Education Savings

Set your child on the right path with a Coverdell Education Savings Account (ESA) with BCSB, which allows $2,000 in deposits per year that grow tax-free until your child reaches age 18. Contributions and earnings are tax-free when withdrawn to pay for a qualified education expense.

For Education Savings Accounts, open a Statement Savings Account with a minimum opening deposit of $250, a Regular Certificate of Deposit with a term of 6, 12, 24 or 60 months with a minimum balance of $500 or any Special Certificate of Deposit with a minimum balance of $1,000 at a term currently available for Special Certificates of Deposit.
Click here to view current Certificate of Deposit rates.

Click here to access our convenient College Funding Calculators.

Call 410.583.8700 or click here to have an account representative contact you.

APY means Annual Percentage Yield. Minimum deposit to open an Education Regular Certificate of Deposit Account is $500. Minimum deposit to open an Education Special Certificate of Deposit Account is $1,000. Interest is computed from day of deposit to day of withdrawal, compounded daily and paid monthly. Contributions and earnings are tax-free when withdrawn to pay for a qualified education expense. Early withdrawal penalties are assessed in an amount equal to the lesser of all interest paid or three months earnings (for terms of 12 months or less) or six months earnings (for terms greater than 12 months). Bump-up and term changes are not permitted. Deposits to Education Certificates can be made at maturity. Additional deposits are not permitted during the term of the certificate. Education Statement Savings Accounts are available with a minimum balance of $250, and allow for deposits to be made at any time. There is no monthly fee associated with the Education Statement Savings Account.