Recent IRA Updates
We’re making an update to improve how Individual Retirement Accounts (IRAs) are managed. Beginning November 1, 2025, the IRA on all joint accounts will be moved into a new, individual account created specifically for IRAs.
Frequently Asked Questions
Why do I need a new account number?
- For compliance and IRS reporting purposes, IRA accounts must be individual. Your current account number will stay the same, and your new IRA account will have a new account number.
Will I be required to change my dividends?
- Your new account will be created on November 1, 2025 and dividends matched properly, so you won’t lose any interest. Any accrued dividends will be paid with no action needed on your end.
Will my rate and/or maturity dates for my IRA certificate change when transferred to the new account?
- No, your rate and maturity dates will remain the same.
Will I incur penalties as a result of this transition?
- No, the transition will not be treated as a taxable event, and there will be no penalties.
Will I have to fund the new account with any required funds?
- No, Citadel will place the required $5.00 in the new account on your behalf.
Will I be required to fill out new paperwork as a result of the change?
- No, your current account stays the same. There will be no change to your account number, access, balances, or transactions.
Will I be required to change my required minimum distribution?
- If you have your required minimum distribution (RMD) automatically setup to transfer to a non-IRA share, there are no changes and the distribution will be transferred to the same account.
Will I be able to see the new account in my Online Banking account without needing to re-enroll?
- Yes, you will be able to see all accounts with the same login credentials. You will have the option to switch between accounts after you log in to view different account statements.
Still have questions?
Stop by a branch or contact us any time.
