Coverdell Education Savings Accounts can be used to save for education expenses.
Coverdell Education Savings Account
|Perfect for||Saving for education expenses|
|Share account minimum opening deposit||$1|
|Certificate minimum opening deposit||$500|
|Withdrawals||Distributions are tax-free as long as they are used for qualified education expenses before the owner reaches the age of 30. See current IRS guidelines for penalties.|
|Note||Contributions are not tax deductible.|