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Education Savings Accounts

Save for any level of education.

Your child or grandchild’s education is important, but it can also be expensive. With a Coverdell Education Savings Account (ESA), you can save for elementary, secondary or college education costs. Invest the money 100% tax free when funds are used for qualified withdrawals.

Learn more about how to pay for higher education.

ESA Features

  • Contribute up to $2,000 per tax year.
  • Withdraw funds any time.1
  • Can transfer funds to a Coverdell Education Savings Certificate once balance reaches at least $500.
  • Make contributions until the beneficiary reaches 18.2
  • Anyone can contribute to a Coverdell ESA, including a child’s family and friends.3
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Need help opening an account?

Visit a local branch or contact Honda Federal Credit Union at 1-800-634-6632.

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Calculate Education Expenses

Plan for your child’s future with this online savings calculator.

Learn More

More Ways to Save

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Savings Certificates

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Money Market

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Investment Planning

1 Non-qualified distributions must be reported on the account owner’s or the beneficiary’s federal income tax return and is subject to income tax.

2 Contributions can be made past age 18 if the beneficiary has special needs and additional time is required to complete their education due to a physical, mental or emotional condition.

3 Any individual whose modified adjusted gross income is under the limit set for a given tax year can make contributions. Organizations, such as corporations and trusts can also contribute regardless of their adjusted gross income.