Many families put aside money from their paychecks for their child’s future college costs. Regardless of whether or not you have already begun saving for college costs, you should know that there are special savings accounts that can benefit you: 529 College Savings Plans and Coverdell Education Savings Accounts (ESA).

With 529 plans and Coverdell ESAs, you earn interest on the money you put in, just like any other savings account. But unlike regular savings accounts, the money you contribute to the accounts, and the interest, will not be taxed. That means you will have more money for college.