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If you move money from a 529 account into a Coverdell Education Savings Account, you pay taxes and a penalty. It is only tax free if you move money FROM a Coverdell ESA to a 529 plan.

Q: Can a 529 Plan be transfered to the Coverdell Education Saving account?
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If you move money from a 529 account into a Coverdell Education Savings Account, you pay taxes and a penalty. It is only tax free if you move money FROM a Coverdell ESA to a 529 plan.

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The beneficiary receives the funds left over from the Coverdell Savings Account.

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any financial institution

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it offers many investment choices

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A Converdell Account is used for serious savings. It is also known as Converdell Education Savings Account. It is meant to help parents and students save for education expenses.

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