Education Savings
Build a college fund for your child with a Coverdell savings account at Pacific Crest. Every year, you can deduct the money you save (up to $2,000) from your federal taxes. Later, when your child uses that money for their education, they won’t have to pay taxes on it then, either.
Trail Notes
It’s a savings account that helps you pay for your education (or your child’s) by letting you set money aside tax-free. Coverdell accounts were established in 1997 under the Taxpayer Relief Act; they’re named after Senator Paul Coverdell, who championed the program.
Coverdell savings can go to books, tuition, school uniforms, and other educational expenses. Unlike a 529 savings plan, Coverdell isn’t just for college. This type of savings can also help you pay for your child’s primary and secondary school expenses. However, the type of expense, and the institution itself, do have to be qualified.
If the beneficiary (the person getting the education) is age 30 or younger when you withdraw the money, you won’t have to pay taxes on your withdrawal. If they’re older than 30, you will need to pay taxes on the amount that you withdraw.
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Today’s rates
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Balance to Earn APY |
Dividend Rate |
Annual Percentage Yield |
|---|---|---|
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Rates Effective: March 1, 2022 Minimum Opening Deposit: $10.00 Dividend calculations are daily balance method. |
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$10.00 |
0.10% |
0.10% |
We’re a credit union. We’re your community.
Pacific Crest isn’t a bank. We’re a financial co-op owned by 16,000+ people in the Klamath Basin and surrounding rural communities. In 2018 alone, we returned a financial benefit of over $23 million to our home and yours — by reaching out, giving back, and paying it forward.
Reaching out
At Pacific Crest, we build partnerships and provide services designed to make a difference, while devoting hundreds of volunteer hours every year to good causes.
Giving back
We search for organizations that are making a positive impact in our communities, whose work has a ripple effect, and put our dollars where it means the most.
Paying it forward
To help deserving students make a difference, we offer four $1,000 annual scholarships inspired by board members who made a difference at Pacific Crest.