Education Savings Accounts​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

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An investment in education.

There’s no greater tool in life than an education. The flexibility of a Coverdale Education Savings Account (ESA)1 makes it easy to start saving today. ESAs are designed to meet your needs as you provide the funds for a promising education. Comerica CD-ESAs provide investment alternatives with flexible terms, competitive rates and customized CD deposit options.

ESA features

Your advantage1,2,3 
    • Tax benefits combined with educational savings 
    • Any child under 18 can be designated as a beneficiary 
    • Tax-free distributions for qualified education expenses including elementary, secondary, and post-secondary tuition and vocational schooling 
    • Hope and lifetime learning credits can be claimed in the same year as a tax-free distribution, if they are not used to fund the same expenses.  
Your earnings1,2,3 
    • Accumulate tax free 
    • Are not taxed upon withdrawal from the account if they are used for qualifying educational expenses before the beneficiary’s 30th birthday 
Your contributions1,2,3 
    • Will earn interest at competitively priced rates
    • Can be rolled over or transferred to another ESA to benefit another qualified family member
    • Are not tax deductible 
    • Annual limits may be adjusted by IRS for AGI and cost of living
    • Can be made to multiple accounts for multiple beneficiaries as long as the total contributions to all accounts on behalf of a beneficiary in any year does not exceed $2000.
    • Are FDIC insured up to the maximum allowed by law
Your distributions1,2,3 
    • Are tax free as long as they are used for qualified education expenses  
    • Can be used for qualified expenses, including:  tuition, room and board, fees, supplies, books, educational computer technology or equipment, uniforms, tutoring, special needs services, and internet access
    • Are mandatory (and could be taxed) following the beneficiary’s 30th birthday

    Click here to view Disclosures & Footnotes