Education Savings Accounts • Northrim Bank

Education Savings Accounts


Save for learning

A Coverdell Education Savings Account (ESA) allows you to make nondeductible contributions on behalf of a child each year until the child reaches age 18. The earnings generated on the ESA contributions remain tax-deferred while held in the ESA. Then when a child uses ESA assets to pay for qualified education expenses, the contributions and the earnings are distributed tax-free.

  • Interest is tax free, as long as funds are used for qualified educational expenses
  • Can be used for elementary school through the college years for any qualified educational expense
  • Earn more interest as your balance grows. View Rates
  • Only $100 required for opening deposit
  • Make up to three debits per quarter1


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1Excess transaction fee (more than three debits per quarter) $25.00 per debit