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View All IRA Rates Our Annual Percentage Yields (APYs) are accurate as of 10/01/2020.
IRA Raise Your Rate CD
- Start with a great rate, plus have the opportunity to increase your rate once over the 2-year term or twice over the 4-year term if our rate for your term and balance tier goes up on these CDs
- Early withdrawal penalty will apply
IRA Online Savings
- Rate is variable and may change after the account is opened.
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Six transactions limit per statement cycle
Why only 6? - Other fees may apply. Such as those for returned deposit items and outgoing wires
- Interest compounded daily
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Available as a Traditional, Roth and SEP IRA
Compare IRA Plans - 24/7 customer service
- Online & Mobile Security Guarantee
- Member FDIC
- Less than
$5000 - $5,000 -
$24,999.99 - $25,000
or more
3 month
6 month
9 month
12 month
18 month
3 year
5 year
More rates
2 year
One interest rate increase
4 year
Two interest rate increases
Less than $5,000 daily balance
0.60% Variable APY$5,000 minimum daily balance
0.60% Variable APY$25,000 minimum daily balance
3 month
6 month
9 month
12 month
18 month
3 year
5 year
2 year
One interest rate increase
4 year
Two interest rate increases
Less than $5,000 daily balance
0.60% Variable APY$5,000 minimum daily balance
0.60% Variable APY$25,000 minimum daily balance
3 month
6 month
9 month
12 month
18 month
3 year
5 year
2 year
One interest rate increase
4 year
Two interest rate increases
Less than $5,000 daily balance
0.60% Variable APY$5,000 minimum daily balance
0.60% Variable APY$25,000 minimum daily balance
Compare IRA Plans
- Maximum savings with a fixed rate
- Early withdrawal penalty will apply
- Start with a great rate, plus have the opportunity to increase your rate once over the 2-year term or twice over the 4-year term if our rate for your term and balance tier goes up on these CDs
- Early withdrawal penalty will apply
- Rate is variable and may change after the account is opened.
-
Six transactions limit per statement cycle
Why only 6? - Other fees may apply. Such as those for returned deposit items and outgoing wires
Find the best IRA plan with the right features for your retirement. Before you decide on the plan for you, it's always best to consult with your tax professional. The IRA comparison information we're providing is not tax advice.
Roth IRA |
Traditional IRA |
SEP IRA |
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| Consider if |
You're interested in both tax-free growth and withdrawals. Roth IRA contributions are not tax-deductible. |
You prefer your money to grow tax-deferred until you withdraw it in retirement. In many cases, your contributions are tax-deductible in the year they are made. |
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| Contribution Eligibility |
Any age with taxable compensation |
Any age with taxable compensation. |
Anyone whose employer invites them to participate in a SEP. Please note that employees cannot make personal contributions to a SEP IRA. |
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| Tax deductions |
Contributions are not deductible |
Depends on:
|
If employer contributions exceed certain limits, employees can't deduct their employer's contribution to their SEP plan. If you are self-employed, you can generally deduct the contributions you make each year to your own SEP IRA. |
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| Tax advantages |
Tax-free when you take distributions |
Pay no taxes until you take distributions |
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| Distributions |
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| Required minimum distributions |
Not required |
Mandatory at age 72. This change will affect IRA owners that reach the age of 70 ½ after 2019. Any IRA owner that was subject to the Required Minimum Distribution (RMD) for 2019 and previous years will continue to have an RMD for 2020 and beyond. Because of the CARES Act, you aren’t required to take your 2020 RMD. If you’ve already requested your 2020 RMD from Ally Bank and want to cancel your request, send us a Secure Message or call us. If you’ve already received all or part of your 2020 RMD, you may be able to return it to your IRA account as an indirect rollover under the CARES Act. If your distribution occurred in 2020 on or before August 31, you have 60 days from when you received the distribution or until August 31–whichever is later–to roll over your RMD. If your distribution occurred after August 31, you have 60 days from when you received the distribution to roll over your RMD. You can request to roll over your RMD on or before August 31 even if you’ve had a rollover in the last rolling 12 months. Any rollover of RMD funds that you request between January 1 and August 31, 2020, won’t count toward the usual IRS limit of 1 rollover every 12 months. After August 31, the usual IRS rules about rollovers will apply. We recommend you consult your tax professional for advice before requesting a rollover. |
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| Annual deadline for contributions |
The IRS has extended the 2019 tax filing deadline to July 15, 2020, which means you may make prior year contributions up until that date. In order to make a Prior Year Contribution please download the Contribution Form (pdf) and return to us via Secure Message. Be sure to mark the form that you would like the contribution to be a Prior Year Contribution. |
The employer's deadline for filing its annual tax return, including any extensions. |
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Find the best IRA plan with the right features for your retirement. Before you decide on the plan for you, it's always best to consult with your tax professional. The IRA comparison information we're providing is not tax advice.
You're interested in both tax-free growth and withdrawals. Roth IRA contributions are not tax-deductible.
You prefer your money to grow tax-deferred until you withdraw it in retirement. In many cases, your contributions are tax-deductible in the year they are made.
- You're a business owner or self-employed
- You're an employee of a business with a SEP IRA
Any age with taxable compensation
Any age with taxable compensation
Anyone whose employer invites them to participate in a SEP. Please note that employees cannot make personal contributions to a SEP IRA.
- $6,000 if under age 50
- $7,000 if age 50 or older
These contribution limits apply to Single filers with income of $124,000 or less or Joint filers with income of $196,000 or less.
As income levels increase above these limits, tax deductions for eligible contributions may be reduced. Consult with your tax professional.
-
- $6,000 if under age 50
- $7,000 if age 50 or older
These contribution limits apply to Single filers with income of $122,000 or less or Joint filers with income of $193,000 or less.
As income levels increase above these limits, tax deductions for eligible contributions may be reduced. Consult with your tax professional.
- $6,000 if under age 50
- $7,000 if age 50 or older
Income levels do not affect contribution limits for Traditional IRAs; however, your income may affect the amount you can deduct.
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- $6,000 if under age 50
- $7,000 if age 50 or older
Income levels do not affect contribution limits for Traditional IRAs; however, your income may affect the amount you can deduct.
- Employer contributions that are lesser of 25% of employee's compensation, or $57,000.
- For self-employed individuals the limit is generally 20% of net earnings.
-
- Employer contributions that are lesser of 25% of employee's compensation, or $56,000.
- For self-employed individuals the limit is generally 20% of net earnings.
Contributions are not deductible
Depends on:
- Your earnings
- Whether you participate in an employer's retirement plan
- Your filing status
- If you receive Social Security Benefits
If employer contributions exceed certain limits, employees can't deduct their employer's contribution to their SEP plan. If you are self-employed, you can generally deduct the contributions you make each year to your own SEP IRA.
Tax-free when you take distributions
Pay no taxes until you take distributions
Pay no taxes until you take distributions
- Distribution of an original contribution is always tax and penalty free.
- Any earnings and conversion dollars (from other retirement plans) are tax free after the IRS' 5 year aging requirement has been met AND you are 59½ or older; otherwise, you could incur a 10% penalty.
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Taxable
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Could include a 10% penalty if made before age 59½
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Taxable
-
Could include a 10% penalty if made before age 59½
Not required
Mandatory at age 72. This change will affect IRA owners that reach the age of 70 ½ after 2019. Any IRA owner that was subject to the Required Minimum Distribution (RMD) for 2019 and previous years will continue to have an RMD for 2020 and beyond.
Because of the CARES Act, you aren’t required to take your 2020 RMD. If you’ve already requested your 2020 RMD from Ally Bank and want to cancel your request, send us a Secure Message or call us.
If you’ve already received all or part of your 2020 RMD, you may be able to return it to your IRA account as an indirect rollover under the CARES Act. If your distribution occurred in 2020 on or before August 31, you have 60 days from when you received the distribution or until August 31–whichever is later–to roll over your RMD. If your distribution occurred after August 31, you have 60 days from when you received the distribution to roll over your RMD. You can request to roll over your RMD on or before August 31 even if you’ve had a rollover in the last rolling 12 months. Any rollover of RMD funds that you request between January 1 and August 31, 2020, won’t count toward the usual IRS limit of 1 rollover every 12 months. After August 31, the usual IRS rules about rollovers will apply.
We recommend you consult your tax professional for advice before requesting a rollover.
Mandatory at age 72. This change will affect IRA owners that reach the age of 70 ½ after 2019. Any IRA owner that was subject to the Required Minimum Distribution (RMD) for 2019 and previous years will continue to have an RMD for 2020 and beyond.
Because of the CARES Act, you aren’t required to take your 2020 RMD. If you’ve already requested your 2020 RMD from Ally Bank and want to cancel your request, send us a Secure Message or call us.
If you’ve already received all or part of your 2020 RMD, you may be able to return it to your IRA account as an indirect rollover under the CARES Act. If your distribution occurred in 2020 on or before August 31, you have 60 days from when you received the distribution or until August 31–whichever is later–to roll over your RMD. If your distribution occurred after August 31, you have 60 days from when you received the distribution to roll over your RMD. You can request to roll over your RMD on or before August 31 even if you’ve had a rollover in the last rolling 12 months. Any rollover of RMD funds that you request between January 1 and August 31, 2020, won’t count toward the usual IRS limit of 1 rollover every 12 months. After August 31, the usual IRS rules about rollovers will apply.
We recommend you consult your tax professional for advice before requesting a rollover.
The IRS has extended the 2019 tax filing deadline to July 15, 2020, which means you may make prior year contributions up until that date. In order to make a Prior Year Contribution please download the Contribution Form (pdf) and return to us via Secure Message. Be sure to mark the form that you would like the contribution to be a Prior Year Contribution.
The IRS has extended the 2019 tax filing deadline to July 15, 2020, which means you may make prior year contributions up until that date. In order to make a Prior Year Contribution please download the Contribution Form (pdf) and return to us via Secure Message. Be sure to mark the form that you would like the contribution to be a Prior Year Contribution.
The employer's deadline for filing its annual tax return, including any extensions.