Coronavirus (COVID-19) Update
As a precaution, we’re restricting lobby access to appointments only. Please contact your local branch to set an in-person appointment. We’ll continue to provide you with the highest level of service through our drive thrus, ATMs and night depository where available. Great Western ebanking is available 24/7. Read More

Coverdell Education Savings Account

If college is in your family’s future, open a Coverdell Education Savings Account today.

A Coverdell Education Savings Account (CESA) is similar to a traditional IRA, but differs in two key ways: It’s typically set up with an educational purpose in mind, and anyone can contribute to it. That includes students, parents, grandparents, relatives, friends, employers, etc.

You can set up a separate CESA for multiple children under 18. Funds must be redeemed before each account holder is 30. Other features of a Great Western Bank CESA include:

  • Qualified educational uses are tax-free
  • Contribute up to a maximum amount allowed by law per child, per year
  • No fees to maintain your account
  • No fees for internal transfers or rollovers