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Coverdell Education Savings IRA

A Coverdell Education Savings Account is an educational IRA established for individuals under the age of 18. This account allows you to save for your loved one’s undergraduate or graduate education expenses with certain tax benefits for contributions.

  • Anyone—parents, grandparents, guardians—can make contributions up to the annual limit
  • May be used for qualified elementary or secondary education expenses
  • Withdrawals can be made tax-free for qualifying education purposes
  • Unused funds may be transferred to another education savings account for another child

For more information, call us at 817-882-0800; or visit the EECU branch nearest you to open your Coverdell Education Savings Account today.

IRA Rates

Compounds monthly. Dividend and Interest are credited monthly.
Type of Account Term Dividend Rate2 APY1 Min. Deposit to Open3
IRA CD - Fixed 6 Month 0.35% 0.35% $1,000.00
IRA CD - Fixed 12 Month 0.50% 0.50% $1,000.00
IRA CD - Fixed 18 Month 0.65% 0.65% $1,000.00
IRA CD - Fixed 24 Month 0.80% 0.80% $1,000.00
IRA CD - Fixed 48 Month 1.49% 1.50% $1,000.00
IRA CD - Fixed 60 Month 1.98% 2.00% $1,000.00
IRA Savings - Variable Variable 0.25% 0.25% $100.00

1 APY = Annual Percentage Yield. Rates subject to change without notice.
2 Rate = Dividend Rate
3 Must maintain a minimum $1,000 balance to earn APY ($100 balance on IRA Savings)
There is a penalty for early withdrawal

Compounds monthly. Dividend and Interest are credited monthly.
Type of Account Term Dividend Rate2 APY1 Min. Deposit to Open3
Jumbo IRA CD 6 Month 0.40% 0.40% $50,000.00
Jumbo IRA CD 12 Month 0.55% 0.55% $50,000.00
Jumbo IRA CD 18 Month 0.70% 0.70% $50,000.00
Jumbo IRA CD 24 Month 0.85% 0.85% $50,000.00
Jumbo IRA CD 48 Month 1.54% 1.55% $50,000.00
Jumbo IRA CD 60 Month 2.03% 2.05% $50,000.00

1 APY = Annual Percentage Yield. Rates subject to change without notice. Fees could reduce the earnings on the account.
2 Rate = Dividend Rate.
3 Must maintain a minimum $50,000 balance to earn APY.
There is a penalty for early withdrawal.

Compounds Daily. Dividend and Interest are credited monthly.
Dividend Rate APY1 Min. Balance Required to Earn APY Deposit to Open Compound Frequency Div/Int Credited
0.20% 0.20% $15,000.00 - $24,999.99 $15,000.00 Daily Monthly
0.20% 0.20% $25,000.00 - $49,999.99 $15,000.00 Daily Monthly
0.25% 0.25% $50,000+ $15,000.00 Daily Monthly

1 APY = Annual Percentage Yield. Rates subject to change without notice. Fees could reduce the earnings on the account.

 


Information found here is not intended as tax advice. For information regarding your contribution deductibility and responsibilities, please contact your tax advisor.
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Federally insured by NCUA. National Credit Union Administration, a U.S. Government Agency – Member accounts are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.

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