Education Savings Accounts are a great way to save for future education expenses. You may contribute up to $2,000 annually per child.
The details:
- Minimum Balance: $500
- Dividends are paid on a quarterly basis and are calculated by the average daily balance method.
- Distributions may be used for a wide range of educations expenses:
- Books
- Elementary, Secondary, and Postsecondary School Tuition and Fees
- Personal Computers
- Room and Board
- Tutoring
- Extended Daycare Expenses
- Contributions are not tax-deductible, but money grows tax-free. No taxes are paid when withdrawn for qualified school expenses.
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