One simple way of finding the highest Individual Retirement Account Certificate of Deposit (IRA CD) rates is to go to the DepositAccounts.com website and then navigate to the IRA rates page to view the prevailing CD rates. The banks and credit unions that have best annual percentage yield (APY) for CDs are displayed on the IRA rates page arranged from the highest APY. The APY is the rate of return per year, which is calculated by factoring in the effect of compounding interest, states Investopedia.
As its name implies, an IRA is essentially a type of account where an account holder can save up funds to use during retirement. It also functions as an investment vehicle that can grow when the funds are used to invest in stocks, bonds or mutual funds. IRAs can also be used to invest in Certificates of Deposit, which is a time-restricted type of investment, according to DepositAccounts.com.
The following shows how to check the highest IRA CD rates via the DepositAccounts.com website.
- Go to the website
- Navigate to the IRA rates page
- Check the IRA
Navigate to DepositAccounts.com.
Mouse over the IRA rates option on the menu bar on the Deposit Accounts home page and then select 1-Year IRA.
Check the APY on the page for the highest CD rates. The CD rates displayed on the page can also be customized using the filter tool on the same page.