Due to system maintenance, Online Banking and Mobile Banking will be unavailable briefly Wednesday, March 21st 5:15pm - 5:45pm EST (2:15pm - 2:45pm PST). We apologize for any inconvenience this may cause.
Contributions to a Coverdell ESA are not tax deductible, but amounts deposited in the account grow tax free until distributed. The beneficiary will not owe tax on the distributions if they are less than a beneficiary’s qualified education expenses at an eligible institution. This benefit applies to qualified higher education expenses as well as to qualified elementary and secondary education.
1 The age limit does not apply to a beneficiary with "special needs" (which generally means a beneficiary, who because of a physical, mental, or emotional condition, requires additional time to complete his or her education).
The funds deposited at Honda Federal Credit Union are insured up to $250,000 by the National Credit Union Administration (NCUA), an agency of the federal government. That means they are backed by the full faith and credit of the United States government.
We insure an additional $250,000 through the American Share Insurance (ASI), a private insurance company.