When you become a parent, your dreams for your children likely include going to college. Start planning for your child’s college education and start saving now.
So what’s the best way to save? At ACU of Texas, we have a few solutions for you; Roth IRA, Coverdell Education Savings Account (ESA) and our Star Savings Account.
Roth IRA + Coverdell Education Savings Account (ESA)
The Roth IRA is a savings account provides flexibility and special tax treatments – among other benefits, account owners can withdraw funds from the principal portion of the savings at any time, tax-free for educational expenses.
Working in some of the same ways as a Roth IRA, Coverdell Education Savings Accounts (ESA), is a savings account created to incentivize savings for education expenses.
Consulting with LPL Financial, we are committed to providing you with more details about utilizing Roth IRAs for educational purposes and the Coverdell Education Savings Accounts.
Star Savings Account
Our Star Savings Account is specifically designed for members 22 years of age or younger, and teaches them how to manage money, as well as encourages savings. With 3.00% APY* on the first $1,000.00, and standard savings rates on all balances over $1,000.00,** savings rack up quickly.
Members and non-members can open their children’s Star Savings Accounts in at their nearest ACU of Texas branch, or by calling our Member Access Center at 409.945.4474 or 281.479.3441.
It’s never too early, or too late to start saving for college – and we’d love to help you get started.
*APY = Annual Percentage Yield. 3.00APY accurate as of 11-01-2017. **Dividends Paid Monthly
