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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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