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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

    Learn More

       
    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

    Learn More

       
    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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