IRA Accounts

Secure Savings For Your Future

With a banking IRA you get:

The ability to grow your savings with no annual fee
Because banking IRAs are offered through Citibank, they're FDIC insured

Opening a banking IRA

Just download and mail in the application below, visit a branch or call us at 1-800-695-5911 to open a new banking IRA with Citibank.

See Citibank IRA Rates

Download Application

Already have an IRA with Citibank? Sign on to make a contribution

How banking IRAs work

Step 1: Choose your product

With an IRA with Citibank, you can choose from two types of deposit accounts: Insured Money Market Accounts or Certificates of Deposit (CDs). Both are FDIC-insured and have no monthly fee.

Step 2: Choose your IRA type

Whether you opt for a Traditional IRA or a Roth IRA, you'll get potential tax advantages to help you generate greater returns.

Step 3: Start funding your account

Open your account with an initial contribution. You can add funds any time up to the annual contribution limit allowed to help your retirement plan grow.

IRA Types: Traditional vs. Roth

What are the tax benefits?

Contributions made before tax are subject to limitations. If limitations are met, pay no initial taxes when you make a contribution, get potential tax-deferred growth and pay taxes on later withdrawals.¹

If you make after-tax contributions, earnings grow tax-free and are taxed upon distribution.

Roth IRA contributions are made with after-tax dollars. Earnings grow tax-free. No income taxes or premature distribution penalties apply to qualified distributions.¹

Are contributions tax deductible?

Yes, if not already covered by employer-sponsored retirement plan, like a 401(k). Otherwise, depends on your income level.

No.

How long can you contribute?

For taxable years beginning in 2020 or later, contributions are permitted without regard to age.

No age limit.

When can you take money out?

You can withdraw money from a Traditional IRA at any time. However, distributions that do not qualify for an exception from the premature distribution penalty will be assessed a penalty tax of 10% of the distribution and pre-tax amounts and earnings distributed will be subject to income tax.

With a Traditional IRA, you'll generally be required to start withdrawing minimum distributions no later than April 1st of the year following the year in which you reach age 73.

Qualified distributions from Roth IRAs can be made once the account owner has maintained the Roth IRA for at least five years and met certain other criteria. Qualified distributions are not subject to income tax.

With a Roth IRA, you're not required to make a withdrawal during your lifetime.

When is it the best option?

Citigroup Inc. and its affiliates do not provide tax or legal advice. You should seek advice based on your particular circumstances from an independent tax advisor.

If you expect to be in a lower tax bracket after retiring, or if you don't qualify for a Roth IRA because of your income level.

If you expect to be in the same or a higher tax bracket after retiring.

Funding your IRA: Contributions & rollovers

IRAs can be funded through contributions, or by rolling over your existing IRAs, 401(k)s and other qualified retirement accounts.

Contributions

Deposit checks directly into your IRA when you visit a Citi branch, or transfer funds from any linked Citi deposit account. You can even set up automatic contributions to continually grow your balance.

Rollovers & transfers

Transfer funds from an existing qualified retirement account to your IRA at Citibank. Funds maintain tax-deferred status if rolled into another tax-deferred account.

IRA beneficiaries

IRA beneficiaries can visit our Estate Services page.

Why Citi?

Convenient locations

With ATMs and branches in the places you live, work and play, you're never far from your money.

Find an ATM or branch near you

Practical digital tools

Our award-winning website and mobile app make it easy to bank virtually anywhere, anytime.

Safety & security

We take measures to help protect your account with ongoing fraud monitoring, activity notifications and alerts. Plus you have automatic access to Citi® Identity Theft Solutions should the need ever arise.

Ready to apply?

Just send your completed application along with copies of a valid ID, and applicable completed tax certification forms to: Citibank Retirement Plan Services, P.O. Box 769001, San Antonio, TX 78245-9951

Download Application

Apply in person

Find your nearest Citi branch

Apply by phone

1-800-695-5911 (TTY: 711)

We're available Mon-Fri, 8AM to 10PM ET and Sat 9AM to 5:30 PM ET.

Citigroup Inc. and its affiliates do not provide tax or legal advice. You should seek advice based on your particular circumstances from an independent tax advisor.

Deposit accounts are provided by Citibank, N.A. Member FDIC. Only bank deposit products are FDIC insured.

Terms, conditions and fees for accounts, products, programs and services are subject to change.

For the full terms and conditions for IRAs visit Retirement Product Services Plan Documents and Forms at citi.com/accountagreementsandnotices. Please be sure to consult your tax advisor for your own situation.
Citi Personal Wealth Management, a business of Citigroup Inc., offers investment products through Citigroup Global Markets inc. ("CGMI"), member SIPC. Citigroup Life Agency LLC ("CLA") offers insurance products. In California, CLA does business as Citigroup Life Insurance Agency, LLC (License Number 0G56746). Citibank, CGMI and CLA are affiliated companies under the common control of Citigroup Inc. Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world.