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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 Contributions and earnings from an EIRA account are tax-free when withdrawn, allowing you to pay for qualified education expenses such as tuition, fees, books, equipment and supplies.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.