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Best IRA CD rates - July 2023

Best available rates across different account types for Wednesday, July 12, 2023

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Bankrate’s picks for the top IRA CD rates

Citibank: 0.05%-5.28% 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.

Zions Bank: 0.30%-5.20% APY* (1 month-5 years), $1,000 minimum deposit

Zions Bank offers 10 terms of CDs, IRA CDs, an IRA money market, multiple checking accounts, savings accounts, a money market account and other products. 

Zions Bank is headquartered in Salt Lake City.

*APYs are only available in Idaho and Utah. 

America First Credit Union: 4.00%-5.20% 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.

Bethpage Federal Credit Union: 2.25%-5.00% APY (3 months-5 years), $50 minimum deposit

Bethpage Federal Credit Union was founded 80 years ago.

Bethpage Federal Credit Union’s main office is located in Bethpage, New York. It has around 435,000 members and offers nine terms of IRA CDs. The three-month CD is the shortest term and the five-year CD is the longest term.

Besides IRA CDs, Bethpage offers regular CDs, checking accounts, savings accounts, a money market account, loans and other financial products.

Synchrony Bank: 2.25%-5.05% 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.

American Express National Bank: 0.10%-4.75% APY (6 months-5 years), $0 minimum deposit

While American Express is best known for its credit cards, the FDIC-insured bank also offers deposit products. It offers both traditional and Roth IRA CDs. And it also offers regular CDs, a high-yield savings account and a checking account for its credit card customers who have been with the bank for at least three months.

Delta Community Credit Union: 4.35%-5.00% 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. Delta Community Credit Union has more than 480,000 members and has 33 branches. Most of those branches are in 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. 

Discover Bank: 2.00%-5.00% 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.

What is an IRA CD?

An IRA CD is an individual retirement account where your money is parked in a certificate of deposit, a time-deposit account that pays interest at a set rate in exchange for the saver agreeing to deposit cash for a set term. CD terms vary, usually ranging from three months to 10 years. CDs generally offer a higher rate than savings accounts because they are less liquid.

The best one-year IRA CD yields are nearly four times the national average of 1.45 percent APY, according to Bankrate’s national index survey of banks and thrifts from June 28, 2023.

Typically, your options are a traditional IRA or Roth IRA. The tax advantages for each are different. Bankrate’s IRA calculator can help you compute and compare potential earnings for both types.

You may want to consider getting an IRA CD if your tolerance for risk is low and you’re looking for a guaranteed return to boost your retirement savings while enjoying tax advantages. IRAs are subject to contribution limits, and not all contributions are eligible for tax savings. Check with your tax advisor if you have questions.

Of course, CDs aren’t the only investment option for those looking to put their money into an IRA. Stocks, bonds, mutual funds and money market funds are also popular options.

Which IRA CD is best for you depends on your goals. Consider the rate offered along with other factors, including the minimum deposit required and maturity date. Rates vary by the term of the CD. Some banks may offer more competitive rates on five-year IRA CDs, for example, but not for six-month IRA CDs. Consider your time horizon when deciding how best to invest.

Pros and cons of investing in an IRA CD

Before opening an IRA CD, weigh the pros and cons to see if it’s the right product for you.


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    A guaranteed return on your investment (as long as you don’t withdraw from your CD before it matures).

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    Your money is insured up to $250,000 as long as it is held at an FDIC-insured bank or an NCUA credit union.

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    You won’t have to worry about fees unless you’re penalized for tapping into your account before it matures.


  • If you’re younger, you may want to invest in something with the potential for a higher return.

  • The rate you earn may not keep up with inflation.

IRA CD risks

IRA CDs are just as safe as a regular CD, as long as they are opened at an FDIC-insured bank or an NCUA credit union and don’t surpass the insurance limits. For instance, IRAs fall in the “Certain Retirement Account” category at the FDIC. The coverage limit is $250,000 per owner on IRAs at an FDIC bank in a deposit product, such as a savings account or a CD. At a credit union, the National Credit Union Share Insurance Fund covers an IRA separately from insurance coverage on your other credit union accounts. The NCUSIF covers an IRA at a credit union up to an additional $250,000.

Use the FDIC Electronic Deposit Insurance Estimator and contact your FDIC-insured bank to confirm that your account is insured. At a credit union, use the Share Insurance Estimator and contact your credit union to confirm your account meets insurance requirements.


Methodology for Bankrate’s best CD rates

At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.

Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

To find the best CDs, our editorial team analyzes various factors, such as: APY, the minimum deposit needed to earn that APY (or to open the CD) and whether it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Administration (NCUA).

When selecting the best CD for you, consider the purpose of the money and when you’ll need access to these funds to help you avoid early withdrawal penalties.

Banks we monitor

These financial institutions are featured in our CD rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank5 Connect, Bank of America, Bank of the West, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO Harris Bank, Bread Financial (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank (Rhode Island), Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, Emigrant Direct, Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Marcus by Goldman Sachs, Morgan Stanley Private Bank, Huntington National Bank, KeyBank, Limelight Bank, Live Oak Bank, M&T Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, PurePoint Financial, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Synchrony Bank, TD Bank, TIAA Bank, Truist Bank, UFB Direct, U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.