The smart ATMs at our Northampton Branch Lobby & Drive-up, Northampton VA Branch, and Worcester Branch are temporarily out of service. All UMassFive locations, including our Contact Center, are still available during normal business hours, and our online and mobile banking services remain available as usual.
Education Accounts (Coverdell ESA) Details & Disclosures
Eligibility: The individual contributor must not exceed the Modified Adjusted Gross Income (MAGI)* limit and the beneficiary must be less than 18 years old.
Other Advantages: In addition to parents, other relatives and friends can fund the Coverdell ESA. Funds can also be moved from one family member’s Coverdell ESA to another’s.
A Coverdell ESA can be opened with as little as $100 in an IRA Share Account. IRA Term Share Certificate options earn a higher rate of interest and can be opened with a minimum of $500.
Coverdell ESA Annual Contribution Limits per Child: $2,000
* In U.S. tax law, modified adjusted gross income (MAGI) is detailed in the instructions to IRS Form 8606.