Products | Savings and Investment | Individual Retirement Accounts

Powerful savings tools for retirement and much more.

Individual retirement accounts (IRAs) are more flexible than they've ever been. No longer considered strictly retirement savings tools, IRAs can also help you pay for college, medical insurance, health insurance premiums and more. And now, thanks to the biggest tax cut in 20 years, retirement plans are more powerful. You're eligible to contribute more to IRAs than ever before.

Columbus Metro offers all three types of IRAs: the traditional IRA, the Roth IRA, and the Coverdell Education Savings Account.

For each type of IRA, Columbus Metro offers two types of investment options:

• IRA share account - An IRA share account pays a monthly dividend on balances of $10 or more and allows you to make additional deposits at any time, up to the contribution limits established by law.
• IRA certificates - All of our regular certificate options are also available as IRA certificates. The same terms, the same rates, the same initial investments--but with the tax benefits of the IRA plan you select.

For maximum safety, your IRA funds are insured separately from other funds you have on deposit.

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Traditional IRA

The traditional IRA is a type of retirement plan that has been in existence since 1975. Traditional IRAs offer tax-deferred earnings and the possibility of tax-deductible contributions. The ability to defer taxes on the earnings, and to make withdrawals in a year when you may be in a lower tax bracket, can mean more after-tax dollars for your retirement. Refer to our IRA Comparison Chart for information on eligibility, contributions and more.

Roth IRA

Created in 1997 by the Taxpayer Relief Act, the Roth IRA offers more incentives for retirement savings. Unlike traditional IRAs, your contributions to a Roth IRA are never tax-deductible. However, the money in your Roth IRA, including earnings, can be withdrawn tax-free assuming you meet the plan's requirements. Our IRA Comparison Chart has more information.

Coverdell Education Savings Accounts

If you're wondering how you'll pay for your child's education, a Coverdell ESA can be a smart way to save. Although contributions to a Coverdell ESA are not tax-deductible, withdrawals, including earnings, are tax-free if used for tuition, books and other qualified education expenses. Consult the IRA Comparison Chart for more details.

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