Certificates

  • Coverdell Education Savings
Coverdell Education Savings
 

Key Features

Choose from 1-, 2-, 3-, 4-, 5-, or 7-Year Education Savings Certificates.
 

TermDividend RateAPY
1-Year0.800%0.80%
2-Year0.900%0.90%
3-Year1.000%1.00%
4-Year1.250%1.26%
5-Year1.500%1.51%
7-Year1.500%1.51%

 *Please see 'Details and Disclosures' below for important account information. 

Benefits

  • Savings for education expenses 
  • Tax free earnings
  • Funds can be used for qualified elementary and secondary education as well as college education 

Keep in Mind: Consult a tax adviser. Maximum yearly contribution is $2,000. Education Savings Share Account min. opening deposit is $25. Education Savings Account Certificate min. opening deposit is $500.

Not yet a PenFed member? Join now to apply.

Details and Disclosures

APY (Annual Percentage Yield)  is accurate as of April 01, 2014 - April 30, 2014 and is subject to change at any time. Fees may reduce earnings. 

 

We will establish your certificate on the day we receive your application and funding. Once purchased, the rate is locked in for the term of your certificate.

 

Certificate dividends are compounded daily.

 

Early Redemption Penalties 

Penalties are imposed for early withdrawal of money market share certificates. You must provide your request in writing.

 

Certificates having a term of 1 year up to and including 4 years 

If redeemed within 180 days of the issue date or any renewal date, all dividends will be forfeited

If redeemed thereafter, but before the maturity date, dividends for the most recent 180 days will be forfeited.

 

Certificates with a term of 5 years or greater
(applies only to certificates issued or rolled over on 3/15/11 or later)

If redeemed within 365 days of the issue date or any renewal date, all dividends will be forfeited.

If redeemed thereafter, but before the maturity date, dividends for the most recent 365 days will be forfeited.