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Individual Retirement Accounts (IRAs)

Start Saving For Retirement

When it comes to retirement, the most common fear is outliving your money. A great solution is an Individual Retirement Account, or IRA, from Citizens Savings Bank. IRAs allow you to contribute money now and have it grow over time through compound interest so that you have a good sized nest egg waiting for you in retirement.

Citizens Savings Bank offers two different kinds of IRAs: Roth and Traditional. You can compare the two options in the chart below to better understand the differences between the two programs.

Roth IRA*

  • Maximum Annual Contribution (for 2023): $6,500, $7,500 age 50 and older, subject to income guidelines
  • Maximum Age for Contributions: None, but must have earned income
  • Minimum Age for Distributions without Penalty: 59 ½
  • Penalty for Early Distributions: 10 percent before five-year holding period or age 59 ½
  • Age for Required Minimum Distributions: At owners death

Traditional IRA*

  • Maximum Annual Contribution (for 2023): $6,500, $7,500 age 50 and older
  • Maximum Age for Contributions: None, but must have earned income
  • Minimum Age for Distributions without Penalty: 59 ½
  • Penalty for Early Distributions: 10 percent before age 59 ½
  • Age for Required Minimum Distributions: 73

*For tax information regarding IRA’s, please contact your local tax advisor.

For APY and interest rate for this account, see Citizens Savings Bank’s Deposit Rate Sheet.

Applies to All IRAs

  • Variable Rate
  • Interest compounded monthly, credited monthly
  • $100 minimum to open
  • Interest begins to accrue on same day for non-cash deposits

Contact Us

The staff at Citizens Savings Bank would be glad to help if you have questions regarding our IRA options. Simply contact Citizens Savings Bank at any of our locations to learn more.