Personal Banking

Coverdell Educational IRAs

SharePoint Credit Union members can easily establish a Coverdell Education Savings Account (CESA) to plan for the expenses of a child's elementary, secondary or higher education. This type of account (formerly known as the Education IRA) was created to make saving for education easier than ever. It's a long-term savings account designed to maximize contributions, and includes the following features:

  • The child is exempt from federal income taxes on any of the account's earnings, provided the money is used for qualified educational expenses.
  • The total aggregate contribution into one or more CESAs on behalf of a child is $2000 per year.
  • The child will have an excellent college savings plan.

To learn more about the state and local tax issues associated with a Coverdell Savings Account, talk with your tax or legal professional. To set one up today, simply contact a SharePoint Representative today at (952) 930-0700 or (800) 752-3494.

Next Steps

Type Rate APY*
Regular Share Savings
$5.00 and above 0.100 0.100

Money Market (avg daily balance)
up to $4,999.99 0.100 0.100
$5,000 - $9,999.99 0.150 0.150
$25,000 - $49,999.99 0.199 0.200
$10,000 - $24,999.99 0.199 0.200
$50,000 and above 0.250 0.250

Free Checking 0.000 n/a
Advantage Checking † 0.100 0.100
Choice Plus Checking 0.100 0.100
Premier Rate Checking - On Going Rate 1.000 1.000
Premier Rate Checking - Introductory Rate 5.000 5.000
IRAs 0.399 0.400
*APY = Annual Percentage Yield and is subject to change.

† Not available for new members.


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