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Enjoy tax-deferred, dividend income and the ability to save for your family's future with our federally and privately insured Individual Retirement Accounts.
To learn about uninsured IRA options, visit our Investments and Insurance site at columbiawealthmanagement.org.
» Open An IRA Online
» Service Existing IRAs Online
» Learn More About IRAs
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| Account Type |
Min. Bal. |
Terms |
Access |
IRA Rates |
| Passbook Savings |
$5 |
NA |
Add funds at any time |
Tiered Rate Chart |
| Certificate |
$500 |
3 mo. - 5 yrs. |
10-day grace period at certificate maturity to add or remove funds |
Tiered Rate Chart |
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| Program |
Description |
Who Can Contribute?1 |
2008 Contribution Limits2 |
| Traditional IRA |
A tax-deferred retirement savings program, with possible tax deductions. |
Individuals younger than 70½ years with earned income. |
Individual - $5,000
Joint - $10,000
$1,000 catch-up contribution for those 50 years and older |
| Roth IRA |
A non-deductible retirement account featuring tax-free withdrawals
on your earnings after five years and when you reach 59 ½ years
or a qualifying event. |
Individuals, any age, with annual, earned income.
Married couples filing a joint tax return can only make a partial contribution if
their income is between $159,000 and $169,000. Singles can only make a partial contribution
if their income is between $101,000 and $116,000. |
Individual - $5,000
Joint - $10,000
$1,000 catch-up contribution for those 50 years and older |
Coverdell
Education IRA |
A tax-deferred investment account created for paying education
expenses on behalf of a beneficiary (up to the age of 18). |
Anyone can contribute. Individuals must earn less than $95,000 if filing single,
and joint taxpayers must earn less than $190,000 to make a contribution.
The phase out range for married couples filing a joint return is $190,000-$220,000
(partial contribution only). The phase out range for singles is $95,000-$110,000 (partial contribution only). |
$2,000 per year per beneficiary |
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