IRA Savings Accounts

IRA savings accounts provide a means of saving for retirement without having funds locked up for a set amount of time. Use the filter box below to customize your results, or click here to learn more about the primary types of IRA Savings Accounts.

Member FDIC
ONLINE BANKING
MOBILE APPLICATION
American Express®
High Yield Savings Account
APY
3.80%
Service Charge
Svc Charge
$0
Minimum to Earn
Min to Earn
$0
Min to Open
Min to Open
$0
Sponsored Note: Interest compounds daily, deposited monthly
APY
3.80%
Member FDIC
Service Charge
$0
Min. to Earn
$0
Min to Open
$0
American Express®
High Yield Savings Account
ONLINE BANKING
MOBILE APPLICATION
View Details
Sponsored Note: Interest compounds daily, deposited monthly
Location
Deposit Amount
Filters
Institution
APY
Service Charge
Min. to Earn
Min. Deposit
Apple Federal Credit Union
NCUA Insured
Coverdell Education Savings
5.0 Our Rating
5.00%
$0
View
Apple Federal Credit Union
Coverdell Education Savings
View
5.0 Our Rating NCUA Insured
APY 5.00%
Service Charge
Minimum to Earn $0
Minimum Deposit
Latino Credit Union
NCUA Insured
IRA Share Account
4.6 Our Rating
4.71%
$25
View
Latino Credit Union
IRA Share Account
View
4.6 Our Rating NCUA Insured
APY 4.71%
Service Charge
Minimum to Earn $25
Minimum Deposit
Atkins Savings Bank & Trust
Member FDIC
Variable Rate IRA
3.7 Our Rating
4.59%
$1k
View
Atkins Savings Bank & Trust
Variable Rate IRA
View
3.7 Our Rating Member FDIC
APY 4.59%
Service Charge
Minimum to Earn $1k
Minimum Deposit
Peoples Credit Union (CO)
NCUA Insured
IRA
4.4 Our Rating
4.59%
$50
View
Peoples Credit Union (CO)
IRA
View
4.4 Our Rating NCUA Insured
APY 4.59%
Service Charge
Minimum to Earn $50
Minimum Deposit
HFS Federal Credit Union
NCUA Insured
Individual Retirement Account
5.0 Our Rating
4.37%
$0
View
HFS Federal Credit Union
Individual Retirement Account
View
5.0 Our Rating NCUA Insured
APY 4.37%
Service Charge
Minimum to Earn $0
Minimum Deposit
Missouri Credit Union
NCUA Insured
IRA Investment Savings
5.0 Our Rating
4.32%
$0
View
Missouri Credit Union
IRA Investment Savings
View
5.0 Our Rating NCUA Insured
APY 4.32%
Service Charge
Minimum to Earn $0
Minimum Deposit
Northern Interstate Bank
Member FDIC
Variable Rate IRA
4.7 Our Rating
4.26%
$10
View
Northern Interstate Bank
Variable Rate IRA
View
4.7 Our Rating Member FDIC
APY 4.26%
Service Charge
Minimum to Earn $10
Minimum Deposit
Northeast Community Credit Union
NCUA Insured
IRA Accumulation Account
4.3 Our Rating
4.17%
$100
View
Northeast Community Credit Union
IRA Accumulation Account
View
4.3 Our Rating NCUA Insured
APY 4.17%
Service Charge
Minimum to Earn $100
Minimum Deposit
HAPO Community Credit Union
NCUA Insured
IRA Savings
4.9 Our Rating
4.14%
$1
View
HAPO Community Credit Union
IRA Savings
View
4.9 Our Rating NCUA Insured
APY 4.14%
Service Charge
Minimum to Earn $1
Minimum Deposit
Self-Help Credit Union
NCUA Insured
IRA Savings
5.0 Our Rating
4.08%
$0
View
Self-Help Credit Union
IRA Savings
View
5.0 Our Rating NCUA Insured
APY 4.08%
Service Charge
Minimum to Earn $0
Minimum Deposit
Self-Help Federal Credit Union
NCUA Insured
IRA Account
4.3 Our Rating
4.08%
$100
View
Self-Help Federal Credit Union
IRA Account
View
4.3 Our Rating NCUA Insured
APY 4.08%
Service Charge
Minimum to Earn $100
Minimum Deposit
Barksdale Federal Credit Union
NCUA Insured
IRA Prime Savings
4.9 Our Rating
4.07%
$5
View
Barksdale Federal Credit Union
IRA Prime Savings
View
4.9 Our Rating NCUA Insured
APY 4.07%
Service Charge
Minimum to Earn $5
Minimum Deposit
First National Bank in Philip
Member FDIC
IRA Open Account
4.7 Our Rating
4.06%
$5
View
First National Bank in Philip
IRA Open Account
View
4.7 Our Rating Member FDIC
APY 4.06%
Service Charge
Minimum to Earn $5
Minimum Deposit
West Gate Bank
Member FDIC
IRA Savings
5.0 Our Rating
4.06%
$0
View
West Gate Bank
IRA Savings
View
5.0 Our Rating Member FDIC
APY 4.06%
Service Charge
Minimum to Earn $0
Minimum Deposit
Eglin Federal Credit Union
NCUA Insured
Roth IRA
4.4 Our Rating
4.03%
$50
View
Eglin Federal Credit Union
Roth IRA
View
4.4 Our Rating NCUA Insured
APY 4.03%
Service Charge
Minimum to Earn $50
Minimum Deposit
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IRA Savings Accounts

What is an IRA?

One way to explain an IRA Savings Account is that it is a tax-deferred retirement investment vehicles that grow savings over time while keeping deposited funds fairly liquid and free. Banks and credit unions usually offer interest rates on these accounts that are very comparable to the rates offered on their savings accounts – some of which are high yield rates. The most common types of IRAs are the Traditional IRA and the Roth IRA, as you can see in the rate table above. When you decide to open an account, at most financial institutions you will have to select either the Traditional or Roth option.

The Traditional IRA

Traditional IRAs protect your earnings (called dividends by most credit unions) from taxes until they are withdrawn, as opposed to earnings from a non-IRA savings account that you must report to the IRS on a 1099-INT. Contributions up to a certain limit, which differs from year to year, are tax deductible in a Traditional IRA for the year in which they are made.

The Roth IRA

Roth IRA contributions cannot be deducted, on the other hand. Withdrawals (or distributions) are what give the Roth an advantage, though, as you can take a tax-free distribution for any reason after 5 years from the date of your first contribution. There are even several exceptions to the 5-year period that allow for tax-free distributions, including reaching the age of 59½, becoming disabled, or making a first-time home purchase. Unlike the Traditional IRA, the Roth version does not require distributions based on age. The Roth IRA is probably most similar to a standard savings account after 5 years, as you are able to deposit and withdraw in a similar fashion (usually 6 withdrawals a month).

Within those IRA options, banks and credit unions sometimes offer various features when it comes to the interest rate attached to the account, such as variable, fixed, and step-up rate features. Most interest rates are calculated daily and paid monthly.

An IRA Savings Account could be useful if you are moving earnings out of another IRA investment, such as an IRA CD. By moving earnings from an IRA CD that has reached maturity into an IRA Savings Account, you can avoid paying taxes on earnings. If and when you decide to open an IRA Savings Account, make sure there are no fees associated with account management. Also, remember to assign a beneficiary to the account.