Citizens Financial Bank offers FDIC-insured IRA accounts as a retirement investment. IRA accounts are designed to help individuals save money for a financially secured future. We offer a variety of variable and fixed rate products to meet your financial needs.
- Fixed rate IRA certificates with terms of 3-months to 5-years
- Variable rate non-term Diamond IRA
Retirement Calculators
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Traditional IRA
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Roth IRA
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Coverdell
Education
Savings Account
(CESA)
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Who Can Contribute
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Individuals under age 70 1/2 with taxable income
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Individuals with earned income **
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Anyone can contribute to a CESA for a child under age 18
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Maximum Contributions
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$5,000 per person* |
$5,000 per person* |
$2,000 per designated deneficiary***
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Earnings and Withdrawals
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Earnings are tax-deferred
Upon withdrawal, earnings and deductible contributions are
taxed
Contributions may be tax deductible**
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Earnings grow tax-deferred and are potentially tax-and penalty-free for qualified withdrawals
Distribution is not mandatory at age 70 1/2 and contributions to your Roth IRA may continue as long as you have earned income**
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Earnings are tax-deferred
Earnings are tax-free if used for qualified education expenses
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* Individuals reaching age 50 or better prior to the end of the tax year (12/31/08 for tax year 2008) and above may contribute additional amounts.
**Eligibility phase-outs may apply, depending on Modified Adjusted Gross Income and tax filing status.
***Contributions are not tax deductible.
Eligibility for making IRA contributions, maximum contributions, earnings, withdrawals and deductions are governed by the IRS. Refer to "IRS Publication 590" or a tax advisor. Eligibility for establishing a CESA, making contributions, and distributions are governed by the IRA. Refer to "IRS Publication 970" or a tax advisor.
Certificates of Deposit
To assist you in maximizing your investment dollars, Citizens offers a wide range of terms and competitive rates on Certificate of Deposit accounts.
FEATURES
- $2,000 minimum balance requirement
- Terms from 3 months to 5 years
- Higher interest rates for higher balances
- Interest automatically reinvested in your certificate.
Certificate of Deposit
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Minimum Opening
Deposit
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$2,000 |
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Minimum Balance
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$2,000 |
| Monthly Service Fee |
No monthly service fee |
| Interest Options |
- Credit quarterly to your certificate
- Monthly or quarterly transfers to your checking, money market or savings account
- At maturity for 6 months certificates only
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Ask us about our banking relationship rates! Visit any of our banking centers or call 1-888-226-5237 to find out how you can get a higher rate for a certificate.