Best IRA CD rates for December 2024
Best available rates across different account types for Monday, December 23, 2024
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What To Know First
An individual retirement account certificate of deposit (IRA CD) is a savings option for those who are looking for a guaranteed return on retirement funds.
IRA CDs are safe investments when they’re offered from federally insured financial institutions, and they may appeal to investors who prefer a fixed annual percentage yield (APY). Use Bankrate’s CD calculator to see exactly how much money you will earn over the term of the IRA CD.
Thanks to their guaranteed yield, IRA CDs may make sense for those planning for retirement. Outside of retirement, a standard CD that can be funded with money that has already been taxed will make sense, especially if it’s money that you want to use before reaching age 59 ½.
For those interested in opening an IRA CD, look for one that offers a competitive yield. The highest IRA CD rates are generally available at online-only banks and credit unions.
Bankrate’s picks for the top IRA CD rates
- America First Credit Union: 4.10%-4.65% APY (3 months-5 years); $500 minimum deposit
- Suncoast Credit Union: 3.75%-4.75% APY (6 months-5 years); $500 minimum deposit
- Delta Community Credit Union: 3.30%-4.35% APY (1-5 years); $1,000 minimum deposit
- Navy Federal Credit Union: 2.15%-4.10% APY (3 months-7 years); $1,000 minimum deposit
- Synchrony Bank: 0.25%-4.00% APY (3 months-5 years); $0 minimum deposit
- Randolph-Brooks Federal Credit Union: 3.31%-4.15% APY (6 months-7 years); $1,000 minimum deposit
- Discover Bank: 2.00%-4.10% APY (3 months-10 years); $0 minimum deposit
- Citibank: 0.05%-4.60% APY (3 months-5 years); $250 minimum deposit
- Ally Bank: 2.90%-4.10% APY (3 months-5 years); $0 minimum deposit
Note: Annual percentage yields (APYs) shown are as of Dec. 17. 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. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes in its lists only banks that are members of the Federal Deposit Insurance Corp. (FDIC) or credit unions insured by the National Credit Union Administration (NCUA). Advertiser offers and other non-editorial listings on the page may be for additional types of deposit products.
The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.