If you make a thorough research of banks, you will notice that there are only few banks that are offering a high yield IRA. An example is Ally Bank, a direct bank.
Ally offers an IRA high yield certificate of deposit, an IRA 12-month CD, at 1.03%APY. With this, you can rollover with Traditional or Roth IRAs. You can compare this IRA rate with a compilation of the best IRA CD rates for October 2011.
The good thing about this offer is that the bank is not charging a fee for maintaining your IRA account. In other words, no monthly or annual fees for maintaining your IRA account.
The bank also has a Ten Day Best Rate Guarantee, which allows you to automatically get the best rate it offers when you renew your CD. In other words, when you renew your IRA CD, you will automatically get the best rate offer within 10 days beginning with the CD renewal date.
Here are the features of Ally Bank’s high yield IRA offer:
- No minimum opening deposit
- No monthly maintenance fees
- Best rate offer when you open your CD or fund your CD within 90 days
- Interest compounded daily
- FDIC insured
- Automatic renewal
- Highest fixed CD rate
If you are interested in banking with Ally Bank because of this high yield IRA offer, you should take into account that the bank is a direct bank. Meaning, your account is accessible only online, by phone or by ATM. If you are not comfortable with how the bank’s system work, then this is not the right bank for you. Most people like talking to a live person in person, not over the phone. So, if this is you, then better yet settle with a bank which has a branch near your place.