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Coverdell Education Savings Account

Set aside for your child's future

Give your child the funds they need to succeed with a Education Savings Account

  • Overview

    Invest in education

    The Coverdell Education Savings Account allows you to contribute up to $2,000 per year, per child, until their 18th birthday. If you meet earning requirements to contribute, the funds can be used for elementary, high school or college education expenses.

    Plus, you can rest easy knowing that your deposits are federally insured separately by NCUA to $250,000 through the Excess Share Insurance Corp (ESI).

    Enjoy tax-free distributions and earnings

    Take advantage of tax-free earning growth and tax-free withdrawals when the funds are spent on qualified expenses.

    Available as a Savings Account or Certificate

    Choose from a variety of certificate terms – from six months to five years.

    Increase your certificate rate with the Marketwatcher feature

    Increase your certificate rate one time during your term to the current Heartland rate by notifying us and adding $100 to your Coverdell Certificate.

  • Rates
    Rates Effective as of: 12-01-2021
    IRA and Coverdell Savings ($50 to open)DividendAPY*
    $0.01 – $2,499.99 0.05% 0.05%
    $2,500 – $9,999.99 0.05% 0.05%
    $10,000 + 0.05% 0.05%

    *APY is annual percentage yield. Rates quoted are in effect 7/1/2021 and are subject to change. If interest is paid to another account, APY may vary.
    Dividends are compounded and paid monthly.
    Dividends calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Dividends will accrue on the business day your deposits are posted to your account.

    Rates Effective as of: 12-01-2021
    Youth Certificate of Deposit RatesTermDividend RateAPY*
    $100 minimum for Bean Sprout, iSave, Coverdell6 Months0.10% 0.10%
    $100 minimum for Bean Sprout, iSave, Coverdell12 Months0.15%0.15%
    $100 minimum for Bean Sprout, iSave, Coverdell18 Months0.20% 0.20%
    $100 minimum for Bean Sprout, iSave, Coverdell24 Months 0.40%0.40%
    $100 minimum for Bean Sprout, iSave, Coverdell36 Months0.80%0.80%
    $100 minimum for Bean Sprout, iSave, Coverdell48 Months1.00%1.00%
    $100 minimum for Bean Sprout, iSave, Coverdel60 Months1.20%1.20%

    *APY is annual percentage yield. Rates quoted are in effect 7/1/2021 and are subject to change. Any early withdrawal penalty may reduce earnings on certificates.

    Compounding Frequency. For all term share certificates offered, the dividends will be compounded and credited to your account every quarter and at maturity. Alternatively, you may choose to have dividends paid to you or to another account quarterly and at maturity rather than credited to this account.

    Daily Balance Computation Method. Dividends are calculated by the daily balance method, which applies a daily periodic rate to your balance each day.

    Withdrawal of Dividends Prior to Maturity. The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal may reduce earnings.

    Marketwatcher option allows you to increase your rate during the term one time to the current rate by notifying us and adding $100 to your youth certificate. Your maturity date will remain the same and you will earn the higher rate for the remaining certificate term.

    You will have a grace period of ten calendar days after maturity to withdrawal the fund without being charged an early withdrawal penalty.

     

I have been a part of Heartland many years and have always felt like family. Even if I got a NO over the years. Please tell all there to be VERY PROUD and a big Thank You. I think I speak for many acct holders.

Dan

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