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Education Savings Accounts

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 No taxes are paid when withdrawn for qualified school expenses.

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