Our Hadley Branch will remain closed through the week of October 19, due to ongoing water and plumbing issues. The drive-up Smart ATM remains open for your convenience, and includes the ability to deposit funds and make loan payments. All other branches remain open as usual during normal business hours. Access your accounts anytime through online and mobile banking.
Education Accounts (Coverdell ESA) Details & Disclosures
Eligibility: The individual contributor must not exceed the Modified Adjusted Gross Income (MAGI)* limit and the beneficiary must be less than 18 years old.
Other Advantages: In addition to parents, other relatives and friends can fund the Coverdell ESA. Funds can also be moved from one family member’s Coverdell ESA to another’s.
A Coverdell ESA can be opened with as little as $100 in an IRA Share Account. IRA Term Share Certificate options earn a higher rate of interest and can be opened with a minimum of $500.
Coverdell ESA Annual Contribution Limits per Child: $2,000
* In U.S. tax law, modified adjusted gross income (MAGI) is detailed in the instructions to IRS Form 8606.