Coverdell Education Savings Account

A non-deductible account offering tax-free savings for your child's education

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:

  • No service charge
  • Tax-free earnings, if used for a qualified education expense*
  • Open a CESA share account with only a $50 deposit
    OR
  • Open a CESA CD account with only a $1,000 deposit
  • Each CESA account type has a contribution limit of $2,000 per year, per child


Qualified Education Expenses

Any withdrawal from a CESA for one of the following reasons may be tax-free:

  • Tuition, fees, academic tutoring, books, supplies, and other necessary equipment
  • Room and board, uniforms, transportation, and supplementary items or services provided by the school
  • Purchase of any computer-related equipment for the child


Eligibility Requirements

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.
 

Open My Account button Compare Accounts button

 

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.

 

Back to Login

Texans CU Routing # 311987786
24-Hour Account Access Line: 972.348.2001 (800.843.6426)

About Us | Contact Us | Career Center | Disclosures | Fee Schedule

Equal Housing Lender Equal Housing Lender | This credit union is federally insured by the National Credit Union Administration © 2013 Texans Credit Union