Education Savings Account


A savings account established to pay for education expenses. The contributions are not tax deductible. Earnings are tax-deferred and the distributions are tax-free if used to pay for qualified education expenses.

Target Market:

Individuals with children or grandchildren under age 18.


$10 annual trustee fee (per IRA customer)
$25 closing fee (complete transfers or premature withdrawals)
$10 excess contribution fee (if FF must withdraw the excess)




Minimum deposit of $100 to open. Must be used for qualified educational expenses. See account disclosure or IRA resource page for more information.


Deposits and withdrawals can be made at any time (subject to ESA rules/guidelines)

Flexibility to use funds when needed for qualified education expenses

Annual contributions may be made until the child turns 18

Allows time to save for education expenses

Qualified education expenses include elementary, secondary and college expenses

Ability to use funds for all levels of education

Contributions may be made by any relative or non-relative

Any person can help a child with education costs (income limits may apply)


Complementary Products and Services

  • Personal Checking Account
  • On-Line Banking
  • Certificates of Deposit
  • Personal or Kids Savings
  • Mobile Banking with Free Mobile Deposit
  • IRA, HSA
Learn More

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