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Citibank IRA Fees


2019 Citibank rates and fees on ROTH IRA, Sep/Simple IRA, traditional IRA accounts. Citibank retirement account annual, maintenance, inactivity, termination fees schedule.



Citibank IRA Fees


An Individual Retirement Account can be opened at Citibank as a Roth, Traditional, or Rollover account. The bank does not charge an annual fee for its IRA’s. At Citibank there is also no charge for establishing a retirement account. Even better, there is no fee to close an IRA.

A Citibank IRA can be invested in either a CD or a money market deposit account. The certificate of deposit has a $250 minimum to open. The money market account has no required opening deposit. Both of the bank’s IRA options carry FDIC insurance. IRA contributions can be deposited into the money market account at any point, but a CD only accepts contributions at the beginning or end of its term.


Citibank Brokerage IRA Fees with Citi Personal Wealth Management


A retirement account can also be opened with Citi Personal Wealth Management, the brokerage arm of Citigroup. This option opens up many more investment choices, including stocks, bonds, ETF’s, and mutual funds.

The brokerage IRA does come with a rather uncomfortable $75 annual fee. Enrolling in the company’s CitiGold package will eliminate the charge. There is also a minimum balance requirement of $25,000. The broker assesses a $100 fee for any account that does not meet this minimum. Placing four trades every twelve months will avoid the $100 charge. All retirement accounts with the brokerage division are insured by the SIPC, rather than the FDIC.

An IRA can be managed by investment professionals at Citi. This option has free commissions, but comes with a percentage-based annual fee. It varies based on a variety of factors, but is usually above 1%.

Transferring a Citi Personal Wealth Management IRA to another broker costs $100.

Read detailed review of Citibank brokerage account.


Commissions in the Citibank Brokerage IRA


Stock and ETF trades in a self-directed account cost $19.95 each, although large accounts (defined as greater than half a million dollars) receive a 50% discount. Penny stocks are a much steeper $39.95. There is also a surcharge if the order is for more than 100 shares. Regrettably, there are no commission-free ETF’s with Citi.


Citibank IRA Fees Comparison


Only offering three IRA types is a small selection. E*Trade, by comparison, provides ten IRA versions, while Fidelity has no less than seven.

The broker’s $19.95 commission is quite steep when compared to other pricing schedules. TD Ameritrade charges $0 for stock and ETF trades, while Ally Invest is at low $0.

A $75 annual fee for the brokerage IRA is rather expensive, judged by industry standards. Many securities brokers nowadays charge no annual fee at all. Merrill Edge, TD Ameritrade, and Firstrade have all abolished annual IRA fees. TradeStation has a $35 yearly IRA fee.

The $100 low-balance fee is also very steep. WellsTrade’s low-balance fee is only $25. It is waived with a $5,000 account balance.

Read detailed Citibank vs Ameritrade, Etrade, Fidelity, and Charles Schwab Comparison.


Disclaimer


For the most recent information on Citibank IRA fees (ROTH, Simple, SEP, traditional IRA accounts) visit their website:


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