All locations will be closed on Monday, May 29, in observance of Memorial Day.
Secondary education is an important investment. A plan to begin saving for your child, grandchild or beneficiary is even more important. That’s why our Coverdell Education Savings account makes sense: It earns tax-free interest and features a low minimum balance, designed to keep you connected with what matters most.
Designed for students aged 18 and younger, this account features a low minimum balance of only $100 and tax-free1 interest potential for higher education, secondary schooling and other similar learning expenses.
The Coverdell Education Savings account is a widely embraced alternative to the 529 plan, which limits users to reallocating funds within a select portfolio range to only twice per year. Instead, this account option is different, and it allows you to choose virtually any investment you like. Ultimately, it gives you more control over and flexibility with your rate of return.
Planning – and saving – for the future just got easier. Let’s get in touch to get started today!
|Features||Regular Savings||Relationship Savings||Money Market Savings||Minor Savings||Coverdell Education Savings|
|Get started.||Open This Account||Open This Account||Open This Account|
|Minimum to Open||$50||$50||$500||None||$100|
|Minimum to Earn APY2||$200||$100||$500||None||$100|
|Monthly Service Charge||$5 if balance is less than $200||$5 if balance is less than $100||$10 if balance is less than $500||None||None|
|Higher Interest Rates Available|
|Tax-Free Interest Option1|
|Learn more.||Account Details||Account Details||Account Details||Account Details||Account Details|
Looking for a savings account that’s perfect for kids of any age? Our user-friendly minor savings option features no fees, competitive interest rates and no minimum balance.
Interested in a savings account that offers no fees, competitive interest rates and a lower minimum balance? Our relationship savings account may be the perfect option for you!
Looking for a savings account that’s perfect for your walk of life? Our regular savings option features no fees, competitive interest rates and a low minimum balance.
Looking for a savings account with a higher interest rate? Our user-friendly money market savings option features no fees, a great interest rate and a modest minimum balance.
1 Consult with a tax professional to understand what impact CESA may have on your tax situation.
2 Maintain the minimum daily balance to maintain the disclosed annual percentage yield. The interest rate and annual percentage yield are accurate as of the effective date shown above only, and are subject to change without notice, at Gate City Bank’s discretion. Fees could reduce earnings on the account.