Coverdell Education Savings Account (ESA) Certificates of Deposit

Features

Minimum opening deposit required is $500
Funds must be distributed by age 30 of student
Automatically renewed for the same term at maturity
FDIC insured
Additional deposits of $100 or more can be made to a 1-year term ESA. View Details
You have 20 calendar days (grace period) from the maturity date to withdraw your funds without being charged a penalty by State Farm Bank. Consult your tax advisor to determine applicable IRS policy regarding income taxes or IRS penalties.

Learn more about the ESA CD

Interest

Compounded daily and credited to the account monthly
Begins to accrue on the day your deposit is received at our Bank Operations Center

Statements

Mailed monthly
Can be combined with other State Farm Bank accounts
Available in Spanish

Convenient Access

Internet
Mail
Phone

ESA CD Rates

Rates for Coverdell Education Savings Account (ESA) CD

Rates for other account types

How to apply

Convenient ways to apply for a Coverdell Education Savings Account (ESA) CD:

Contact a participating State Farm agent.
Call State Farm Bank toll-free at 1-877-SF4-BANK / 1-877- 734-2265

Disclosures

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If any of the principal is withdrawn before the maturity date, a penalty of 90 days' interest on the principal withdrawn, whether earned or not, may be imposed for certificates with terms of 1 year. A penalty of 180 days' interest on the principal withdrawn, earned or not, may be imposed for any withdrawal of principal for certificates with terms of greater than 1 year.