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Coverdell Education Savings Accounts

Saving for college can be a daunting task. Fortunately for you, BancorpSouth Wealth Management has several ways to help you accomplish this savings goal and the Coverdell Education Savings Account could be the right way for you.

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  • Can be used for costs associated with elementary or high school education
  • Simple and easy way to save
  • Large yearly deposits are not required

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Features & Benefits

Features and Benefits

  • Account may be owned by the student or parent of the student
  • Contributions may be made for the beneficiary up to age 18
  • Coverdell accounts may be rolled over into a Coverdell account of a family member
  • No age limit for special needs beneficiaries
  • Earnings accumulate tax free
  • Distributions are tax free as long as they are used to cover qualified educational expenses such as tuition, books, tutoring, related supplies, room and board, uniforms, transportation and computers for primary, secondary, and post-secondary schools
Requirements & Fees

Requirements and Fees

  • Maximum yearly contribution amount from all sources of $2,000
  • Money must be used by the time the beneficiary is age 30 or the earnings will be taxed as ordinary income plus a 10% penalty.
  • Contributions must be made in the form of cash. No stocks, bonds or other savings vehicles are permitted.

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Can my minor child have a checking account?

My child has an account with BancorpSouth, can they have access to their account through Online Banking?

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