Coverdell Education Savings

Saving for your child’s education is an essential investment in their future. A Coverdell Education Savings Account (ESA) is an excellent resource to help parents get started.

We have the tools you need to start investing in your child’s future. Open an ESA Share Accumulation Account with as little as $5.00. You can gradually contribute to this account while earning a higher interest rate than a regular savings account. Once you have saved a minimum of $500, roll it into a term ESA Share Certificate of Deposit (CD) to earn an even higher interest rate and benefit from tax advantages. 

Watch Your Child's Education Savings Grow

Its easier to stay on track when you set up automatic payroll deductions or reoccurring account transfers. 

Consistently contributing to your savings is the key. Add a reasonable rate of return to that and over time, watch your savings grow. Connect with us, and we'll help you set these up.

What is a Coverdell ESA?

Formerly known as the Education IRA, the Coverdell Education Savings Account (ESA) is a type of tax-advantaged savings account used specifically for paying qualified education expenses. Expenses may include tuition, books, supplies, equipment, tutoring and more.


There is an annual contribution limit for each child under 18 years old. The current limit for 2018 is $2,000 per child under the age of 18. The savings account is available to families below a specified income level. 

What are some of the benefits of a Coverdell ESA?

Contributions are not tax-deductible; however, when the funds are used for qualified education expenses, you do not have to pay taxes on dividend earnings. Your savings will grow free of federal income taxes and withdrawals may be completely tax-free.


The information on this page is not intended as tax advice. Please consult a tax professional about your individual circumstance.  

How can I open a Coverdell ESA?

Qualified members of Viriva can open a Viriva ESA Share Accumulation Account. This account can be started with as little as $5.00. Once you’ve reached $500, you’ll be able to roll it into a term ESA Share Certificate of Deposit (CD), allowing you to earn a higher interest rate on your child’s educational savings.


Connect with Us to Get Started › 


 Program Features

  • Open a Coverdell Share Accumulation ESA with just $5.00
  • Funds are federally insured by NCUA up to $250,000
  • No monthly account maintenance fee
  • No fee to open
  • Potential to benefit from tax advantages


The information on this page is not intended as tax advice. Please consult a tax professional about your individual circumstance.