Return to IRAs

What is a Coverdell Education Savings Account (CESA)?

The Coverdell Education Savings Account is a nondeductible account that features tax-free withdrawals for a very specific purpose – a child’s education.

How much can I contribute?

The total aggregate contribution into one or more CESAs on behalf of any child is $2,000 a year.

For more detailed information check out the following brochure:

• CESA (Coverdell Education Savings Account)

You may also choose between an IRA Certificate with a specific term, an IRA Share Account, or an Investment Money Market Account.

The person for whom the CESA is opened must be a member of Wings (with a Primary Share Account) prior to opening a CESA Account. If you are not currently a member, open your account online or download a membership application.

Applications & Forms 

Fill out the form, print and mail it to the Retirement Center at the address on the form. All forms require Acrobat Reader [external link disclosure].

• CESA Application
• Designation of Beneficiary Form: This form is needed to list beneficiaries on your Coverdell Education Savings Account.
• Designation of Successor Responsible Individual: This form is needed to name a Designate Secondary Responsible Individual in the event of the death of the Primary Responsible Individual.

Contact the Retirement Center

For additional information about IRAs or the Coverdell Education Savings Account, call our Retirement Center at 1 (800) 692-2274, option 8, ext. 8165, or in the Minneapolis/St. Paul metro area, call (952) 997-8165.

Forms should be completed, printed and mailed (original documents are necessary) to:

Wings Financial Credit Union
Attn: Retirement Center
14985 Glazier Avenue, Suite 100
Apple Valley, MN 55124

return to top