Educational IRA CD

Coverdell Education Savings Account

The cost of education continues to climb whether it's primary school or university. Parents and grandparents know that the cost of tuition won't be coming down anytime soon. That's why an Educational IRA CD is such a smart investment. Funds in an Educational IRA CD may be used for any educational expense. Contributions may not be made after beneficiary's eighteenth birthday, and funds must be used by age thirty. Unwanted or unused funds may be transferred to a qualified beneficiary.

  • All qualified distributions are tax exempt
  • $100 opening deposit
  • $2000 maximum annual contribution
  • Automatically renewable with a 10-day grace period
  • Interest accrues daily

    * Interest posts to CD at maturity (Annually if twelve months or longer)
    * Distributions may be made at any time an educational need arise
    * CD penalty for early closure

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One notice sent 14 days before maturity. Distributions qualify if used for educational expenses from kindergarten through college. Funds must be used by the child's 30th birthday, or unused funds must be transferred to a qualified individual.

To open an Educational IRA CD visit your local i-bank branch

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