Finance Land Explorer is for a child up to the age of 9. An “Explorer,” can open first savings account jointly with a parent, grandparent or a legal guardian.

Young Financial Manager is for kids from 10-15 years old. With this account a minor can receive an ATM Card with a $200 daily withdrawal limit and gain access to our Internet Banking site, dedicated to this age group.

Young Financial Expert is a young adult aged 16 through 18. This age allows Young Expert to open a checking account with a Debit Card. This is a great opportunity to get an independence in financial transactions, or using other electronic services.

A Coverdell Education Savings Account (ESA) an incentive in preparing for their children’s future educational expenses incurred at an eligible public, private, or religious school, at the primary, secondary, or a post-secondary level.

Beneficiary

•  A Coverdell ESA may generally be established for a child under the age of 18.

Contributions

• Account offers tax-free earnings on contributions if the funds are used to pay for qualified educational expenses.
• The current annual contribution limit is $2,000
• The deadline to make a contribution for the given year is April 15 of the following year.

Distributions

• The money in a Coverdell ESA can be used to cover a wide range of educational expenses, not just tuition. These expenses can include fees, books, supplies, and equipment.
• Before a child turns 30, accumulated ESA funds must be spent on qualifying educational expenses or they are subject to a penalty fee of 10%.