Certificates of Deposit for IRAs

Synchrony Bank tops the list for best yields on one-year IRA CDs.

Kimberly Lankford's avatar
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I have some of my IRA in cash with my brokerage firm. Can I get a higher rate with an IRA CD at a bank without extending the maturity for more than a year? --B.P., Philadelphia

Not all online banks offer CDs for IRAs, but the ones that do tend to offer much better rates than cash reserves at brokerage firms -- more than 1% instead of 0.01%, says Greg McBride, of Bankrate.com.

Synchrony Bank tops the list for one-year IRA CDs, with a 1.10% annual percentage yield for $25,000 or more, or 1.05% for $2,000 to $25,000, says Ken Tumin, of DepositAccounts.com. Find rates at www.depositaccounts.com and www.bankrate.com.

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Kimberly Lankford
Kimberly Lankford
Contributing Editor, Kiplinger's Personal Finance

As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.