Bank IRA CD rates change from time to time so it’s best to check around which bank offers the best IRA CD rate. For the month of October 2011, we have gathered the following banks which offer the highest APY on IRA CD.
Here are our top 5 banks offering the highest APY for a 12 month IRA CD. Compare the below certificate of deposit rates with what was offered in September 2011.
1. Ascencia – 1.13%APY. Minimum amount required to open is $500.
2. Aurora Bank – 1.13%APY. $1,000 minimum is required to open.
3. AloStar Bank of Commerce – 1.12%APY. $1,000 minimum is required to open.
4. Goldwater Bank – 1.12%APY. The bank requires at least $5,000 minimum to open. Quite high for a 1.12%APY rate.
5. AIG Bank – 1.10%APY. Requires $2,500 minimum to open.
The top 5 banks offering the highest APY for a 5 year IRA CD are:
1. First Internet Bank – 2.20%APY. Requires $1,000 minimum to open.
2. American Express – 2.15%APY. Minimum to open is zero.
3. Discover – 2.15%APY. Requires $2,500 minimum to open.
4. Bank of Internet USA – 2.12%APY. $1,000 minimum is required to open.
5. Nova Bank – 2.10%APY. Requires $500 minimum to open.
All of the above IRA CD Rates can be opened online. However, if you are not comfortable banking online then it is best to visit the branch of the bank you choose.
If you are looking for a short term IRA CD say 6 months, the highest offer so far is 1.00%APY offered by Ascensia, a division of PBI Bank, Goldwater Bank and Aurora Bank. For a much shorter term IRA CD or a 3 month IRA CD, the highest rate is 0.91%APY offered by Goldwater Bank. However, this requires at least $5,000 minimum amount to open. These IRA CDs are all available online.
For 10 years CD, below are the highest APYs:
1. 2.50%APY by Discover Bank and Capital One
2. 2.30%APY by Bank of America
3. 2.25%APY by USAA and Discover Bank