Personal Banking

Planning for your children’s success...

Coverdell Education Savings Accounts

Have you thought about planning for your child's education? With tuition costs increasing on a yearly basis, now may be a good time to open a Coverdell Education Savings Account (CESA) with First Commonwealth. Parents, as well as grandparents, aunts and uncles can qualify to make regular contributions.

Coverdell Education Savings Accounts offer many features including...

• Maximum $2,000.00 annual contribution per child
• Nonindividuals may contribute - includes corporations and tax-exempt organizations
• Tax-free distributions provided they do not exceed "qualified education expenses" ...incurred at an eligible education institution (qualified elementary, secondary, and higher education expenses)
• Funds can be transferred to another CESA for a member of the same family provided the new beneficiary is younger than age 30 (with the exception of a special needs individual)