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Coverdell Educational Savings Account

A minimum deposit of $5.00 is required to open a Coverdell account. The following conditions apply:
  • Interest compounded daily and credited quarterly
  • Minimum balance to earn interest is $5.00
  • The maximum annual contribution per designated beneficiary is $2,000.00
  • Accounts are set up in the child's name and social security number, also known as beneficiary. ESA's also require the naming of a "responsible individual".This must be a parent or guardian. The child would not be the signer.
  • Annual contributions can be received up to age 18. Distributions must be completed by age 30.
  • Distributions used for qualified education expenses are not taxable
  • Variable interest rate

Call 410-477-5000 for current interest rates.

See the Fee Schedule for other fees that may apply. Fees may change subject to a 30 day notice to accountholders. Please read the following disclosures prior to opening an account:

Truth in Savings Statement | ATM cardholder AgreementElectronic Funds Transfer Policy |Funds Availability Policy | Internet Banking Access Agreement |Deposit Account Agreement

For an application or questions contact customer service at or call 410-768-5300.

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