The Education Contribution Account (CAE, for its Spanish acronym), allows you to save money for the college education of your children. The contribution can be deducted from your Income Tax Return in addition to other IRA accounts.
Education Contribution Account
Terms (years)
Deductible
Fixed interest
Tax- Exempt Interest
Minimum Contribution
Principal guaranteed by FDIC
CAE Account Save for the postsecundary education of your children.
Stock Market CAE Oportunidad de crecimiento exento de contribuciones(1) basado en indice S&P 500.
5 años
Yes
Computado en base a los cambios del indice Standard & Poor's 500 durante el término del depósito.
No
$500
Yes
More information about Educational Contribution Account (ECA)
It can be opened by the person who has parental authority and custody of the beneficiary.
Relatives can deposit up to the third degree of consanguinity (parents, grandparents, great-grandparents) or second degree of affinity (step-parents, grandparents-in-law).
The principal and interests are insured by the FDIC.
Member FDIC. Penalty for withdrawal or cancellation prior to maturity: 90 days of interest for ECA-12 Months and 180 days of interest for ECA-36 Months. Processing fees for excess withdrawals and returns on excess contributions: $5 per instrument. Processing fees for rollovers to other eligible institutions: $20 per instrument. Certain restrictions apply. Banco Popular offers various investment alternatives. Obtain more information to determine which one is best for you. Staock Market ECA: Penalties for withdrawals or cancellations before maturity during the first year equivalent to 30% of the principal; 25% of the principal during the second year; 20% of the principal during the third year; 15% of the principal during the fourth year; and, 10% of the principal during the fifth year. Principal insured by the FDIC up to the maximum allowed by law.
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Insurance products and services are offered by Popular Insurance LLC (“Popular Insurance”), a subsidiary of Popular, Inc. (“Popular”) and an affiliate of Banco Popular de Puerto Rico (“BPPR”).
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Credit Reporting Disputes You have the right to dispute the accuracy of the credit information we have reported by writing to us and describing the specific information that is inaccurate or in dispute, and the basis for any dispute with supporting documentation, to the address below.
Banco Popular de Puerto RicoPO Box 71589San Juan PR 00936
Please write a letter with the following information:
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With this service, we offer you assistance on information about your products and banking services. For information about balances, making payments and/or transfers, you should log in to your Mi Banco Online account or call TeleBanco Popular® at 787.724.3650
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