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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.

        View the 2015 IRA rollover rules amendments

        Questions? Ask a Citizen.
        Questions? Ask a Citizen.

        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.

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        $250

        Minimum balance to open

        $0

        Monthly maintenance fee

        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.

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        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.

        Compare IRA account benefits

        IRA CDs

        Our IRA CD provides peace of mind with a fixed interest rate to grow your funds steadily throughout your retirement.

        IRA Savings

        Our IRA Savings helps you save for retirement by making regular contributions that match your budget.

        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

        Compare options below

        Choosing the right account for you is simple with Citizens Bank.
        Check out our account offerings below.

        Compare IRA account benefits
        IRA Savings
        Learn More

        Our IRA Savings helps you save for retirement by making regular contributions that match your budget.

        IRA CDs
        Learn More

        Our 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

        IRA Savings

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        Interest Rate Variable
        Terms No Term
        Minimum balance to open Any Amount
        Steady Save Contributions Yes1 You determine amount and frequency
        Early Withdrawal Penalties may apply2 No bank penalty for early withdrawal
        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.
        ATM card issued No
        IRA Rollover Account2 Yes

        IRA CDs

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        Interest Rate Fixed
        Terms 1 - 120 months
        Minimum balance to open $250
        Steady Save Contributions No3
        Early Withdrawal Penalties may apply2 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 N/A
        ATM card issued No
        IRA Rollover Account2 Yes

        IRA Contribution Limits

        IRA Contribution Limits
          Traditional IRA Roth IRA
          Tax Year 2020 Tax Year 2019 Tax Year 2020 Tax Year 2019
        Contribution Limits - under age 50 $6,000 $6,000 $6,000 $6,000
        Contribution Limits - over age 50 $7,000 $7,000 $7,000 $7,000
          Modified Adjusted Gross Income (MAGI) Limits
        Single $65,000 to $75,000 deductibility phase out $64,000 to $74,000 deductibility phase out $124,000 to $139,000 Eligibility phase out $122,000 to $137,000 Eligibility phase out
        Married filing jointly $104,000 to $124,000 deductibility phase out $103,000 to $123,000 deductibility phase out $196,000 and $206,000 Eligibility phase out $193,000 and $203,000 Eligibility phase out

        Traditional IRA

          Tax Year 2020 Tax Year 2019
        Contribution Limits - under age 50 $6,000 $6,000
        Contribution Limits - over age 50 $7,000 $7,000
        Modified Adjusted Gross Income (MAGI) Limits
        Single $65,000 to $75,000 deductibility phase out $64,000 to $74,000 deductibility phase out
        Married filing jointly $104,000 to $124,000 deductibility phase out $103,000 to $123,000 deductibility phase out

        Roth IRA

          Tax Year 2020 Tax Year 2019
        Contribution Limits - under age 50 $6,000 $6,000
        Contribution Limits - over age 50 $7,000 $7,000
        Modified Adjusted Gross Income (MAGI) Limits
        Single $124,000 to $139,000 Eligibility phase out $122,000 to $137,000 Eligibility phase out
        Married filing jointly $196,000 to $206,000 Eligibility phase out $193,000 to $203,000 Eligibility phase out

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