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Education Savings Account (ESA)
A type of investment account designed to help families save for the future education expenses of a designated beneficiary.
More Details
An education savings account (ESA) is a type of savings account that is specifically designed to help families save for the cost of education. ESAs can be used to save for a variety of educational expenses, including tuition, fees, books, and room and board for elementary, secondary, and higher education.
Example
You just had a baby and are planning ahead for their educational future. You decided to open an education savings account to set aside money for their college tuition and expenses. You plan to add money to this account as your budgeting allows until your child goes to college.
Related Terms
Retirement
The state of exiting the workforce, usually at the end of one's career, and living on savings or pension.
Maturity Date
The date on which a loan or investment reaches its end and the principal amount is due to be repaid.
Mortgage
A loan used to finance the purchase of a home, with the property serving as collateral for the loan.