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When examining banks, Annuity.org’s editorial staff set several criteria that needed to be met for a bank to be considered. Each bank must:
- Be federally insured.
- Offer IRA CDs.
- Rank in the top 30 of chartered commercial banks by consolidated assets.
Annuity.org employed a strict and research-focused methodology when selecting banks for consideration. In order to be considered, a bank needed to be federally insured, offer IRA CDs and rank in the top 30 banks by consolidated assets.
This helped guarantee that only the strongest and most stable options were considered.
Banks were then compared by their specific IRA CD offerings, the consistency of those offerings, APY and minimum deposit.
It’s important to note that CD rates can vary by location. So, the rates presented for each bank or IRA CD may differ for you depending on what part of the country you live in.
Annuity.org focused on the top 30 banks by consolidated assets in part to ensure that the options considered are widely available to consumers.
Learn more about our broader editorial guidelines.
Editor’s Choice: Best Overall
Originally founded in 1919 as a division of GM, Ally Bank is one of the 25 largest banks in the country with over $186 billion in consolidated assets. Ally Bank is entirely online, meaning that is has no physical branches anywhere in the U.S.
5.00% on 12-Month IRA CD
- No minimum deposit
- Strong rates across multiple terms
- No physical locations
Best for Multiple IRA Options
BMO Harris is one of the 15 largest banks in the country, with consolidated assets exceeding $265 billion and over 1,000 domestic branches. It offers a strong variety of IRA CD options.
5.10% APY on a 13-Month IRA CD
- Strong diversity of IRA CDs
- Solid APYs for smaller balances
- High minimum deposit
Best for High Rates Across Many Terms
Discover clocks in as one of the 30 largest banks in the country with $130 billion in consolidated assets. The bank is entirely online with no physical branches but does trace its origins back over a century and is a reliable choice.
5.00% on an 18-Month IRA CD
- Strong APYs
- Both Roth and traditional options
- Very high minimum deposit
- No physical branches
Best for Smaller Minimums
TD Bank is one of the 10 largest banks in the U.S., eclipsing $400 billion in consolidated assets and with more than 1,100 branches. The bank has strong CD offerings for existing members.
4.00% on a 9-Month IRA CD
- Minimum balance of just $250
- Strong APYs for existing members
- Rate bump feature only for members
Others We Considered
The following banks were considered but were not selected due to varying reasons. While meeting our criteria, they either did not offer competitive IRA CD rates, have ceased offering them entirely or did not provide readily available information on their rates.
Frequently Asked Questions
An IRA CD is an IRA that is invested entirely in CDs, combining the benefits of both.
An IRA CD can be beneficial by combining the retirement aspects of an IRA with the low-risk components of investing in a CD.
It varies by bank, but IRA CD rates tend to not be all that different from standard CD rates.
The APY offered, the term lengths available and the minimum deposit required are all factors to considered when selecting the right IRA CD.
As with standard CDs, there can be penalties for attempting to withdraw money before the term has ended.