Education Savings Account

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¹ Refer to the Truth in Savings Disclosures for more details.

Planning for education expenses can never start too early. Open a Coverdell Education Savings Account CD today and secure your child’s educational future. The growth (interest) is tax-deferred and can also be withdrawn tax-free if used for qualified education expenses.

Features and Benefits

• Open your account today with as little as $500 and start earning interest.
• Multiple terms available, ranging from 12 to 60 months.
• Interest is compounded daily.
• Automatic renewal at maturity so you can continue to earn interest through your grace period.
• Ten-calendar-day grace period after the maturity date to change the investment term or withdraw funds without being charged a penalty. You may also increase the amount in your ESA CD during the grace period.¹
• This account is FDIC insured.
• Free online statements.
• For your convenience, interest payments can be added to the CD, paid by check, deposited to a State Farm Bank account, or electronically transferred to an account at another institution.

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Account Eligibility

• The individual(s) on the account must have a Social Security Number (SSN), Tax Identification Number (TIN), or Individual Taxpayer Identification Number (ITIN).
• The account must be established for the benefit of a child (designated beneficiary) under the age of 18.

¹ Refer to the Truth in Savings Disclosures for more details.

¹ Refer to the Truth in Savings Disclosures for more details.