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IRA CDs and IRA Savings
Find out how the benefits of an IRA Savings can help you prepare for retirement, or how you can grow your savings with a guaranteed fixed rate of return with an IRA CD.
IRA Savings
Jump start your retirement savings by using Citizens Bank Steady Save® to schedule regular contributions1 according to your budget and timetable. The IRA Savings is available as either a Traditional or a Roth IRA account both of which are FDIC-insured. And, at Citizens, there’s no bank penalty for early withdrawal2.
Any Amount
Minimum balance to open
$4.99
Monthly maintenance fee waived if you keep a minimum daily balance of $200. Account will automatically receive a fee waiver on the first 4 monthly maintenance fees.
IRA CDs
If you’ve already opened an Individual Retirement Account, you might consider rolling your contributions into an IRA CD to grow your retirement savings with a guaranteed fixed rate of return3.
$250
Minimum balance to open
$0
Monthly maintenance fee
IRA SavingsOur IRA Savings helps you save for retirement by making regular contributions that match your budget. |
IRA CDsOur IRA CD provides peace of mind with a fixed interest rate to grow your funds steadily throughout your retirement. |
|---|
| Interest Rate | Variable | Fixed |
| Term(s) | No Term | 1 - 120 months |
| Minimum balance to open | Any Amount | $250 |
| Steady Save Contributions | Yes1 You determine amount and frequency | No3 |
| Early Withdrawal Penalties may apply2 | No bank penalty for early withdrawal | CD early withdrawal penalty |
| FDIC Insured | Yes | |
| Tax benefits | Traditional IRA contributions may be tax deductible - consult your tax advisor | |
| IRA types | Traditional and Roth IRA | |
| Monthly Maintenance Fee | $4.99/Month, waived with $200 minimum daily balance. Account will automatically receive a fee waiver on the first 4 monthly maintenance fees. | N/A |
| ATM card issued | No | |
| IRA Rollover Account | Yes | |
IRS Requirements
| Traditional IRA | Roth IRA | |||
| Tax Year 2019 | Tax Year 2018 | Tax Year 2019 | Tax Year 2018 | |
| Contribution Limits - under age 50 | $6,000 | $5,500 | $6,000 | $5,500 |
| Contribution Limits - over age 50 | $7,000 | $6,500 | $7,000 | $6,500 |
| Modified Adjusted Gross Income (MAGI) Limits | ||||
| Single | $64,000 to $74,000 deductibility phase out | $63,000 to $73,000 deductibility phase out | $122,000 to $137,000 Eligibility phase out | $120,000 to $135,000 Eligibility phase out |
| Married filing jointly | $103,000 to $123,000 deductibility phase out | $101,000 to $121,000 deductibility phase out | $193,000 and $203,000 Eligibility phase out | $189,000 and $199,000 Eligibility phase out |
Other ways we can help
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Thank you for your interest in Citizens Bank
The zip code you entered is served by Citizens One, the brand name for Citizens Bank's lending business outside of our 11?state branch footprint. Under the Citizens One brand we offer Auto Loans, Credit Cards, Mortgages, Personal Loans and Student Loans. To learn more, please visit:
CitizensOne.com