Education savings

Education savings accounts (ESAs) are special accounts used to pay for education costs for your children. Insured and uninsured account options available.


  • Yearly contributions can be made up to $2000 per year per child.
  • Contributions are not tax deductible, however distributions are tax-free if used for qualified school expenses.
  • ESA contributions are not affected by other IRA contributions.
  • Beneficiary may retain funds in the ESA until age 30.


  • 6 or 12 month variable rate accounts.
  • 1 or 5 year fixed rate accounts.

Minimum deposit

  • Variable rate ESA $10 with automatic transfer.
  • Fixed rate ESA $250

Fees and rates


  • Interest is generally compounded and credited quarterly on most ESAs.
  • Interest is paid during the term of the ESA and can be withdrawn without penalty. Interest renewed into a new ESA becomes part of the principal balance and is subject to penalty if withdrawn.
  • Interest rates and annual percentage yields (APYs) we advertise are based on the assumption that the interest will remain in the account until maturity. Interest paid is calculated using the daily balance method, which applies a daily periodic rate to the account each day.

Early withdrawal penalties

  • 90 day's interest on the 6 and 12 month variable rate, and the 1 year fixed rate ESA.
  • 181 day's interest on the 5 year fixed rate account.