Education Savings Account

Education Savings Account Image

Anyone can contribute to your child’s Education Savings Account and the benefits can last a lifetime. Open an Educations Savings Account at any First National Bank location in Cherry Valley, Forrest City, Harrisburg, McCrory or Wynne. For more information call us at 870-238-2361.

$25.00 min deposit to open. $30.00 close account fee. Can be opened for any student under the age of 18 and funds must be used by the time the student turns 30. Annual contribution maximum of $2,000 per beneficiary. Min balance to obtain annual percentage yield (APY) is $25.00. APY is a tiered interest rate. As of July 18, 2018, the APY for an Education Savings Account (ESA) is 0.05% for balances $25.00- $499.99, 0.25% for balances up to $500-$4,999.99, 0.35% for balances up to $5,000-$9,999.99, 0.50% for balances up to $10,000-$99,999.99 and 0.75% for all balances $100,000.00 and up. The rate is subject to change after the account opens without notice. Fees may reduce earnings.

 

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