Awards Best CD IRA 2023
If you're looking for the best IRA CD rates in 2023, you've come to the right place. These are the top 5 IRA CD providers based on our methodology.
APYs and account details are correct as of January 11, 2023.
OFFER SELECTED PARTNERS
Connexus Credit Union IRA certificates
5.0
Our ratings take into account a product's category-specific premiums, fees, prices and other attributes. All evaluations are carried out exclusively by our editorial team.
Annual percentage yield
3.51% to 4.85%
Minimum deposit requirement
5.000 $
Compound Interest Frequency
Quarterly
Annual percentage yield
3.51% to 4.85%
Minimum deposit requirement
5.000 $
Compound Interest Frequency
Quarterly
why we chose it
Wisconsin-based Connexus Credit Union offers some of the best IRA CD rates in 2023, including a special 15-month CD that yields huge APYs.
You need an initial deposit of at least $5,000 to secure these installments. You also need to be a member of Connexus, but luckily anyone can join with a $5 donation (see Details for more information).
read our fullConnexus Credit Union Review.
For and against
- APY alto
- Multiple runtime options
- Jumbo IRA Certificates Available
- Can't open online
- Membership required
- High minimum opening deposit
details
Anyone in the US can join Connexus Credit Union by making a one-time donation of $5 to the Connexus Association, a financial education organization.
Here are the current Connexus Credit Union IRA CD rates and terms:
- 12 Sweetness: 4.51%
- 15 Sweetness: 4.85%
- 24 Sweetness: 4.01%
- 36 Sweetness: 3.71%
- 48 Sweetness: 3.51%
- 60 Sweetness: 3.51%
OFFER SELECTED PARTNERS
First National Bank of America IRA Certificates of Deposit
4.8
Our ratings take into account a product's category-specific premiums, fees, prices and other attributes. All evaluations are carried out exclusively by our editorial team.
Annual percentage yield
4.35% up to 4.50%
Minimum deposit requirement
1.000 $
Compound Interest Frequency
Quarterly
Annual percentage yield
4.35% up to 4.50%
Minimum deposit requirement
1.000 $
Compound Interest Frequency
Quarterly
why we chose it
First National Bank of America is a Michigan-based institution with IRA-CD interest rates that rival even the best online banks. But you must open a traditional or Roth IRA CD at a local branch, and First National Bank of America only has branches in East Lansing, Grand Rapids, and Traverse City. And if you live in one of these areas, you can open an IRA CD with any monthly term between one and 60 months, instead of being limited to the terms listed.
read our fullNational Bank of America First Review.
For and against
- APY alto
- Reasonable minimum deposit at opening
- Must be opened in a branch
- Only annual rates are available unless you live in Michigan
details
Here are First National Bank of America's current national rates for traditional and Roth IRA CDs:
- 12 Sweetness: 4.40%
- 24 Interest: 4.40%
- 36 Sweetness: 4.40%
- 48 Sweetness: 4.35%
- 60 Interest: 4.35%
- 72 Sweetness: 4.40%
- 84 Interest: 4.50%
OFFER SELECTED PARTNERS
Discover Roth/Traditional IRA Certificates of Deposit
4.5
Our ratings take into account a product's category-specific premiums, fees, prices and other attributes. All evaluations are carried out exclusively by our editorial team.
Annual percentage yield
1.50% up to 4.40%
Minimum deposit requirement
2.500 $
Compound Interest Frequency
Daily
learn more
Read our full review
Annual percentage yield
1.50% up to 4.40%
Minimum deposit requirement
2.500 $
Compound Interest Frequency
Daily
why we chose it
Discover is an online bank that consistently builds some of the best bank accounts with the lowest fees and highest rates, and its traditional CDs and Roth IRAs are no different.
Prices start at 3 month IRA CDs and go up to 5, 7 or 10 year IRA CDs.
Another great benefit is that Discover is one of the few banks that allows you to open an IRA CD online without having to visit a branch. Simply start the application process online and Discover will mail your documents to you for signing.
read our fullDiscover the bank's rating.
For and against
- APY alto
- You can open an account online
- Terms range from 3 months to 10 years
- The minimum opening deposit is on the high side
- Short-term CD prices are not as competitive
details
Here are the current Discover CD IRA prices:
- 3 Interest: 1.50%
- 6 Sweetness: 2.75%
- 9 Sweetness: 2.85%
- 12 Sweetness: 4.15%
- 18 Sweetness: 4.25%
- 24 Interest: 4.30%
- 30 Interest: 4.30%
- 36 Sweetness: 4.35%
- 48 Sweetness: 4.35%
- 60 Interest: 4.40%
- 84 Sweetness: 4.40%
- 120 Interest: 4.40%
OFFER SELECTED PARTNERS
NASA Federal Credit Union IRA Certificate of Deposit
4.5
Our ratings take into account a product's category-specific premiums, fees, prices and other attributes. All evaluations are carried out exclusively by our editorial team.
Annual percentage yield
2.25% up to 4.75%
Minimum deposit requirement
$ 50 a $ 10,000
Compound Interest Frequency
Per month
Annual percentage yield
2.25% up to 4.75%
Minimum deposit requirement
$ 50 a $ 10,000
Compound Interest Frequency
Per month
why we chose it
NASA Federal Credit Union features competitive IRA-CD interest rates up to 4.75%. Plus, it offers several unusual types and terms of IRA CDs that you won't find at other institutions on our list.
For example, NASA FCU has a special increased rate IRA CD that allows you to increase your rate to a higher rate once during the life of the CD. The credit union also offers an Early Savers IRA CD for those under 24 and an Additional IRA CD if you want to continue contributing to your account over time.
NASA Federal Credit Union opens membership to anyone across the country, even if you are not affiliated with the space program.
For and against
- APY alto
- You can open an account online
- Several specialized IRA CD options
- Membership required
- Some CDs have high minimum opening deposits
details
If you don't have NASA affiliations, this credit union covers your National Space Society (NSS) membership for the first year, so you can still join.
Here are the current NASA Federal Credit Union rates for standard IRA CDs:
- 6 Fun:2,25 %; $1,000 minimum deposit
- 9 Fun:4,60 %; $10,000 minimum deposit
- 12 Fun:2,80 %; $1,000 minimum deposit
- 15 Fun:4,70 %; $10,000 minimum deposit
- 24 Fun:3,20 %; $1,000 minimum deposit
- 36 Fun:3,25 %; $1,000 minimum deposit
- 48 Fun:3,30 %; $1,000 minimum deposit
- 49 months: 4.75%; $10,000 minimum deposit
- 60 Fun:3,45 %; $1,000 minimum deposit
Also, NASA Federal Credit Union has these special IRA CDs:
- 12 months in advance:2,80 %; $50 minimum deposit
- 12 Monate Complement:2,70 %; $250 minimum deposit
- 24 Monate Bump-Rate:3,10 %; $1,000 minimum deposit
- 36 Monate Bump-Rate:3,25 %; $1,000 minimum deposit
OFFER SELECTED PARTNERS
Bethpage Federal Credit Union IRA Certificate of Deposit
4.5
Our ratings take into account a product's category-specific premiums, fees, prices and other attributes. All evaluations are carried out exclusively by our editorial team.
Annual percentage yield
2.25% up to 4.50%
Minimum deposit requirement
$50
Compound Interest Frequency
Per month
learn more
Read our full review
Annual percentage yield
2.25% up to 4.50%
Minimum deposit requirement
$50
Compound Interest Frequency
Per month
why we chose it
Bethpage Federal Credit Union is not just one of thosebest credit unions, but it is also one of the best institutions for CD IRA games.
Even the 3-month CD IRA earns a competitive APY, but you get the most out of it when you open a 12-month CD. It has a higher APY than other Bethpage IRA CDs with longer maturities.
read our fullBethpage Federal Credit Union Review.
For and against
- APY alto
- Low opening deposits
- Enhanced CD Option
- Membership required
- You must open a savings account to establish membership
details
Membership is open to anyone who opens a Bethpage Federal Credit Union savings account with a minimum deposit of $5.
These are the current Bethpage CD IRA prices:
- 3 Sweetness: 2.25%
- 6 Sweetness: 4.00%
- 12 Sweetness: 4.40%
- 18 Sweetness: 3.55%
- 24 Interest: 4.50%
- 30 Interest: 3.70%
- 36 Interest: 3.75%
- 48 Interest: 3.85%
- 60 Interest: 4.00%
Roundup: Best IRA CD Awards
| company | company logo | Forbes Advisor Rating | Forbes Advisor Rating | CD APY | Minimum deposit requirement | compounding frequency | Learn more CTA text | Learn more CTA below the text | learn more |
|---|---|---|---|---|---|---|---|---|---|
| Connexus Kreditgenossenschaft |  | 5.0 |  | 3.51% to 4.85% | 5.000 $ | Quarterly | learn more | ||
| First National Bank of America |  | 4.8 | | 4.35% up to 4.50% | 1.000 $ | Quarterly | learn more | ||
| Discover traditional Roth CD/IRA |  | 4.5 |  | 1.50% up to 4.40% | 2.500 $ | Daily | learn more | Read our full review | |
| NASA Federal Credit Union IRA Certificate of Deposit |  | 4.5 | | 2.25% up to 4.75% | $ 50 a $ 10,000 | Per month | learn more | ||
| Bethpage Federal Credit Union IRA Certificate of Deposit |  | 4.5 | | 2.25% up to 4.50% | $50 | Per month | learn more | Read our full review |
methodology
To create our list of the best IRA CD rates, Forbes Advisor analyzed 341 CD accounts from 134 financial institutions, including a mix of traditional banking houses, online banks and credit unions. We ranked each institution based on 10 data points in the categories of APY, Minimum Amounts, Funding Frequency, Customer Experience, Digital Experience, Available Terms, and General Availability.
The following weights were assigned to each star rating category:
- APY: 50 %
- Customer and digital experience: 20%
- Minimum deposit: 12.5%
- Compound interest plan: 7.5%
- Availability: 5%
- Available Conditions: 5%
What is an IRA CD?
An IRA-CD is a certificate of deposit placed in an Individual Retirement Account (IRA). There are manyPros and Cons of IRA CDs, but the biggest advantage is that your account isfederally insuredfor up to $250,000 and earn a fixed interest rate over time. So instead of dealing with stock market fluctuations, the money invested in your IRA CD is guaranteed and protected against potential loss.
How to Transfer an IRA CD to an IRA
After your IRA CD expires, you can convert it to a regular IRA. This process may sound complicated, but it is actually quite simple if you follow it step by step.
- Decide whether to open a traditional or Roth IRA.
- Select the financial institution with which you wish to open an account and complete all required documentation.
- Ask your current financial institution to transfer the funds from your existing CD to the new account.
What is the difference between a CD and an IRA?
CDs and IRAs have very different purposes.
ADeposit receiptis a low-risk savings account offered by banks, credit unions, and other financial institutions. CDs have predetermined terms with fixed interest rates that generally cannot change during their term. The advantage is that you know how long your money is locked up and how much you will earn over time.
Inindividual retirementis a unique tax-advantaged investment account to help you save for retirement. Unlike a CD, which has a fixed rate of return, yoursIRA can be invested in various assetswith different risks and rewards, including stocks, bonds, or mutual funds.
Ultimately, the choice between a CD or an IRA depends on your situation and goals. If you need quick access to your money, a CD might be right for you. However, if you want to contribute regularly to your future retirement, an IRA might be a better option.
bottom line
Investing in an IRA CD can be a great way to save for retirement if you're concerned about fluctuations in the stock market or want a safe, guaranteed return. If you're not sure where to start your search, the five financial institutions on this list have the best IRA CD rates for 2023.
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