CiTBank Review

Company Overview

CiTBank is a U.S.-based financial services company that offers banking services, investment options and retirement accounts. This company was founded in 1908 and specializes in providing loans and other serves to small businesses and middle market lending. CiTBank’s approach is different to most banks and lending services in that they focus on individuals and small businesses rather than large corporations and institutional investors. All of the products and retirement accounts at CiTBank are designed to help investors achieve all of their financial goals.

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Account Options

 Minimum ContributionMaximum Contribution
Roth IRANo Minimum$5,500/year
Traditional IRANo Minimum$5,500/year
SEP IRA--
SIMPLE IRA--
Self-Directed IRA--
Rollover IRANo MinimumNo Limit
Inherited IRA--

 

CiTBank does not offer SEP or SIMPLE IRAs but investors can open a traditional, Roth or rollover IRA. There is no ‘catch-up’ contribution option available at this investment firm.

Investment Options

CiTBank is quite different from other investment firms and brokers because it does not offer traditional investment options like stocks, ETFs, mutual funds, options or annuities. Instead, this company only offers FDIC-insured CDs which allow investors to enjoy lower risk investments. There are several CD accounts that are available at CiTBank.

Fees and Commissions

Opening an IRA account at CiTBank does not involve any upfront cost. Depending on the CD option that is chosen, investors can open an IRA account without having to meet a minimum account balance. In addition, there is no account maintenance which makes CiTBank IRA accounts some of the least expensive options available.

Retirement Planning

There are a variety of retirement, savings and IRA calculators available at CiTBank. First, this company offers a traditional and a Roth IRA calculator which enables investors to calculate their projected retirement savings based on annual contribution, current age and age of retirement and expected rate of return. There is also a savings calculator that allows investors to determine how much their savings account will generate. Investors can also access one of the CD calculators which will help them determine their earnings from CDs based on rate of return, length of investment and initial contribution.

Account Features

The IRS has specific income and filing requirements that must be met to open a Roth IRA. Another requirement to open a Roth IRA is that investors need to have made taxable income in the last year. Personal details, like date of birth and social security number, will also need to be provided by investors who want to open an IRA.

Accessibility

Multi-Device Functionality
Mobile Sitecheck
iOS Accessiblecheck
Android Accessiblecheck

 

CiTBank does have a mobile banking app available for its clients. With this app, investors can view their alerts, transaction history, account information and transfer funds from their Android or iOS-powered device.

Safety and Security

CiTBank is a member FDIC and funds that are in CDs are insured up to $250,000. In addition, this firm employs advanced technology to prevent online theft and fraud. Encryption technology and other security protocols are used to safeguard the integrity of client accounts, transactions and other sensitive information.

Customer Support

Customer support professionals will immediately respond to questions during customer support hours. Customer support hours are Monday through Friday from 7AM to 9PM ET, Saturday from 9AM to 5PM and Sunday from 11AM to 4PM. Clients can contact a customer support representative via telephone or email.

Bottom Line

CiTBank does not have a large selection of investment options but the CDs options that are available tend to be less risky than other investment options and they provide a fairly decent rate of return in the long run.

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