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 Member Service Representative at SharePoint Credit Union at (952) 930-0700 or (800) 752-3494.
|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||0.200||0.200|
|$50,000 and above||0.250||0.250|
|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|
† Not available for new members.