Personal - Education Savings

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For each beneficiary, you open an account with $50 or $100 and add up to $2,000 total in after-tax dollars annually. The earnings on your contributions grow tax-free, and when it comes time to use the funds you’ve saved up, you can do so without having to pay any additional taxes. (There are a few other details. Chat with an Umpqua Associate or your tax advisor for additional info.) Pick from savings or certificate of deposit accounts! An ESA can be used for elementary and secondary school and college "qualified education expenses”. These expenses include tuition, room and board, tutoring, other school fees, music lessons, books & supplies, computers and internet access.		You can change the beneficiary of the account. You can also rollover any unused ESA funds, without penalty, to other family members under the age of 30 (or age 38, if they have special needs). Yes, there are a few. If you make a non-qualified withdrawal, your earnings will be taxed by the IRS. If you opened a ESA certificate of deposit and close it before its maturity date, an early withdrawal fee could apply. In order to take care of your account, we also charge a $15 annual fee. You can open an account for your children, grandchildren, a friend or other family member. There’s only one catch: the beneficiary of the account you set up must use the funds before they turn 30.
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