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Education Savings Account (ESA)

Cartoony graphic of a piggy bank standing on top of a pile of textbooks.

A CapEd ESA is a way to save for eligible education expenses for a child. Contributions can be made through the age of 18.

Visit a CapEd location to get started with an ESA today.

What is an Education Savings Account?

An Education Savings Account is a great solution to save for future eligible education expenses for your child. This account may be invested in a regular savings or a certificate. That means you can either continue to deposit money over time to save, or you can utilize it as a certificate account and withdraw the funds once it reaches maturity.

Benefits & Features

  • An easy way to save for college
  • Can be used for private school students in 1st through 12th grade
  • Earns dividends that are compounded and credited quarterly
  • Flexible investment options
  • Anyone can make a contribution on behalf of ESA beneficiary for their education
  • Possible tax advantages1

ESA Savings

ESA Savings Account Rates

ESA Savings rates.
Minimum BalanceDividend RateAPY2
$0.000.50%0.50%

ESA Savings

Minimum Balance to Open ESA savings account.
$0.00

Monthly Service Fee for ESA savings account.
$0.00

ESA Certificates

Rates current as of February 15, 2024.

Promotional Certificates

Minimum Deposit for promotional certificates.
$500.00

Highest Dividend Available for promotional certificates.
4.80% APY3

Shortest Term Available for promotional certificates.
6 Months

Longest Term Available for promotional certificates.
5 Years

Promotional certificate rates.
TermMinimum DepositDividend RateAPY2
6 Months$500.004.72%4.80%
12 Months$500.004.62%4.70%
18 Months$500.004.18%4.25%
24 Months$500.003.94%4.00%
36 Months$500.003.70%3.75%
48 Months$500.003.455%3.50%
60 Months$500.003.21%3.25%

Important Information: All promotional certificates must be opened with funds that are not currently held in a CapEd Credit Union account or that have been deposited to a CapEd Credit Union account less than 30 days.

Standard Certificates

Minimum Deposit for standard certificates.
$500.00

Highest Dividend Available for standard certificates.
0.95% APY3

Shortest Term Available for standard certificates.
6 Months

Longest Term Available for standard certificates.
5 Years

Standard certificate rates.
TermMinimum DepositDividend RateAPY2
6 Months$500.000.15%0.15%
$10,000.000.25%0.25%
$50,000.000.30%0.30%
12 Months$500.000.25%0.25%
$10,000.000.35%0.35%
$50,000.000.40%0.40%
18 Months$500.000.30%0.30%
$10,000.000.40%0.40%
$50,000.000.45%0.45%
24 Months$500.000.40%0.40%
$10,000.000.50%0.50%
$50,000.000.55%0.55%
36 Months$500.000.50%0.50%
$10,000.000.60%0.60%
$50,000.000.65%0.65%
48 Months$500.000.60%0.60%
$10,000.000.70%0.70%
$50,000.000.75%0.75%
60 Months$500.000.80%0.80%
$10,000.000.90%0.90%
$50,000.000.95%0.95%

Request an ESA

Stop by any of our locations to open an ESA Savings or an ESA Certificate.

View Locations

ESA Resources

Tools to help you with your educational goals.

Help the Child in Your Life Achieve a Bright Future

View this PDF to learn more about the benefits of a Coverdell education savings account (ESA).

Student Budget Calculator

Use this calculator to help analyze your budget as a full-time student.


Questions?

Disclosures

1 Consult a tax professional for guidance and tax advice.

2 APY is Annual Percentage Yield. Rates are accurate as of the last dividend declaration date and may change after the account is opened. Fees or other conditions could reduce the earnings on the account.

3 APY is Annual Percentage Yield. Rates are accurate as of the effective date indicated. Fees or other conditions could reduce the earnings on the account. A penalty may be imposed for withdrawals before maturity. Promotional rates offered for a limited time.