Education Savings Account
Save for a child’s college education.
Saving Accounts Desigend for Education Expenses
Save for a child’s college education here in Bucks County, elsewhere in Pennsylvania, or out-of-state. We are proud to be home to so many institutions of higher education such as Bucks County Community College, Delaware Valley University, Cairn University, Arcadia, Gwynedd Mercy, Manor College, Temple, Drexel, and more. Local schools included in the U.S. News’ rankings include The Pennsylvania State University at University Park at #28 for Top Public Schools and the University of Pennsylvania at #6 nationally. As of the 2023-2024 academic year, average tuition and fees for in-state schools in Pennsylvania is $14,228 for residents.
Not sure which savings account is best for your needs? Compare all our savings account options to find the right one for you.
Education Savings Account Features
- Fixed and Variable rate accounts are available.
- Statement: Each account holder is provided with an annual statement.
- For current IRA Rates, please click here
- Fees: We do not charge any service charges or administrative fees.
- Auto Transfer: We offer automatic transfers from another deposit account at The First into your IRA account free of charge.
Find A Local Branch
The First is here to help you reach your financial goals. Find the nearest local branch near you. We’re here for all your banking needs.
Compare Savings Accounts in Bucks County
Not sure which savings account is best for your needs? Compare all our savings account options to find the right one for you.
Statement Savings | Money Market Savings | Kids First Savings | Holiday | Special Purpose | IRA |
|
---|---|---|---|---|---|---|
Earns Interest | ||||||
**ATM Card | ||||||
Minimum Balance to Open | $1.00 | $1.00 | $1.00 | $5.00 | $5.00 | $25.00 |
Minimum Balance to Earn Interest | $100.00 | $2,500.00 | $50.00 | $5.00 | $5.00 | $25.00 |
Free Online Banking | ||||||
Interest Paid | Monthly | Monthly | Credited Monthly | Yearly | At end of Term | Monthly |
Fees | **$1.00 per month per card | |||||
Service Charge if Below Minimum | $3.00 if minimum balance is not maintained. | $5.00 if minimum balance is not maintained. Allowed 6 Transfers per month. |
Education Savings Accounts Requirements:
The maximum contribution amount is a nondeductible, cash contribution of $2000 per year per child under the age of 18. Contributions can now be made in both ESA’s and qualified tuition plans for the same child for the same tax year, significantly increasing the amount for a child’s education.
The contributor need not be a relative of the child. In fact, the contributor can be the child himself/herself.
Qualified education expenses include tuition, academic tutoring, special need services, books, supplies and other equipment incurred in connection with the enrollment or attendance of the child at a public, private, or religious school providing elementary or secondary education (kindergarten through grade 12) as determined by the law. Also included are room and board, transportation, and supplementary items or services (including extended day programs) required or provided by school.
No deposit will be allowed after the child’s 18th birthday. All funds must be distributed by the child’s 30th birthday. The law provides that the rule prohibiting contributions to an ESA after the child attains age 18 does not apply in the case of a special needs child, nor do all the funds have to be withdrawn by the 30 birthday of a special needs child.
Funds may be transferred to another family member if not used by the original child.
We Put you first
Open an Education Savings Account Today
Questions about our education savings accounts? Call us today for more information, apply online, or visit one of our locations to get started!