Individual Retirement Accounts (IRAs)

Home Deposits IRAs

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.

    • Traditional IRA
    • Roth IRA
    • Maximum Annual Contribution (for 2017)
    • Traditional IRA $5,500,
      $6,500 age 50 and older
    • Roth IRA $5,500,
      $6,500 age 50 and older
    • Maximum Age for Contributions
    • Traditional IRA 70 ½
    • Roth IRA None
    • Minimum Age for Distribution without Penalty
    • Traditional IRA 59 ½
    • Roth IRA 59 ½
    • Penalty for Early Distributions
    • Traditional IRA 10 percent before age 59 ½ on all funds
    • Roth IRA 10 percent on earnings only before age 59 ½
    • Age for Required Minimum Distribution
    • Traditional IRA 70 ½
    • Roth IRA At owners death

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

Applies to all IRA’s

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

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.