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.

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