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Coverdell ESA


Planning for your child's education shouldn't keep you up at night!


Unlock the door to financial peace of mind with Woodsboro Bank's Coverdell Education Savings Account (ESA). A popular tool among forward-thinking parents, our ESA offers a tax-advantaged route to ensure that funding your child's academic journey is smooth sailing. With our Coverdell ESA, you're not just saving but investing in a future filled with endless possibilities.


Why Choose Our Coverdell ESA?


  • Tax Benefits: Your investment grows tax-free, and the beneficiary can receive tax free distributions when the funds are used for qualified education expenses.
  • Broad Educational Use: The Coverdell ESA covers various qualified educational expenses. From tuition fees to books, uniforms to computers – our ESA has got you covered!
  • High Contribution Allowance: With the Coverdell ESA, you can contribute up to $2,000 each year until the beneficiary turns 18. This provides a remarkable opportunity to steadily build up significant funds over time, making it a powerful tool in planning for future education expenses.
  • Flexible Contribution: There’s no fixed amount for your annual contribution. You can adjust your contributions based on your financial situation. The Coverdell ESA is restricted to families below a certain income level based on their adjusted gross income.


education saving account label on jar with money and books


young man in a green button down shirt using a laptop.


The Application Process


Applying for our Coverdell ESA is a breeze. Here's what you need to start:

  • Social Security Number or Tax ID Number for the account beneficiary
  • A minimum initial contribution
  • The beneficiary's name, date of birth, and address
  • Your relationship with the beneficiary

Once you've gathered all the necessary details, you can apply for your Coverdell ESA immediately. Our team at Woodsboro Bank is always here to help you through the process.


Our LPL Financial Advisors are committed to your goals. We believe in putting the focus on you to first build a personal relationship and get to the heart of what you really want to pursue. Our advisors take pride in their dedication to getting to know you, your financial position, and your goals to help you prioritize and develop a sound financial strategy, and stay on track so you can pursue your long-term goals.

Personal Consultation and collaborative support

Professional financial analysis and recommendations

We go beyond investments by working in coordination with the professionals handling other aspects of your finances, including, tax and legal, to help you manage the bigger financial picture

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Call 301.898.4000 or contact our branch team.
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Woodsboro Financial Services (TM) and Woodsboro Bank are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using the name Woodsboro Financial Services (TM), and may also be employees of Woodsboro Bank (TM). These products and services are being offered through LPL and its affiliates, which are separate entities from and not affiliates of Woodsboro Bank (TM) or Woodsboro Financial Services (TM).

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