The Coverdell Education Savings Account (CESA) helps you save for your child's education expenses from kindergarten through college, giving you peace of mind and making saving for education simple. You can choose to open a CESA as either a share or certificate of deposit account.
With a Texans CESA, you'll enjoy:
Any withdrawal from a CESA for one of the following reasons may be tax-free:
The designated beneficiary (child) must be under the age of 18, and the account can be established and contributed to by parents, grandparents or other interested individuals. Check with a Texans representative or your tax advisor for details on monetary contribution limits for this account.
For more information on Texans' Coverdell Education Savings Accounts or for assistance choosing the right account for you, contact us at 972.348.2000 (800.843.5295) or visit your local Texans branch.
* Withdrawals that are not used for educational expenses are subject to tax and a 10% additional tax penalty for the earnings. The principal is not subject to tax or penalty. Consult your tax advisor for more information.
Nothing herein should be construed as legal advice. See an accountant or legal professional to see if this product is right for you.