Coverdell Education Savings Account

Beneficiary Eligibility

Must be under age 18 at the time of contribution.

Contributor Eligibility

Anyone can contribute funds

Contribution Limit

$2,000 per year per beneficiary

Tax Benefit

The income earned by or within this savings account will not be taxable when distributed if withdrawn to pay qualified education expenses.


Withdrawals may begin at any time. However, if the funds are not used for educational expenses or the distribution exceeds the amount of qualified expenses, it will be partially taxed.

All funds must be withdrawn or transferred to another eligible beneficiary by age 30.

Ready to start saving? Stop by any FCB Banks location. One of our new account representatives would be happy to assist you.

Not what you’re looking for? Check out our Traditional or Roth IRA instead.

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