WHAT OUR MEMBERS SAY
WHAT OUR MEMBERS SAY
About SchoolsFirst FCU

“A great partner makes all the difference. SchoolsFirst FCU is with us every step of the way.”

- Gwynne and Wayne S. 
Members Since 1957

About SchoolsFirst FCU
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Exclusively for School Employees
Coverdell Education Savings Account
Coverdell Education Savings Account
A Coverdell Education Savings Account is a trust or custodial account that provides eligible Members a tax-advantageous way to save up to $2,000 per year for a child’s education. Contributions are made with after-tax dollars, and the earnings and contributions are not subject to federal or state tax if used for qualified education expenses of the designated beneficiary (your child). Contributions can be made to a SchoolsFirst FCU Share Certificate1 or Mutual Funds.2

 

Features

  • Contributions, up to $2,000 per year, grow tax deferred
  • Withdrawals are tax free if used to pay for the beneficiary’s tuition, fees, books, supplies, equipment, room or board at an eligible college, graduate school, vocational school or any elementary or secondary school (K-12) (Earning on non-qualified withdrawals will be subject to income taxes and penalties)3
  • Minimum opening contribution as low as $100 (to a SchoolsFirst FCU Share Certificate)

  • Can be used in conjunction with our other college savings accounts: 529 Plan and College Saver Share Certificate

Requirements

  • Account must be set up by the parent or legal guardian of the child
  • Income restrictions apply to contributors
  • Designated beneficiary must be under the age of 18 (or a beneficiary with special needs) in the year account is established
  • Contributions can be made until the beneficiary turns 18 (unless beneficiary is a special-needs child)
  • Funds must be distributed by the time the beneficiary reaches 30 (exceptions may apply)
  • Beneficiary must be a Member, or eligible for Membership (for SchoolsFirst FCU Share Certificate option)

For more information, or to open a Coverdell Education Savings Account:
 

 

 

Call

Call

800.462.8328, ext. 4116

Monday through Friday, 9 a.m. - 5 p.m.
 


Check the background of our investment professionals on FINRA's BrokerCheck

 

Disclosures

1The National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA), federally insures SchoolsFirst FCU Members' deposits to the standard maximum share insurance amount of $250,000.

2Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member
FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with SchoolsFirst FCU to make securities available to members. Not NCUA/NCUSIF/FDIC insured, may lose value, no financial institution guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.

3Please consult a qualified tax professional for tax advice on your specific circumstances.

 

NOT A MEMBER?
NOT A MEMBER?
WHO CAN JOIN?
WHO CAN JOIN?
School Employees

Employees and retirees of eligible primary and secondary schools, colleges and universities.

 

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Family Members

Immediate family members of existing SchoolsFirst FCU Members can join too.

 

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REFER A FRIEND
REFER A FRIEND