Anyone can contribute to a Coverdell ESA, including a child’s parents, grandparents or other friends and family. The person contributing must have a modified adjusted gross income (MAGI) of less than $110,000 (or $220,000 if filing jointly).
Total contributions to a Coverdell ESA cannot exceed $2,000 per child, per tax year. Contributions can be made until the beneficiary reaches age 18, unless the beneficiary has special needs and additional time is required to complete his or her education due to a physical, mental or emotional condition.
Need help getting started with your college savings plan? Visit a local branch or contact Honda Federal Credit Union at 1-800-634-6632.
See the Current Interest Rate
Step up your savings and earn higher interest rates with a certificate of deposit. Choose a fixed term of 6 months, 1 year, 2 years, 3 years or 5 years. Read more
Earn high-yield money market rates while maintaining easy access to your funds when you open a money market account. Read more
Compare traditional and Roth IRAs and start building your retirement savings nest egg. Read more
Your Funds Are Insured
The National Credit Union Administration (NCUA), an agency of the federal government, insures funds deposited at Honda FCU up to $250,000. Honda FCU insures an additional $250,000 through the American Share Insurance (ASI), a private insurance company.