Investing in a Coverdell Educational Savings Account can help parents and others save for the expenses of a child's education. A CESA can receive up to $2000 in a non-deductible contribution* for children under the age of 18. Earnings on the Educational IRA may be tax-free provided that the funds are used to pay for qualified education expenses (including kindergarten through grade 12) of the designated child.
First Federal offers a CESA investment in a certificate of deposit. The certificate of deposit has a fixed rate for the term of the certificate and compounds the interest on a quarterly basis. Available terms are 1, 3, and 5 years.
For more details on the Coverdell Education Savings Account, please contact one of our offices.
*Certain restrictions may apply based on the modified adjusted gross income of the contributor(s).
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Since First Federal Savings Bank of Virginia is a small bank, dedicated to serving the needs of our local communities, deposit accounts and loan applications are accepted only from residents of the communities served by our branch offices and their surroundings.
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