Citi CD rates and fees on ROTH IRA, Sep/Simple IRA, traditional IRA accounts.
IRAs with Citibank
Citibank offers a range of investment options for Individual Retirement Accounts (IRAs). The return on your investment and the fees you pay will vary based on the type of account you choose.
Citibank IRA Rates
Let's look at IRAs with Citibank. These accounts are insured by the FDIC, which means your deposits are protected up to certain limits. You can choose between a Roth or a Traditional IRA at Citibank.
To open an IRA, you can fill out a form online (Roth application or a Traditional application), visit a local branch, or call a Citi representative. Once your IRA is set up, you can invest in either a certificate of deposit (CD) or a money market account, both of which are FDIC insured.
The specific rates for these investments can vary depending on factors like your zip code. Here are some of the CD rates we found:
36-Month Fixed Rate CD:2.50% APY
18-Month Fixed Rate CD:2.50% APY
1-Year Fixed Rate CD:4.00% APY
9-Month Fixed Rate CD:4.00% APY
Most of Citibank’s CDs require a minimum deposit of $500. Remember, there are penalties if you withdraw your money early.
The money market deposit account currently offers a very low rate of 0.20% per year, which is quite low compared to the CD rates.
Citibank charges fees for wire transfers and for transferring money out of an IRA, but there are no other fees to be aware of.
Brokered CDs at Charles Schwab
If you find Citibank CD rates to be too low, you might like what Charles Schwab has to offer. This brokerage firm offers brokered CDs from various banks, so you'll find a wide selection easily.
To see this extensive list, just log into the website (the mobile app and desktop platform won’t work for this) and go to the Research tab in the main menu. A dropdown menu will appear with many links, including several for CDs and other fixed-income assets. Click on the one you want.
Free Charles Schwab Account
$0 commissions + satisfaction guarantee at Charles Schwab.
Charles Schwab CD Rates
Charles Schwab’s website has several tools to help you with CDs, including:
- CD ladder builder
- A matrix of CD and bond rates
- A detailed search engine for CDs
- A simple search tool with various criteria
- Bond calculator
Here are some of the CDs we found using their search tool:
| Bank | Maturity date | Yield |
|---|---|---|
| LendingClub Bank | 12/23/2025 | 5.50% |
| Morgan Stanley Bank | 03/20/2025 | 5.35% |
| American Express | 09/22/2025 | 5.25% |
| Morgan Stanley Bank | 09/21/2026 | 5.00% |
| Discover Bank | 09/18/2028 | 4.65% |
Investment IRAs with Citi
Citi also provides investment IRAs through Citi Personal Wealth Management, in addition to Citibank's offerings. You can choose either self-directed or professionally managed accounts, both offering access to various short-term cash investments. It's important to note that Citi Self Invest, which offers commission-free trading, does not support IRAs. Similarly, Citi Wealth Builder, the robo-advisor service, doesn't offer IRAs.
Full-service investment accounts at Citi come with a range of fees not present in Citibank IRAs, although SEP and SIMPLE IRAs are available. These retirement accounts can invest in brokered CDs and money market mutual funds. You should check with your financial advisor for the interest rates on these products.
Read a detailed review of Citibank's brokerage account.
Citibank IRA Fees Comparison
Citi offers only three types of IRAs, which is fewer than some competitors. For example, E*Trade offers ten IRA options, while Fidelity has at least seven.
Charles Schwab charges nothing for stock and ETF trades, and Robinhood also charges nothing and offers a high interest rate on cash in IRAs.
A $75 annual fee for the brokerage IRA is quite high compared to industry standards. Many brokerage firms nowadays do not charge any annual fees for IRAs. Merrill Edge, Charles Schwab, and Firstrade have all removed annual IRA fees. TradeStation charges a $35 annual IRA fee.
The $100 low-balance fee is also high. WellsTrade only charges a $25 low-balance fee, which is waived with a $5,000 account balance.
Updated on 5/10/2024.
About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.
