Destination Education Savings Account
from Wells Fargo

This is an FDIC-insured, tax-deferred savings account. Earnings and withdrawals are free of federal taxes so long as the money is used for education expenses. You can contribute a maximum of $2,000 a year per student, though you need to make less than a certain amount of income to be eligible. The minimum investment is $100 for a savings account and $1,000 for Time Accounts, also known as CDs.

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Destination Education Savings Account Reviews

2.0
TracyA said:
Jan 6, 2009 7:49 pm

This is portrayed as being a great tool for higher educational purposes because of its FDIC-Insurance and tax-free earnings. However, it does not specify the income eligibility nor indicate any interest rate percentages. It's my thought, since it is FDIC Insured, that not much growth will be earned using this tool. Plus, I will need to contribute much more than $2000/year per child to even t…ouch their expenses. I am certain there are much better tools out there for the typical American parent trying to pay for their children's college expenses!
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5.0
stevejenkins62 said:
Oct 23, 2008 12:32 pm

This is a great savings account from WF. It's tax deferred, allowing your savings to grow faster. Additionally, it's FDIC insured up to a certain amount. You get constant online account access in which you can transfer funds online from a Wells Fargo checking or savings account.

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