Compare options below
Choosing the right account for you is simple with Citizens. Check out our account offerings below.
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IRA Savings Our IRA Savings helps you save for retirement by making regular contributions that match your budget. |
IRA CDs 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 Contribution Limits
| Traditional IRA | Roth IRA | |||
|---|---|---|---|---|
| Tax Year 2023 | Tax Year 2024 | Tax Year 2023 | Tax Year 2024 | |
| Contribution Limits - under age 50 | $6,500 | $7,000 | $6,500 | $7,000 |
| Contribution Limits - age 50 and older | $7,500 | $8,000 | $7,500 | $8,000 |
| Modified Adjusted Gross Income (MAGI) Limits | ||||
| Single | $73,000 to $83,000 deductibility phase out | $77,000 to $87,000 deductibility phase out | $138,000 to $153,000 Eligibility phase out | $146,000 to $161,000 Eligibility phase out |
| Married filing jointly | $116,000 to $136,000 deductibility phase out | $123,000 to $143,000 deductibility phase out | $218,000 to $228,000 Eligibility phase out | $230,000 to $240,000 Eligibility phase out |
Other ways we can help
Retirement Planner Calculator
Do you know what it takes to work towards a secure retirement? Use this calculator to help you create your retirement plan.
Learn MoreSavings Rate Calculator
Use this calculator to see how different savings rates can impact your savings strategy.
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1 Equal to your maximum annual IRA contribution or any other amount within IRS guidelines. Steady Save® contributions are for current year only. See your Citizens Banker to make a prior year contribution.
2 IRS penalties may apply. Consult your tax advisor.
3 Funds can be added to an existing account during grace period at maturity for fixed term investments.
All accounts and services are subject to approval. IRA distributions may be subject to state taxation depending on the tax law of your state. Citizens does not offer tax advice. Consult your tax advisor for IRA eligibility rules and your individual circumstances.
Please refer to the Personal Deposit Account Agreement and Fees and Features Guide for fees and information. See a banker for details and FDIC insurance limitations. Fees may reduce earnings.
On your statement, your IRA Savings Account will be titled Variable Rate Savings IRA.
