Coverdell Education Savings Account (ESA) Certificates of Deposit

Features

• Minimum opening deposit is $500
• Established for the benefit of a child under age 18 or is a special needs beneficiary, for the purpose of saving for education expenses
• Funds must be distributed by age 30 unless the beneficiary is a special needs beneficiary 
• Earnings are tax-free if used to pay for qualified education expenses 
• FDIC insured
• Free, convenient, and secure online statements available.
• Automatically renewed at maturity
• Additional deposits of $100 or more can be made to a 12-month term ESA.
• 10 calendar day Grace Period after the maturity date to change the investment terms, or withdraw funds without being charged a penalty. Consult your tax advisor to determine applicable IRS policy regarding income taxes or IRS penalties. You may also increase the amount in your CD during the Grace Period.
• Learn more about the ESA CD

Interest

• Compounded daily and credited to the account monthly
• Begins to accrue on the business day your deposit is received at State Farm Bank®’s Operations Center

ESA CD Rates

Rates for Coverdell Education Savings Account (ESA) CD

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

Convenient Access

• Internet
• Mail
• Phone

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