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College Planning

Developing a plan to save for your child’s college education can be an overwhelming and complicated task.  Our Financial Services Team can help you create and manage a savings plan designed to meet the ever-increasing costs of higher education.

Some of our education savings plan options include:

529 Plans
These plans allow contributions to an account established to pay 'qualified higher education expenses.' Contributions are not tax deductible, but growth is tax-deferred and you can invest as little as $25 per month.* 

Coverdale Education Savings Account
Formerly known as the Education IRA, the Coverdale Education Savings Account allows you to invest $2,000 per beneficiary, per year. Contributions are not tax-deductible, but growth is tax-deferred. Distributions are excluded from income if used for qualified education expenses including elementary, secondary, and college tuition costs. Some restrictions apply, so please contact our Financial Services Team for more details.

UTMA (Uniform Transfers to Minor Act)
The UTMA allows you to establish a custodial account to save for college expenses. As the custodian of the account, you can control the investments while the minor maintains “account owner” status. Once reaching the age of maturity, the minor assumes control over the account.

To learn more, please watch the online video Saving for College.

*A plan sponsored by your home state may provide state tax advantages. Please consult your tax advisor.  

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Investment products and services are offered through INFINEX INVESTMENTS, Inc. Member FINRA/SIPC. Insurance products are offered through Infinex Insurance Agency of Massachusetts, Inc. Infinex and the bank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.