Coverdell Educational Savings Account (ESA)

Education costs more every year, whether it's private elementary or secondary school now or college down the road. A Coverdell ESA exists so you can start setting money aside while your child is still learning their ABCs, and use it for either — private K-12 tuition or higher education — with tax advantages built specifically for education savings, so more of what you save actually reaches the classroom.

• Tax-free growth and tax-free qualified withdrawals — dividend earnings grow tax-free, and withdrawals used for qualified education expenses aren't taxed at all

• Earns more than a savings account — meaningfully higher than the 0.05% APY on Regular Savings, paid monthly

• Transferable to another family member — if the original beneficiary doesn't end up using the funds, the account can be shifted to another family member under age 30

• Covers more than tuition — qualified expenses include room and board, academic fees, tutoring, and equipment like laptop computers, for private elementary, secondary, or higher education

• The whole family can contribute — parents, grandparents, siblings, aunts, and uncles can all contribute to a student's account, up to $2,000 per year per beneficiary combined across all contributors

• $5.00 minimum opening deposit

Put cash aside for your savings goals with flexible and competitive savings rates from Maui County Federal Credit Union's secured, personal savings accounts.