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Bump Up Individual Retirement Account (IRA) is a great way to boost your IRA earnings. But, what exactly is a bump up IRA? By bump up IRA means your IRA rate will go up if a higher rate is being offered or a one time rate adjustment is permitted anytime during the original term. Seldom offered by banks, you can still check out some who are offering this bump up IRA. Check them out and compare.
1. Hills Bank and Trust Company. The bank is offering a 24 month Bump up IRA at 1.45%APY. A $500 minimum amount is required to open and earn the APY.
2. Mt. Washington Bank, a division of East Boston Savings Bank. The bank is offering a special deal offer, a 30-month bump up IRA special at 1.75%APY. There is a $500 minimum amount required to open, but only $25 minimum to obtain the APY.
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Dart Bank offers certificate of deposits available in regular CD and IRA accounts.
1. For account balances between $500 – $999, the APY are:
- 3 months – 0.65%APY
- 6 months – 0.75%APY
- 12 months – 1.41%APY
- 24 months – 1.86%APY
- 36 months – 2.42%APY
- 48 months – 2.78%APY
- 60 months – 3.03%APY
2. For account balance of $10,000 and above, the APY are:
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Looking for IRA CD with Bump Up Rate is a smart way of investing. If rates go up after opening an account, you can demand a raise and credit unions will raise your APY based on the prevailing rate.
Among the credit unions offering IRA CDs with Bump Up Rate are the following:
1. As of 7/16/09, the Northwest Community Credit Union offers “Bump Rate” IRA CDs that include:
- 25 month IRA Bump – 1.75%APY
- 37 month IRA Bump – 2.15%APY
- 49 month IRA Bump – 2.55%APY
- 61 month IRA Bump – 2.80%APY



