- All contributions to ESAs are tax-free
- Unlimited number of separate accounts can be opened for the same beneficiary
- Accounts can help any beneficiary under the age of 18 or with special needs
- Can be used to pay for elementary, secondary, and post-secondary education
How to Get Started
Contact an ISB banker today for details!
Account Requirements and Charges
- Minimum balance of $100 required to open any ISB deposit account.
- Account contributions allowed until beneficiary turns 18 (unless beneficiary has special needs)
- Funds must be used before beneficiary’s 30th birthday (unless beneficiary has special needs)
- Must maintain a minimum of $1 each day to obtain APY*.
$1 monthly service charge — This service charge is waived if:
- Average balance of $100 or greater
- — OR —
- Primary account holder is under age 18
Fees may reduce earnings. Fees may reduce earnings. Service charges are subject to both state and local sales tax. This information is not a Truth in Savings disclosure. Ask a bank representative for Truth in Savings disclosures, account details, restrictions, processing limitations and enrollment instructions. *APY = Annual Percentage Yield; APY accurate as of 9/1/2019 and is subject to change