Save for your child’s education expenses for kindergarten through college! With a SoundView Coverdell Education Savings Account (ESA), earnings grow on a tax-deferred basis and distributions are tax-free if the money is used to pay qualified education expenses. Qualified expenses include: tuition and fees, books, supplies, and special needs services.
ESA Rates are the same rates as SoundView IRAs. Dividends are paid quarterly for accounts with an average daily balance of at least $500.00. We offer ESA Savings Accounts with no minimum deposit or ESA Certificates of Deposit with a minimum deposit of $1,000.00. Early withdrawal fees will apply for ESA CDs.
ESAs have different tax rules. Consult with your tax adviser to maximize your benefits. Visit irs.gov to learn more.