what is an education savings account
Topic 310 - Coverdell Education Savings Accounts. A Coverdell Education Savings Account (Coverdell ESA) is a trust or custodial account set up in the United States solely for paying qualified education expenses for the designated beneficiary of the account. There are certain requirements to set up a Coverdell ESA: 1  When you establish the account, the designated beneficiary must be under the age of 18 or be a special needs beneficiary.  You must make the designation of the account as a Coverdell ESA when you create it.