Coverdell Education Savings Account allows the members to save for any post-secondary education of a child, by investing up to $2,000 a year per child, less than 18 years of age. The contribution is not tax-deductible but earnings are tax-free. Contributions become tax-free and penalty free if the withdrawal money is used for qualified educational expenses before the beneficiary reaches 30 years of age. Qualified educational expenses include tuition, fees, books, elementary or secondary school expenses and computer technology or equipment.