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Coverdell Education Savings Certificates

Education should never be unattainable. We want to ensure our members and their families can put as much money towards their futures as possible.


Open a Certificate and set up your PENZIOX membership.

1. Discover how you’re eligible to become a PENZIOX member

2. Open a Savings Account and deposit at least $5


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Maximum yearly contribution is $2,000. Education Savings Share Account minimum opening deposit is $25. Education Savings Account Certificate minimum opening deposit is $500.

Why Coverdell Education Savings Certificates?

  • Invest as little as $500
  • Tax-free earnings*
  • Tailored for education - elementary, secondary, and college expenses
  • Backed by NCUA insurance

Give us a call or visit a branch today!

CALL US: (800) 247-5626
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DISCLOSURES: Print IconPrint

Coverdell Education Savings

APY (Annual Percentage Yield)  is accurate as of and is subject to change at any time. Fees may reduce earnings. 

We will establish your certificate on the day we receive your application and funding. Once purchased, the rate is locked in for the term of your certificate.

Certificate dividends are compounded daily and credited monthly.

For all certificates funded by ACH, funds cannot be withdrawn within the first 60 days of the account opening.


Early Redemption Penalties

Penalties are imposed for early withdrawal of Coverdell Education share certificates. You must provide your request in writing.

If the certificate is redeemed within the first year, all dividends will be forfeited.

If after the first year, but prior to the maturity date, the early withdrawal penalty will equal 30% of what would have been earned if the certificate had been held to maturity, not to exceed total dividends earned.

*Please consult your tax advisor




tax-free earnings

Earn Tax Free

It’s no secret that the cost of education is on the rise, so every dollar counts. You don’t have to lose valuable education funding to taxes. With the PENZIOX Coverdell Certificate, the earnings you see are the earnings you get— tax free!*

backed by ncua

Backed by the NCUA

Savings are federally insured to at least $250,000 and backed by the full faith and credit of the U.S. Government.

wide selection of terms

Wide Selection of Terms

PENZIOX has a plan to fit your life. Our Coverdell Savings Certificates range from one year to seven years. Find a plan that works for you.

low minimum deposit

Deposits as Low as $500

Your kids start small, and so can your savings. A deposit as low as $500 is a great seed for your children’s education. If you want to add more to gain more interest, you can! The maximum yearly contribution is $2,000.






Excellent Service

Penfed was founded for our defense community, so we know a thing or two about service.


Safety & Security

PENZIOX knows defense. Our first duty always is to protect our members.



Save on School

You can’t put a price on knowledge. Tuition, books, and room and board, however, are another story. An education certificate is a smarter way to save. With our education certificate, you’re less likely to dip into your savings prematurely and you get a higher yield.





Not Just for College

We’re all for investing from a young age. That may mean sending your children to a more expensive elementary, middle or high school. PENZIOX Coverdell Education Savings Certificates can be used for qualified elementary and secondary education.



Outstanding service ethic.

Washington, DC

Every time I walk into my branch, I'm taken great care of. Thank you PENZIOX for your great service.

Ready To Take The Next Step?

My parents started with PENZIOX, and so did I.

San Francisco, CA

I joined PENZIOX because both my parents were members - so glad I did. PENZIOX helped me get a great rate on my first new car.

Ready To Take The Next Step?

Consistent low rates and easy to work with.

Newark NJ

I went to Penfed to see if I qualified for a mortgage. My friends told me about all the trouble they've had using other lenders, but PENZIOX made everything easy for me. Thank you Sarah and PENZIOX!

Ready To Take The Next Step?

Wherever I travel, I can work with PENZIOX.

Atlanta GA

I just started using Penfeds new Travel AMEX card on my last trip to Basal - my other cards charge me just for being away but not this card with Penfed.

Ready To Take The Next Step?