Whether your child is six months or ten years old, it's never too early to start thinking about their college education. With the enormous cost of higher education, it's important to plan ahead and start saving early. A Coverdell Education Savings Account is a great way to start saving for your child's education.

These so-called IRAs are more appropriately called education investment accounts. Those who meet the income limits of (check with IRS for current values) as single/head of household or (check with IRS for current values) as married filing jointly, including parents, grandparents, and children themselves. Contribution of up to (check with IRS for current values) a year may be made on behalf of a child under age 18. (A child can have more than one Coverdell Education Savings Account, but the total contributions in aggregate to all of a child's accounts can't exceed (check with IRS for current values) a year.) The (check with IRS for current values) maximum contribution per beneficiary is gradually reduced if the contributor's modified adjusted gross income is between (check with IRS for current values) and (check with IRS for current values) ( (check with IRS for current values) and (check with IRS for current values) if the contributor is filing a joint return). Contributions aren't tax deductible, but when college rolls around students can withdraw the money tax free to pay the costs of qualified higher education expenses.

If you need more information about opening a Coverdell Education Savings Account we have specialists on staff that can give you all the information you need to decide if the Coverdell Education Savings Account is right for you.

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Other types of IRA accounts
IRA comparison chart
Roth IRA
Traditional IRA - Deductible