Education Savings Accounts

  • Overview

    Education Savings Accounts

    Help save for your child’s future with a Coverdell education savings account. Investing in education is essential for you and your family’s long-term financial well-being. At Spirit of Alaska Federal Credit Union, we make saving for college easy—all withdrawals are tax-free when used for qualified education expenses. As an added bonus, unused funds can be used for other family members’ educations. An account can be started by anyone interested in contributing. We welcome parents, grandparents, and relatives to open one today.

    A tax advantaged IRA style account to save for qualified education expenses

    • No annual maintenance fee
    • All earnings are tax-deferred
    • No IRS penalties when used for education
    • Contributions can be made until the child reaches age 18
    • Contribute up to $2,000 per child per year

    "Over the years you have done a fabulous job helping me. I recommend you to friends who tell me they plan on heading to Fairbanks."

    - T.L.

    Additional Information

    Distribution may begin at the age of 18*. Funds must be distributed by age 30.

    Contributions are not tax deductible, and may be made until child reaches the age of 18.

    Must be coordinated with other education plans such as State Tuition Plans or HOPE and Lifetime Learning tax credits.

    See Education Savings details from the IRS to find further specifics on income limitations, contributions, and withdrawals.

    Disclosures

    *Distributions must be used for qualified higher education expenses such as tuition, fees, books, supplies, and equipment for colleges and vocational schools. Funds must be distributed by age 30. Must be coordinated with other education plans such as State Tuition Plans or HOPE and Lifetime Learning tax credits

    Contribution income limitations apply.

    Coverdell Education Savings Amendment

  • Rates

    Education Savings Rates

    Account Type Min. Opening Bal. Min. Bal. to Earn Dividends Dividend Rate APY*

    Coverdell Education Savings

    		$0.00 $0.01 0.15% 0.15%

    *Annual Percentage Yield. Refer to our Pricing Guide (PDF) for all fees. Fees may reduce earnings. Rates are subject to change at any time. Current as of 21 February 2020.

  • Calculator



    Go To All Calculators

  • FAQ

    Frequently Asked Questions

  • Open Account Now

e-Teller Login

Search

I need help with Education Savings Accounts

We’d love to help! Just give us your name, phone number, and email address and we’ll contact you as soon as possible!

  • * Required
  • WARNING * Required
    For your security, do not include sensitive information, such as Social Security numbers or account numbers, in your message. If you need to communicate with us about sensitive information please use the Message Center in e-Teller, your online banking application, or call us during regular business hours so we can verify your identity. For other inquiries, send us a message here and we're happy to help!

I have a question

We’d love to answer your questions! Just give us your name, phone number, and email address and we’ll contact you as soon as possible!

  • * Required
  • WARNING * Required
    For your security, do not include sensitive information, such as Social Security numbers or account numbers, in your message. If you need to communicate with us about sensitive information please use the Message Center in e-Teller, your online banking application, or call us during regular business hours so we can verify your identity. For other inquiries, send us a message here and we're happy to help!

Leaving Our Website

Attention! You are now leaving the Spirit of Alaska Federal Credit Union website. We do not control the security or privacy practices used at the following website. Periodically, Spirit of Alaska Federal Credit Union's website may include information from third parties and/or links to other websites. Spirit of Alaska Federal Credit Union does not make any warranties, express or implied, regarding any third party information or links to alternate websites. In addition, Spirit of Alaska Federal Credit Union assumes no responsibility for the accuracy or reliability of the content provided by third parties. If you click "CONTINUE", an external website will be opened in a new browser window. If you click "CANCEL", you will be returned to the this website.