Coverdell Education Savings Account

Account Description
  • Provides an opportunity to save for qualified education expenses; kindergarten through 12th grade, college or trade school
  • Offers a wide range of investment options, including traditional savings and certificates of deposit
  • Non-tax deductible contributions of up to $2,000.00 may be made annually until the beneficiary's 18th birthday
  • Any balance remaining in the account when the beneficiary turns 30 must be distributed or rolled over to a new account for the benefit of another family member
  • Tax- and penalty-free distributions can be written at any time, if they are used for qualified educational expenses
  • Earned income of the contributor must be less than $190,000 (married couples filing jointly) or $95,000 (individual filers)
  • Semi-annual statement and annual history statements provide updates
Account Features
*List of First Federal of Lakewood Disclosures

First Federal of Lakewood will accept deposits from ALL counties within the state of Ohio.