Best IRA CD Rates for November 2022: What to Consider | MagnifyMoney

Best IRA CD Rates in May 2022

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You can get an individual retirement account (IRA) certificate of deposit (CD) with terms ranging from three months to more than six years, with interest rates generally increasing with the term length. There are lots of options, so we’ve rounded up the top IRA CD rates that are available right now for a variety of terms.

Every month, we choose the best IRA CD rates using data from, a database of offerings at thousands of banks and credit unions. We sorted the products by annual percentage yield (APY). We then eliminated products that are not available nationwide. From there, we chose the IRA CD with the highest APY among products with a minimum deposit no greater than $5,000. Here are the best options.

The best IRA CD rates in November 2022

CD termFinancial institutionAPYMinimum opening deposit
to earn APY
28-dayMutualOne Bank0.45%$5,000
3-monthService Credit Union0.40%$500
6-monthEFCU Financial Credit Union0.85%$500
1-yearOUCU Financial Credit Union2.00%$0
18-monthLuana Savings Bank1.46%$0
25-monthGenisys Credit Union1.60%$500
3-yearPenFed Credit Union2.05%$1,000
4-yearPenFed Credit Union2.20%$1,000
5-yearPenFed Credit Union2.45%$1,000

Best 28-day IRA CD — MutualOne Bank (Traditional, Roth)

28 Day IRA from MutualOne Bank MutualOne offers a 28-day CD with a 0.45% APY paid at maturity, with a required minimum daily balance of $5,000. The bank offers additional CDs of different maturities as well, up to 61 months, with APYs ranging from 0.40% to 0.55%.

Headquartered in Massachusetts, MutualOne Bank has branches only in the northeast, but serves clients nationwide online. It was formed in 2012 when Framingham Cooperative Bank merged with Natick Federal Savings Bank.


on MutualOne Bank’s secure website

Member FDIC

Best 3-month IRA CD — Service Credit Union (Traditional, Roth)

3 Month IRA Certificate from Service Credit Union Service Credit Union offers an array of IRA CDs, including a 3-month CD with a competitive APY of 0.40%. This CD requires a $500 minimum deposit, and dividends are compounded and credited monthly.

Membership to Service Credit Union is open to anyone tied to the military, Department of Defense, select employer groups or members of American Consumer Council, which you can join free of charge using the promo code “service.” The financial institution is headquartered in Portsmouth, N.H. Branch locations are in New Hampshire, Massachusetts and Germany, but account holders can also use Service Credit Union’s CO-OP and Allpoint nationwide network as well as its online banking services.


on Service Credit Union’s secure website

NCUA Insured

Best 6-month IRA CD — EFCU Financial Credit Union (Traditional, Roth)

6 Month IRA from EFCU Financial EFCU Financial Credit Union is offering the highest APY on a 6-month IRA CD, 0.85% with a $500 minimum balance.

There are a number of ways to become a member of EFCU Financial, including living or working in one of nine Louisiana Parishes or getting a volunteer membership through the EFCU Financial Foundation or the Louisiana Wildlife Foundation.


on EFCU Financial’s secure website

NCUA Insured

Best 1-year IRA CD — OUCU Financial Credit Union (Traditional, Roth, CESA)

12 Month Easy Save IRA Certificate from OUCU Financial Credit Union OUCU Financial Union currently offers the highest 1-year IRA CD at 2.00% APY for deposits up to $6,500. The Easy Save IRA certificate has no minimum deposit to earn the APy and compounds quarterly.

OUCU Financial Credit Union was founded in 1955 by the Ohio University President. To join, you must reside in an approved Ohio county; be an employee, alumni or student of Ohio University; be an employee of an approved partner company; have a family member eligible for membership or belong to an approved association, like Ohio University Friends of the Libraries.


on OUCU Financial Credit Union’s secure website

NCUA Insured

Best 18-month IRA CD — Luana Savings Bank (Traditional, SEP, Roth)

18 Month Fixed IRA from Luana Savings Bank The 18-month fixed-rate IRA CD at Luana features 1.46% APY. The bank doesn’t list any minimum balance required to start earning interest.

This community bank was established in 1908 and is the ninth largest bank in Iowa, managing over $2 billion in assets.


on Luana Savings Bank’s secure website

Member FDIC

Best 25-month IRA CD — Genisys Credit Union (Traditional, Roth, CESA)

25 Month IRA Certificate Special from Genisys Credit Union Anyone can join Genisys Credit Union, which is offering a 25-month IRA CD with a strong 1.60% APY. The CU also offers IRA CDs ranging from six months to five years.

The credit union was established in 1936 and has grown to serve over 200,000 members nationwide. Its brick-and-mortar locations are in Michigan, Minnesota and Pennsylvania.


on Genisys Credit Union’s secure website

NCUA Insured

3-, 4- and 5-year IRA CDs — PenFed Credit Union (Traditional)

3 Year IRA from PenFed Credit Union Pentagon Federal Credit Union offers IRA CDs with a $1,000 minimum deposit to open and terms running from one to seven years. Here are their most competitive CD rates:
  • 3-year CD: 2.05%
  • 4-year CD: 2.20%
  • 5-year CD: 2.45%

PenFed membership is open to everyone. The company manages $31 billion in assets for 2.5 million members across U.S. states and territories.


on PenFed Credit Union’s secure website

NCUA Insured

3 questions to consider before opening an IRA CD

Opening an IRA CD generally requires filling out a form or talking to a banker. You’ll have to have a way to fund your IRA CD, whether that’s rolling over an existing retirement account into an IRA CD or depositing cash into the product. The same limits that apply to IRA contributions apply to IRA CDs: $6,000 per year ($7,000 if you’re over age 50) of your own money across all your IRA accounts each year, and you can do a rollover once per year.

Unless you’ve invested in a bump-up IRA CD, you won’t be able to take advantage of a higher rate until your CD matures. Withdrawing funds from an IRA CD before they mature will result in a stiff penalty. Bump-up IRA CDs give you a chance to increase your interest rate to a higher level if it’s available, but you’re generally only allowed to do this once or twice during the life of the CD.

You can either use the direct-transfer method or the indirect-transfer method. The direct transfer method requires setting up your new IRA account by filling out a form authorizing the bank or credit union to transfer money from the old account into the new account. The indirect transfer method involves you asking for a check from your old IRA account. You have up to 60 days to deposit that check into your IRA CD to avoid incurring a penalty.