A College Savings Account is a financial tool designed to help families save money for future education expenses. These accounts often offer tax advantages, allowing savings to grow without being taxed until withdrawn for qualified education costs. They can be used for various educational institutions, including colleges, universities, and vocational schools. There are different types of college savings accounts, such as 529 plans and Coverdell Education Savings Accounts. Each type has its own rules regarding contributions, withdrawals, and tax benefits. By starting a college savings account early, families can build a financial foundation to support their children's higher education goals.