The Educational Savings Account is a high-yield savings account to help save for higher education costs. It must be open for a minimum of three years and pays out on your child’s college entrance date or 18th birthday, whichever comes first. With no minimum opening deposit required, it’s a great way to save!
Any withdrawal from the Educational Savings Account prior to set requirements will close the account and result in a penalty (some exceptions may apply). The dividend on the Educational Savings Account adjusts annually on January 1 based on the 36-121 month certificate rate in effect on December 31.
To open an Educational Savings Account, please visit your local Branch.
You've heard the figures - college education is expensive. All those benefits of personal growth, expanded horizons and increased lifetime earning power come at a price that increases every year.
As the cost of a college education continues to climb, many grandparents are stepping in to help. This trend is expected to accelerate as baby boomers, many of whom went to college, become grandparents and start gifting what is predicted to be trillions of dollars over the coming decades. Grandparents can open an Educational Savings Account for grandchildren at birth and make regular deposits to assist in higher education costs.
It's hard to talk about college without mentioning financial aid. In many cases, financial aid may be the deciding factor in whether or not a child attends the college of his or her choice, or even attends college at all. That is why it is important to develop a basic understanding of financial aid before a child applies to college. Without such knowledge, you may have trouble understanding the process of aid determination, filling out the proper aid applications, and comparing the financial aid awards a child receives.