Alert!

Information related to the NBT Bank Merger can be found at SalisburyBank.com/NBT

For information regarding recent industry news visit: SalisburyBank.com/Industry-News

Coverdell Education Savings

Save for the future education needs of your children and grandchildren.

 

How to Open

Account Features

A tax-advantaged account used to pay for childrens' educational expenses. Beneficiaries must be 18 years old or younger when the account is established. The age restriction may be waived for special needs beneficiaries. Funds saved under an education IRA are meant to be used to cover future educational expenses.

  • $2,000.00 per designated beneficiary per year (nondeductible)
  • Designated beneficiary must be under age 18 at the time of contribution
  • Special needs beneficiary may receive contributions after age 18
  • Anyone - No age restriction
    • No earned income required
    • Modified Adjusted Gross Income (MAGI) within limits (Joint filers with a MAGI of less than $190,000.00 ($95,000.00 for single files) can contribute up to the full amount)
    • Corporations and other entities (MAGI limits do not apply to entities)
    • Contributor may contribute to an unlimited number of designated beneficiaries
  • Must be taken by age 30 or transferred/rollover to an eligible family member (new beneficiary) of the first beneficiary under age 30.

Distributions are tax-free when the funds are used to pay education expenses for the child, including tuition, books, equipment, special needs services, and even academic tutoring. Education Savings account funds can be used for primary and secondary schools (grades K-12) as well as higher education.

  • Adult is the owner of the account and the Child is the beneficiary. Funds must be used to cover the child’s educational expenses. The Child does not get control of the funds at any point.
Man kayaking on a lake while the sun is rising

Checking Accounts

From big rewards to low fees, we can help you find whatever you’re looking for in a checking account.

Savings Accounts

Whether you’re saving for your dream home, a rainy day or anything in between, we’ve got an account to help get you there.

Borrowing

When it comes to getting the right loan, working with a local team can make all the difference.

Wealth Advisory Services

From retirement planning to investment and estate management, our team puts your goals and peace of mind above all else.

Learn More

Community First Banking

We’re a community bank, but our role in the communities we serve goes far beyond banking.

Our Commitment

The Salisbury Bank Difference

We believe banking is more than balances and bottom lines. It’s about building relationships that last a lifetime.

Who We Are