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Coverdell ESA (Education Savings Account)

A flexible, tax-advantaged way to save for education expenses – K-12, as well as college, graduate school, vocational school, etc. You can contribute up to $2,000 per year for each student's schooling by establishing a Coverdell Savings Account through State Farm®.

A Closer Look

  • Deposits grow tax-free until distributed
  • Earnings are tax-free as long as they are used for eligible expenses – including supplies, room and board and uniforms, as well as tuition
  • Can be used to pay for primary or high school expenses, as well as higher education
  • Anyone can contribute up to $2,000 per child each year

Funding Options through State Farm Bank®

You can save in an FDIC-insured State Farm Bank Certificate of Deposit (CD). Contact State Farm Bank at 1-877-SF4-Bank (877-734-2265). If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services.

State Farm Bank – FDIC-insured CDs