Available as either a Traditional or a Roth IRA, our IRA Savings helps you save for retirement by making regular contributions that match your budget. Both IRA accounts are FDIC-insured and at Citizens, there's no bank penalty for early withdrawal.†
Securing your future is even easier with Citizens Steady Save®, which ensures that you stay on track to enjoy the kind of retirement you deserve.† This service automatically transfers funds from your checking account to your IRA account so you can save without thinking about it. Simply determine the amount of your transfer and how often you want us to make it happen and we’ll do the rest.
Minimum balance to open
Any Amount
Monthly maintenance fee
$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. Additional product details available.†
IRA Savings Account
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Work with Citizens to create a customized retirement plan
With products to help you start saving as well as increase funds during retirement, Citizens 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 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 Account and CDs.
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Popular questions:
Once you reach age 73, you are responsible for a required minimum distribution (RMD) each year. We will not make a withdrawal from your account unless you make a specific request. We offer services to schedule your payment automatically. Consult with a Citizens Banker to obtain more information.
The date your income taxes are due for that tax year, generally April 15th of the following calendar year.
At any time, but the taxable portion of your withdrawal will become part of your income for the year. In most cases, if funds are withdrawn before age 59 ½, a 10% IRS tax penalty is being applied on the taxable portion of your withdrawal. Certain exemptions may apply, such as the purchase of a first home (up to $10,000), higher education expenses, or disability. Roth IRA accounts must remain open for at least five years and meet one of the exemptions in order to avoid tax penalties.
Yes, if you are married and filing a joint tax return and your modified adjusted gross income (MAGI) equals or exceeds the combined contribution amount for you and your spouse.
The IRS has implemented new rules that significantly limit IRA owner's options when moving IRA assets between financial institutions.
We have amended your IRA documents to reflect the recent legislation that resulted in this IRA rule change. Below you will find links to amendments applicable to your disclosure statement.
Specifically, language has been added to the disclosure statement to explain a change to the rollover rule. Effective January 1, 2015, an IRA owner may complete only one IRA to IRA rollover in any 12-month period, regardless of the number and type of IRAs owned by the individual. The rule change applies to all IRAs—Traditional, Roth, and SIMPLE—as well as Coverdell education savings accounts (ESAs).
For Traditional and Roth IRAs, there has been legislation which allows more individuals to qualify for rollovers from bankrupt airlines. For Traditional IRAs, we have also added language to address qualifying longevity annuity contracts (QLACs) and required minimum distribution (RMD) calculations.
Please review the appropriate amendment(s) for your IRA(s) and keep this information with the materials that were provided when you opened your IRA.
You may wish to consult with a tax advisor to determine if the rule change for rollovers affects your tax situation.
If you have any questions around this amendment please call our Retirement Services department at 1-800-948-7200, Monday through Friday between 8:30 a.m. to 5:00 p.m. Eastern Time.
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IRA CD
If you've already established retirement savings through an Individual Retirement Account, you may be ready to roll your contributions into an IRA CD, that will grow your funds with a fixed rate guarantee of return throughout your retirement.
Monthly maintenance fee
$0
Minimum balance to open
$250
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All accounts disclosure: All accounts and services are subject to individual approval.