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Banks/Cus That Allow You To ADD To An EXISTING IRA CD Each Year?

racecar
  |     |   616 posts since 2014

Each year one can make a new IRA contribution. But most Banks/CUs make you start a NEW IRA CD each year, rather than letting you add the new year's contribution to an EXISTING IRA CD. (For instance, if I opened up a 5-year IRA CD, most places won't let you add to it in subsequent years).

There's one exception that I know of: Navy Fed.

As long as it's an *IRA* CD, Navy lets you add to an already-existing IRA CD each year (Jan-April) even if that CD was not an "Add-On" (as long as it's an IRA CD).

So I'd like to know:

What OTHER banks/CUs let you do this? ARE there any others?

(Navy's rates are pretty low now, so I'd like to know if there are any other places that allow this).

Thanks!

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3


Answers
111
  |     |   672 posts since 2019
Deleted by poster.
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CDmanFL
  |     |   286 posts since 2019
Is it really true that Navy allows you to add to an existing IRA CD even if that CD is not an add on? I don’t think this is accurate but I’ve been wrong many times before.
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MY2CENTSWORTH
  |     |   436 posts since 2016
CDmanFL, it is accurate. It's not so much a matter of being wrong, I've been a member for about 7 years now and while they don't advertise that information it has been allowed during the tax filing season every year. Obviously, I suppose it could disappear without any advance notice, but while their rates have been lackluster in this recent environment they are flexible and very customer friendly. Full disclosure, I did just have an issue with them dragging their feet and giving me many different excuses each time I called, with transferring IRA money to another credit union, but beyond that I haven't had any other negative experiences with them.
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4
SouthernGirl
  |     |   210 posts since 2022
MY2CENTSWORTH,
Did Navy FCU charge you an early withdrawal penalty on the IRA transfer?

FYI, historically speaking, Navy FCU offers an IRA special usually the first week of December until April 15th of the next year. I cannot wait to see that IRA special!!!
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3
CDmanFL
  |     |   286 posts since 2019
SouthernGirl,
I hope you are right that Navy will offer an IRA special the first week of December.
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MY2CENTSWORTH
  |     |   436 posts since 2016
SouthernGirl, no EWP as my Traditional IRA had matured a couple of months ago and I had deposited it into an IRA MM account with Navy hoping rates would continue to rise. Of course soon after finalizing the direct transfer out, Navy finally did make a rate change in the right direction, but I'm still doing better than I would have if I had left it with Navy.
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rockies
  |     |   295 posts since 2018
And, just to be clear, the add-on capability during tax season is for IRA certificates only and, therefore, is not available for non-IRA certificates.

I would also be interested in learning if any other bank/credit union does something similar.
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h_meister
  |     |   32 posts since 2014
I've down add-ons to IRA CDs with two credit unions, 1st United CU and Self Help Federal CU. 1st United used to allow unlimited add-ons to all their CDs but in 2020 amended to limit all CD add-ons to 10K. I've done add-ons to IRA CDs with Navy Federal previously. A prior Roth CD was a three year that allowed add-ons any time but my wife had a traditional that allowed add-ons only during tax season (1st week in January through April 15). Interestingly, I was on phone today with Navy changing my IRA term to a higher current rate, which they let you do if you go to a longer term. When I asked the overly anal CSR to verify if they allowed IRA add-ons, she said she could not confirm as it has to be authorized by the Board of Directors annually.
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