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Education Savings Accounts (ESAs)

Start saving money to help a child, grandchild or any young person pay for education expenses.

Coverdell Education Savings Accounts (ESAs) are an ideal way to begin saving money to help a child, grandchild or any young person pay for education expenses.

ESA contributions are not tax-deductible, but they may earn interest tax-deferred until distributed.

ESA Features

  • Qualified expenses for K-12 school costs
    This includes home computer equipment, Internet access and tutoring.
  • Waiver of age limitations for children with special needs
    The law allows contributions for individuals with special needs beyond age 18 and no mandatory pay-out at age 30.

ESA Investment Options

  • Savings Account - $100 minimum deposit or $25 with automated deposits
  • Certificate Accounts - $100 minimum deposit or $25 with automated deposits, 6-month, 1-year and 2-year terms

ESA Summary

ESA Dividend APYs

IRA / ESA Savings

0.50

%

APY (0.50% rate)



6-Month IRA / ESA

0.50

%

APY (0.50% rate)



1-Year IRA / ESA

0.55

%

APY (0.55% rate)



2-Year IRA / ESA

0.60

%

APY (0.60% rate)

 

Open an ESA

 

Service your ESA

 

ESA Information and Help



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Scam and Fraud Alert

Please remember that Star One employees will never call you to verify or ask for your personal information.

Hang up immediately if someone claiming to be a Star One employee asks for any banking information—such as your Online Banking login information, account numbers, card PINs, or one-time passcodes.

A fraudster may try to reassure you that it's OK to share your information—please hang up, it's not OK.

Several Star One members have received phone calls from a person claiming to be a Star One employee—with a caller ID forged to look like a Star One phone number—and whose goal is to gain access to members' bank accounts online.