Coverdell Education

The Coverdell (Education) Savings Account allows individuals to open and contribute to a child's education savings

• Open as an IRA Share Savings Account
   
• Annual contributions up to $2,000 per year; accounts are available only for children under 18
   
• Withdrawals are tax and penalty free when used for qualified higher education expenses
   
• Coverdell Education Savings Accounts are generally federally insured separately from the child's other accounts, up to $250,000; certain trust accounts may be aggregated with a Coverdell Education Savings Account for insurance purposes.

Consult your tax advisor about your specific situation.