It’s never too early to start that college fund. Our free youth savings account makes it easy for kids and teens to save.
- No Monthly Maintenance Fee
- No Minimum Balance Requirements
- Free Digital Banking
- Available to savers up to 18 years old1
- No monthly maintenance fee
- No minimum balance requirements
- Parents can set up monthly automatic transfers from their account into child’s account2
- Establishes the importance of saving at an early age
- Free digital banking
- $5 minimum deposit to open
529 College Savings Plans
A 529 College Savings Plan is one of the most flexible and potentially tax-advantaged education funding tools ever created.
Coverdell Education Savings Accounts
Coverdell Education Savings Accounts (ESAs) offer a potentially tax-efficient way to save not only for college expenses, but costs associated with elementary and high school education as well.
Compare Education funding options below:
|529 Plans||Coverdell Accounts||Savings Accounts|
|High Limits on Contributions||Yes||No||Yes|
|No Federal Taxes on Current Earnings||Yes||Yes||No|
|No Federal Taxes on Qualified Distributions||Yes||Yes||No|
|State Tax Benefit May Exist||Yes||Yes||No|
|Investment options are only Mutual Fund Portfolios||Yes||No||No|
|Portfolios Chosen by Account Owners/Custodians||Yes||Yes||Yes|
|Original Account Owner Maintains Ownership||Yes||Yes||No|
|Account Owner Can Designate New Beneficiary||Yes||Yes||No|
|Can be used for Primary/Secondary Schools||No||Yes||Yes|
|Deadline exists for Full Account Distribution or Transfer of Ownership||No||Yes||Yes|
|Income Cap Limit to be Eligible to Open Account||No||Yes||No|
1The minimum balance fee will be waived until the primary account holder attains the age of 18.
2Limit of six pre-authorized, automatic, telephone and computer transfers per statement cycle. A $12.00 fee will be assessed for each transaction exceeding these limits.