IRA CD Account
Get StartedIt’s never too early to plan for your future. IRA Certificates of Deposit (CDs) are a simple way to enjoy guaranteed returns—and the peace of mind that comes with them.
Retirement savings, made simple
No monthly fees
No minimum opening deposit
FDIC-Insured
Maximize for taxes
Deciding between Traditional and Roth IRA CDs
Compare the two types of IRA CDs to see which is right for you.
Fund your tomorrow with ease
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Contributions
Transfer money that is not currently deposited in any type of retirement account directly into our IRAs. -
Rollovers
Move money from other retirement plans or accounts into one of our IRAs with ease. -
Transfers
Easily transfer an IRA from another financial institution to one of our IRAs.
It all adds up to more freedom down the road
Initial deposit
Get started with no minimum opening deposit required.
Get StartedIRA CD FAQ
View IRA FAQ
What is the minimum deposit amount to open an IRA CD account?
There is no minimum deposit to open a Discover IRA CD Account.
Can I have more than one IRA CD?
Yes. You can have multiple IRA CD accounts as well as you can have both Traditional and Roth IRA accounts at Discover. Your Traditional IRA accounts will be grouped into and administered under a single Traditional IRA plan, and Roth IRA accounts will be grouped into and administered under a single Roth IRA plan. Additionally, if you maintain Inherited IRA accounts, they will also be in separate plans because they need to be managed separately.
How is interest on my IRA CD calculated?
Interest is compounded daily, credited to your IRA CD account monthly, and calculated on a 365-day basis. For additional detail, see Section 5 of the Deposit Account Agreement.
Can I designate a beneficiary for my IRA CD account?
Yes. We recommend that all of our IRA plan holders designate at least one beneficiary by completing the IRA Designation or Change of Beneficiary form. When completing the form make sure to:
- Name your primary beneficiary in section 2
- Complete section 3 for spousal consent if you are designating someone other than your spouse as 100% primary beneficiary
- Name your contingent beneficiaries and their share in whole numbers totaling 100%
- Sign and date it
We also recommend reviewing your beneficiary information after a major life event, such as marriage, divorce, birth or adoption of a child, or death. If a beneficiary is not designated, beneficiary payment will generally go to the IRA plan holder's estate, which is subject to any applicable community property state law requirements.
Please note: Beneficiaries are designated at the plan level. You may maintain different beneficiaries if you have Traditional IRA and Roth IRA plans.
Can I contribute to both a Roth IRA CD and a Traditional IRA CD?
Yes. Your annual contribution can be divided between both types as long as you meet the eligibility requirements for each IRA type. You may not contribute more than the annual allowable maximum across all of your Traditional and Roth IRA accounts at all of your financial institutions.
For guidance on the best way to contribute, we encourage you to consult a financial advisor or tax professional at your expense. For general questions and information regarding IRA accounts, contact an IRA Specialist at 1-888-204-8966. We’re here to help.
Opening an IRA CD account couldn’t be simpler
- Just give us a few basics (like address and Social Security Number), and we’ll get the ball rolling for you.
- Sign the paperwork. It should be in your mailbox within 7-10 days of opening your account. Make a deposit now to get going on your goals.
- Check your email for a confirmation, and you’re on your way to making your finanical goals a reality.
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