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IRA CDs and IRA Savings Plan

Create a retirement plan with IRA CDs and the IRA Savings Plan from Citizens Bank

Whether you want an IRA savings plan to prepare for retirement or an IRA CD to grow your funds while retired, we have simple solutions to help. Start saving early with regular deposits to your retirement plan with Steady Save®. Or, roll disbursements from your Traditional IRA into an IRA CD to grow funds at a higher rate throughout retirement. Learn more about our IRA Savings Plan and IRA certificate of deposit (CD) to see which one is best for your financial situation.

Use the chart below to better understand our IRA CDs and Savings Plan

 

IRA Certificate of Deposit (CD)

IRA Savings Plan

Interest Rate

Fixed

Variable

Term(s)

1 – 120 months

No Term

Minimum balance to open

$250

$50

Steady Save Contributions

No1

Yes2  You determine amount and frequency

Early withdrawal penalty3

CD early withdrawal penalty

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

N/A

$4.99. Waived with a minimum daily balance of $200 in your account. Account will automatically receive a fee waiver on the first 4 monthly maintenance fees.

ATM card issued

No

Contribution Limits (Traditional and Roth IRAs) – under age 50

  • $5,500 for tax year 2014

  • $5,500 for tax year 2013

Contribution Limits (Traditional and Roth IRAs) – Age 50 and older

  • $6,500 for tax year 2014

  • $6,500 for tax year 2013

Work with Citizens Bank to create a customized retirement plan

With products to help you start saving as well as increase funds during retirement, Citizens Bank has what you need to plan for the future. Choosing the right IRA plan will depend on your current situation. For more information, visit a Citizens Bank branch or call 1-800-948-7200. You may also want to consult a tax advisor for information on deductions for your IRA contributions to the Savings Plan and CDs.

1 Funds can be added to an existing deposit during grace period at maturity for fixed term investments.

2 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.

3 IRS penalties may apply. Consult your tax advisor.

 

 

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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 Bank does not offer tax advice. Consult your tax advisor for IRA eligibility rules and your individual circumstances. Please refer to the Personal Deposit Agreement and Fees and Features Guide for fees and information. See a banker for details and FDIC insurance limitations. Fees may reduce earnings.

IRA contributions via Steady Save® are for current-year contributions only. See a banker to make a prior-year contribution. The Citizens Bank IRA Savings Plan consists of a Variable Rate IRA Savings account accompanied by Steady Save. On your statement, your account will be titled Variable Rate Savings IRA.