Are you looking for another way to save for college? SEFCU can help with a Coverdell Education Share Certificate. Opened by a custodian for a beneficiary, these certificates allow you to contribute up to $2,000 a year in after-tax dollars to pay for education expenses. Earnings can be withdrawn tax-free to pay for the beneficiary’s education expenses (i.e., tuition, books, supplies and equipment), while contributions may be withdrawn tax- and penalty-free at any time for any reason. You can keep contributing until the beneficiary reaches 18—and even transfer the account to another family member under 30.
If you’d like to know more about Coverdell Education Share Certificates, contact our Member Solutions Center at 518-452-8183 or 800-727-3328, or visit any branch location.