a great tomorrow starts today
Whether you’re saving for college, setting money aside for smaller expenses or simply hoping to develop healthy saving habits, our Youth Savings Account is the right place to start!
Youth Savings Features
- Available to savers up to 18 years old
- No monthly maintenance fee
- No minimum balance requirements
- Parents can set up monthly automatic transfers from their account into child’s account
- Establishes the importance of saving at an early age
- Free Digital Banking
- $5 minimum deposit to open
A 529 College Savings Plan is one of the most flexible and potentially tax-advantaged education funding tools ever created.
Coverdell Education Savings Accounts (ESAs) offer a potentially tax-efficient way to save not only for college expenses, but costs associated with elementary and high school education as well.
See the table below for more information.
Education Savings Comparison
|529 Plan||Coverdell ESA||Traditional Savings Accounts|
|High Limits on Contributions|
|No Federal Taxes on Current Earnings|
|No Federal Taxes on Qualified Distributions|
|State Tax Benefit May Exist|
|Investment Options are Mutual Fund Portfolios Only|
|Portfolios Chosen by Account Owners/Custodians|
|Original Account Owner Maintains Ownership|
|Account Owner Can Designate New Beneficiary|
|Can be Used for Primary/Secondary Schools|
|Deadline Exists for Full Account Distribution or Transfer of Ownership|
|Income Cap Limit to be Eligible to Open Account|