Education Contribution Account (ECA)

  • The father, mother or guardian of the beneficiary may open the account.
  • The principal and interests are insured by the FDIC.
  • Minimum initial deposit $500, may be deducted from the income tax return.
  • Available terms: 1 and 3 years.
  • Contribution is in addition to an IRA account.

Additional Information

  • Interests are computed daily on the daily balance and they are accredited monthly.
  • Once the instrument is opened, no additional deposits or withdrawals are allowed prior to the maturity date. Withdrawals are only allowed for the beneficiary's post-secondary education, according to the restrictions imposed by the Treasury Department.
  • Penalties for withdrawals or cancellations before maturity: 1 year: 90 days interest, 3 years: 180 days interest.
  • Penalty for withdrawals or cancellations prior to the maturity date does not apply if the purpose of withdrawal is for the beneficiary's college education.
  • Processing fee is $5 per instrument for withdrawals, cancellations and returns in excess of contributions; and $20 per instrument for rollovers to an eligible institution.

Product offered by Banco Popular de Puerto Rico.

For additional information call TeleBanco Popular®.

787-724-3650 (PR) or 787-724-3659 (US / USVI).

Available 24/7.