Coverdell Education Savings Account (CESA)
A CESA is a trust or custodial account for the purpose of paying the qualified education expenses of a designated beneficiary of the account.
- Only $500 opening deposit
- The following terms are currently available: 3 month, 6 month, 12 month, 18 month, 24 month, 24 month upgradable, 36 month, 48 month, and 60 month
- Rates are guaranteed for the term of the IRA/certificate
- Interest can be compounded, deposited, or sent to you by check
- Contributions can be made up to $2,000 annually until the child’s 18th birthday
- Funds in existing CESA can be designated to a new beneficiary if not used for educational purposes by the original owner
In order to open a new account and establish and protect your identity, we will ask for some personal identifying information. We know your time is valuable, so please bring this information with you when you come. Please allow at least 30 minutes to establish your relationship at any of our convenient Oconee State Bank locations.
-Social Security or taxpayer ID number
-Unexpired Government issued ID or driver's license, military ID, or passport
-Proof of physical address, date of birth, phone number(s), and email address