books, equipment and supplies.

Eligibility and requirements:

  • Maximum EIRA contribution are $2,000 per child in a tax year.
  • Maximum is in addition to contributions to traditional and/or Roth IRAs‎.
  • If you already contribute to an IRA or Roth IRA, your contributions to an education IRA can be made on top of those other contributions1.
  • We offer several CD options for funding Coverdell IRAs, including fixed-rate and variable ‎rate accounts.

1 Please check with your tax advisor for the benefits of an IRA in your specific situation.

Important: Please update any saved links and bookmarks you have for this website to banking.cit.com. Starting on August 20, 2021, you will no longer be redirected to this site in .