Bankrate’s picks for the top IRA CD rates
Note: Annual percentage yields (APYs) shown are as of May 13. Banks are listed in order of top APYs for one-year IRA CDs with a $25,000 balance. Some APYs may require higher balances than the minimum deposit.
Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only Federal Deposit Insurance Corp. (FDIC) banks or National Credit Union Administration (NCUA) credit unions in its listings.
America First Credit Union: 4.20%-5.25% APY (3 months-5 years), $500 minimum deposit
America First Credit Union was founded in 1939. It has more than 1.2 million members.
In addition to IRA CDs, America First has checking accounts, savings accounts and different types of CDs.
Suncoast Credit Union: 3.85%-5.50% APY (6 months-5 years), $500 minimum deposit
Suncoast Credit Union offers both regular IRA CDs with a $500 minimum balance and jumbo IRA CDs that require at least $100,000. These jumbo IRA CDs may earn a higher yield than the regular IRA CDs at the Florida credit union.
Delta Community Credit Union: 3.85%-5.05% APY (1 year-5 years), $1,000 minimum deposit
Delta Community Credit Union began as the Delta Employees Credit Union in 1940. It was started by eight Delta Air Lines employees. Today, the credit union has more than 500,000 members and 29 branches in metro Atlanta and three branches outside of Georgia.
Anyone living or working in metro Atlanta and employees of more than 150 businesses are welcome at Delta Community Credit Union. Delta Air Lines, Chick-fil-A and UPS are some of the eligible businesses.
Navy Federal Credit Union: 2.75%-4.85% APY (3 months-7 years), $1,000 minimum deposit
Navy Federal Credit Union has 13 million members and is the world’s largest credit union. It has a global network of 355 branches. Navy Federal Credit Union has its main office in Vienna, Virginia.
In addition to CDs, Navy Federal Credit Union also offers checking and savings accounts, loans and credit cards.
Randolph-Brooks Federal Credit Union was established in 1952 and has its main office in Live Oak, Texas. It serves four major markets: Austin, Corpus Christi, Dallas-Fort Worth and San Antonio. The credit union has more than 1 million members.
In addition to its range of IRA certificates with terms from six months to seven years, Randolph-Brooks offers a Really Free Checking account that requires no minimum balance and charges no monthly fee.
Synchrony Bank: 0.25%-4.90% APY (3 months-5 years), $0 minimum deposit
Synchrony Bank, formerly known as GE Capital Bank, is a subsidiary of Synchrony Financial. Synchrony Bank offers Roth IRA CDs and traditional IRA CDs.
Opening an IRA CD with Synchrony Bank can only be done over the phone, as Synchrony has no branches and doesn’t offer an online application. Its corporate headquarters are in Draper, Utah.
Discover Bank: 2.00%-4.70% APY (3 months-10 years), $2,500 minimum deposit
Discover Bank eliminated fees on its deposit products in June 2019. Interest on Discover Bank CDs is compounded daily and credited monthly. Discover Bank provides a nine-day grace period after a CD matures. Its headquarters are in Greenwood, Delaware.
Citibank: 0.05%-5.13% APY (3 months-5 years), $250 minimum deposit
Citibank is one of the largest banks in the U.S. It offers IRA CDs with terms ranging from three months to five years. It also has regular CDs, checking accounts and savings accounts. In certain areas, its high-yield savings account offers a competitive APY.
Ally Bank: 3.00%-4.50% APY (3 months-5 years), $0 minimum deposit
Ally Bank is an online-only bank that offers more CD options than most direct banks. Ally gives savers options with a High Yield CD and a Raise Your Rate CD. If you fund your IRA CD within 90 days, you’ll get its best rate for the term and balance on either the day you open or the day you fund the account. Ally Bank IRA CDs are available as a traditional, Roth and simplified employee pension (SEP) IRA.
FAQs
Best IRA CD Rates Of June 2024
| Company | Forbes Advisor Rating | CD APY |
|---|
| Connexus Credit Union | 5.0 | 3.41% to 4.91% |
| First National Bank of America | 4.8 | 3.05% to 5.05% |
| Discover® Roth/Traditional IRA Certificates of Deposit | 4.5 | 2.00% to 4.70% |
| NASA Federal Credit Union IRA Certificate of Deposit | 4.5 | 4.00% to 5.35% |
1 more rowJun 17, 2024
Key takeaways. The national average rate for one-year CD rates will be at 1.15 percent APY by the end of 2024, McBride forecasts, while predicting top-yielding one-year CDs to pay a significantly higher rate of 4.25 percent APY at that time.
Where can I get 7% interest on my money? ›
Why Trust Us? As of June 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
Who is offering a 5% CD rate? ›
Highest current CD rates (overall)
| Institution name | APY | Term length |
|---|
| MYSB Direct | 5.10% | 18 months |
| Morgan Stanley | 5.00% | 18 months |
| Bask Bank | 5.00% | 18 months |
| LendingClub Bank | 5.00% | 18 months |
31 more rows6 hours ago
CD rate trends
Short-term CD rates remain higher than long-term rates, for national averages and among high-yield CDs, according to a NerdWallet analysis. This phenomenon, known as an inverted yield curve, can reflect that banks expect that future interest rates are headed downward.
Which is better a CD account on IRA account? ›
Broadly speaking, an IRA will usually make more money than a CD. This is because there is a wide assortment of investment options to choose from within an IRA. Be mindful that while there is greater growth potential in an IRA, there are also greater risks and the potential risk of loss of original capital.
Can you get 6% on a CD? ›
Right now, the only financial institution offering a 6% CD is Financial Partners Credit Union. To become a member of the credit union, you must live, work or go to school in Orange County, San Diego County, Riverside County, Los Angeles County, the city of South San Francisco or the city of Alameda.
What is the best CD rate for $100,000? ›
Best Jumbo CD Rates for June 2024
| BEST NATIONAL JUMBO CDs | | |
|---|
| CD Bank | 5.20% APY | $100,000 |
| Luana Savings Bank | 4.42% APY | $100,000 |
| All In Credit Union | 4.13% APY | $100,000 |
| Best non-Jumbo option: TotalDirectBank | 5.51% APY | $25,000 |
46 more rowsUnlike traditional or high-yield savings accounts, which have variable APYs, most CDs lock your money into a fixed interest rate the day you open the account. That's why if you suspect that interest rates will soon drop, it can be a good idea to put money in a CD to preserve the high APY you would earn.
Where to put $10,000 for best interest? ›
A stocks and shares Isa is likely to be most suitable. That is unless you will turn 55 within 30 years, in which case a pension might be a better tax wrapper for you. If you're unsure about the time horizon, you could invest in both a pension and a stocks and shares Isa.
You can earn 5% or more with several savings accounts, including Betterment Cash Reserve, Newtek Bank High Yield Savings Account, and more. You can also earn above 5% with several accounts through Raisin, an online savings marketplace that sets you up with high rates from partner banks.
Which bank gives 8% interest? ›
Top 20 Scheduled Banks offering Best FD Rates
| Banks | Highest FD rate (% p.a.) | Additional interest rate for senior citizens (% p.a.) |
|---|
| DCB Bank | 8.05 | 0.50 |
| RBL Bank | 8.00 | 0.50 |
| AU Small Finance Bank | 8.00 | 0.50 |
| Induslnd Bank | 7.99 | 0.26-0.50 |
16 more rowsCD Rates Forecast 2024
At its 2024 meetings, the FOMC held the federal funds rate steady at a target range of 5.25% and 5.50%. It projects one rate cut by the end of the year. Financial markets expect almost a 96% chance of a rate cut by the end of the year.
Which bank has the highest IRA CD rates? ›
Best IRA CD Rates
- NASA Federal Credit Union IRA CD: 4.00% to 5.50% APY.
- Alliant Credit Union IRA CD: 4.00% to 5.15% APY.
- Connexus Credit Union IRA Share Certificates: 3.51% to 5.01% APY.
- Wells Fargo IRA CD: 0.01% to 5.01% APY.
- Consumers Credit Union IRA CDs: 0.50% to 5.00%APY.
- Synchrony IRA CD: 0.25% to 4.90% APY.
The highest certificates of deposit (CDs) rates today are offered by Nano Bank (6.00%), Merchants Bank of Indiana (5.92%), Shoreham Bank (5.50%) and HAB Bank (5.48%). You can see the full list of the highest-paying CDs here.
Who is paying the highest interest rates on CDs right now? ›
The highest certificates of deposit (CDs) rates today are offered by Nano Bank (6.00%), Merchants Bank of Indiana (5.92%), Shoreham Bank (5.50%) and HAB Bank (5.48%). You can see the full list of the highest-paying CDs here.
What is the maximum IRA CD contribution? ›
Keep in mind that IRA contributions also apply to IRA CDs: Contributions are limited to $6,500 in 2023 if you're under age 50 and $7,500 if you're 50 or older. In 2024, contribution limits increase to $7,000 and $8,000, respectively. Because IRA CDs are through an IRA, there are penalties for early withdrawals, too.
Does Citibank have an IRA CD? ›
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.
Can you transfer an IRA to a CD without paying taxes? ›
Also, note that rollovers need to be like-kind to avoid any tax consequences. If you have a traditional 401(k) and you want to roll it into a Roth IRA CD, for instance, the IRS requires you to pay taxes on the amount that you're converting.
