Education Savings Account

An Education Savings Account (ESA) is a tax-advantaged savings tool designed to help families accumulate funds for future education expenses. Contributions are made with after-tax dollars, but the investment growth and withdrawals for qualified education costs are generally tax-free. ESAs can cover a wide range of educational expenses, including tuition, supplies, and even certain costs for college or private school. They provide flexibility to choose investments and can be a strategic way to save for education costs over time, reducing the financial burden when education expenses arise.