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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.
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.
Minimum balance to open
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.
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.
Minimum balance to open
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. |
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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 |
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 |
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