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The Best High Yield Checking Accounts in 2021

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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Checking accounts are like a pair of khakis slacks: You should have at least one, but shopping for them is a chore. You know you need a checking account—preferably one without fees—but most people think it’s not going to yield more than a token amount in interest.

These high yield checking accounts break this tired paradigm, featuring sky-high interest rates that can put even the best savings accounts to shame. In this article, we’ll help you make an informed decision about whether one of these high yield checking accounts are right for you and your financial goals.

How we picked the best high yield checking accounts

We followed a strict approach when selecting these accounts. We used the online rate finder for FDIC- or NCUA-insured rewards checking accounts on DepositAccounts.com, another LendingTree.com-owned site, to list the top 10 high yield checking accounts with the highest rates, assuming a deposit amount of $100.

Credit unions were only included if they allow membership to anyone (such as by making a donation to their chosen charity). Finally, we filtered out any high yield checking accounts that are not available nationwide, or that carry a health rating of below a B.

The Best High Yield Checking Accounts in 2021

La Capitol Federal Credit Union — Choice Checking

  • Minimum amount to open: $50
  • Requirements to earn the high APY: Make at least 15 debit purchases per month.
  • Monthly service fee: $8; waived if you either have a balance of at least $1,000 or make 15 non-ATM debit card transactions each month and use eStatements.
  • ATM fees: None
  • ATM refunds: Up to $25 in out-of-network surcharges (the money the ATM’s owner charges you) per month if you are signed up for eStatements

SEE DETAILS Secured

on La Capitol Federal Credit Union’s secure website

NCUA Insured

Consumers Credit Union (IL) — Free Rewards Checking

  • Minimum amount to open: $5
  • Requirements to earn the high APY: You must complete the following requirements each month: 1) Complete at least 12 signature-based debit purchases, 2) Receive at least one direct deposit, ACH debit, or pay one bill through their free bill payment system totaling $500 or more, 3) Be signed up for eStatements and 4) Spend $1,000 or more with a Consumers Credit Union Visa credit card each month.
  • Monthly service fee: No monthly service fee.
  • ATM fees: If you meet the requirements to earn the high APY, you won’t pay any ATM fees.
  • ATM refunds: You are eligible for refunds on all ATM fees as long as you meet the requirements to earn the highest APY.

T-Mobile — T-Mobile Money Checking Account

  • Minimum amount to open: $0
  • Requirements to earn the high APY: You must 1) Be enrolled in a qualifying T-Mobile wireless plan, 2) Be registered for perks with your T-Mobile ID and 3) Make at least 10 qualifying purchases using your T-Mobile Money card that post before the last business day of the month.
  • Monthly service fee: None
  • ATM fees: None
  • ATM refunds: None

Evansville Teachers Federal Credit Union — Vertical Checking

  • Minimum amount to open: $25
  • Requirements to earn the high APY: You must complete the following items each month: 1) Have at least one direct deposit into your account, 2) Be enrolled in e-statements, 3) Use your debit card to make at least 15 purchases per month, and 4) Log on mobile or online banking once.
  • Monthly service fee: None
  • ATM fees: None
  • ATM refunds: Up to $15 of out-of-network ATM fees per month.

Market USA Federal Credit Union — VIP Checking Platinum Tier

  • Minimum amount to open: $0
  • Requirements to earn the high APY: You must meet following requirements: 1) Enroll in e-Statements, 2) Have a monthly direct deposit of at least $500 3) Make 12 visa debit card purchases per month that are a minimum of $5 each and 4) Make three bill payments per month, of at least $20 each, using Market USA’s Bill Pay service.
  • Monthly service fee: None
  • ATM fees: Access to nearly 30,000 surcharge-free CO-OP and Alliance One Network ATMs nationwide
  • ATM refunds: Eight free monthly transactions at CO-OP, Alliance One, Star and Plus ATMS with a minimum direct deposit of $500 required. ATM surcharges may still apply to Star and Plus ATMs

SEE DETAILS Secured

on Market USA Federal Credit Union’s secure website

NCUA Insured

Security State Bank (KS) — Interest Reward Checking

  • Minimum amount to open: $100
  • Requirements to earn the highest APY: You must: 1) Have at least 11 debit purchases post and settle per statement cycle and 2) agree to receive eStatements.
  • Monthly service fee: None
  • ATM fees: None
  • ATM refunds: None

Lake Michigan Credit Union — Max Checking Account

  • Minimum amount to open: None
  • Requirements to earn the highest APY: You must: 1) Have monthly direct deposits, 2) Enroll in eStatements, 3) Use your debit card at least 10 times per month for purchases and 4) Log into home banking a minimum of 4 times per month. A $5 membership fee is also required.
  • Monthly service fee: None
  • ATM fees: None at LMCU and Allpoint ATMs
  • ATM refunds: Up to $10 per month for non-LMCU and non-Allpoint ATMs

SEE DETAILS Secured

on Lake Michigan Credit Union’s secure website

NCUA Insured

INOVA Federal Credit Union — Shield Checking Account

  • Minimum amount to open: $10
  • Requirements to earn the highest APY: You must: 1) Complete at least eight debit card transactions each statement period and 2) Maintain an average daily balance greater than $3,500.
  • Monthly service fee: $5
  • ATM fees: None on any INOVA ATM or any ATM in the Alliance One or CO-OP network
  • ATM refunds: None

SEE DETAILS Secured

on INOVA Federal Credit Union’s secure website

NCUA Insured

MECU Credit Union — Reward Checking Account

  • Minimum amount to open: $25
  • Requirements to earn the highest APY: You must: 1) Make 12 debit card purchases per month, 2) Make one ACH payment or bill pay or have one direct deposit per month and 3) Enroll in eStatements.
  • Monthly service fee: None
  • ATM fees: None
  • ATM refunds: Up to $20 per month if all qualifiers are met

SEE DETAILS Secured

on MECU’s secure website

NCUA Insured

Western Vista Federal Credit Union — Panorama Checking

  • Minimum amount to open: $0
  • Requirements to earn the highest APY: You must complete the following items each month: 1) Have at least one direct deposit into your account, 2) Be enrolled in e-statements and 3) Have at least 10 debit card purchases of $5 or more posted in each statement cycle.
  • Monthly service fee: None
  • ATM fees: None
  • ATM refunds: Up to $25 of out-of-network U.S. ATM fees per month, with a maximum of $5 per transaction.

SEE DETAILS Secured

on Western Vista Federal Credit Union’s secure website

How are these banks able to offer such a high APY?

Did you notice that most of the institutions offering high yield checking accounts tend to be smaller names that you’ve probably never heard of? It turns out there’s a good reason for that, and it all has to do with the Dodd-Frank Act, a set of sweeping financial regulations passed by Congress in the wake of the Great Recession.

Back when the Dodd-Frank Act was passed in 2010, a tiny legislative nugget called the Durbin Amendment was included in the text. This amendment limited the swipe fees that big banks can charge merchants for each purchase that one of their customers makes using a debit card.

Suddenly, big banks (defined as institutions with at least $10 billion in assets) could only charge half as much per swipe as they had been doing, and swipe fees became a lot more lucrative for smaller banks and credit unions instead.

That’s why so many smaller institutions have strict rules requiring you to use your debit card each month. According to the Federal Reserve, in 2016 smaller banks earned anywhere from 18 to 65 cents for each debit card swipe, compared to a maximum of just 22 cents plus 0.05% of the purchase price for larger banks.

Say, for example, a smaller bank requires you to make 10 debit transactions per month, and earns 65 cents from each transaction. Your bank would then earn $6.50 from your spending that month.

That is where the high interest rates come from. It’s also why the high interest rates are generally capped to smaller balances, so that you don’t earn too much money and negate all the swipe fees that the bank earns.

Is it worth meeting requirements to go after the high APY?

Some of these high yield checking accounts have a lot of requirements.

If you prefer to use debit cards, chances are you’ll be able to easily meet the minimum debit swiping requirements for most of these accounts. On the other hand, if you’re a cash or credit card junkie, you may find yourself frequently worrying at the end of the month about whether or not you’ve met the minimum debit swiping requirements. In this case, a high yield checking account might not be right for you.

Another thing to consider is that many of these banks require you to make a signature-based debit transaction, rather than a PIN-based debit transaction for it to count. Unfortunately, this is slightly less secure than using the PIN-based payment method.

You’ll also need to avoid making a rush of charges at the end of the month to meet the spending requirements. That’s because banks and credit unions will usually only count a charge that has finished posting to your account towards meeting the monthly swiping requirement. It can take a few days for debit swipes to post to your account, so it’s better to get these charges in early to make sure they post to your account in time to count.

The good news is that checking accounts aren’t designed to hold significant amounts of cash. That’s what a savings account is for, and you can still earn pretty good interest rates with a high yield savings account (although still nowhere close to these high yield checking accounts).

If you’re going to keep a smaller deposit in your checking account anyways, why not earn as much as you can from it—especially if you know you’ll have an easy time meeting the requirements?

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The Best Business Savings Account Rates in 2021

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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Are you looking to start or grow a business? Opening a business savings account can offer federal protection for the funds you deposit (up to $250,000) and provide a source of liquidity should inevitable expenses arise. You can earn interest while setting aside money for capital improvement or income taxes. A commercial savings account can add credibility to your business, arm you with a business debit card and help your cash flow.

The best way to choose an account that fits your needs is to start by comparing the annual percentage yield (APY) offered by banks and credit unions. Then look for benefits that might make the account attractive based on your needs. Is there a monthly maintenance fee or a minimum deposit to open? Does the bank provide ample access to ATM and online account services?

Deciding which business savings account is best for your needs can be a difficult process, but hopefully this roundup of our picks for best savings accounts will help give you a head start.

The best business savings account rates — May 2021

Source: Deposit Accounts, May 11, 2021

1. Live Oak Bank — 0.55% APY, $0.01 minimum balance to earn APY

Live Oak Bank awards a 0.55% APY on its business savings account. There is no minimum opening balance or deposit required to open a business savings account.

The business savings account is open to deposits of up to $5 million and is free of monthly maintenance fees. You may make up to 6 withdrawals from your Live Oak Bank Savings account per statement cycle, including preauthorized, automatic and telephone transfers. After that there’s a $10 fee per withdrawal. Live Oak Bank was established in 2008.

The bank is in Wilmington, N.C., and is a member of the FDIC. Learn more about business savings at Live Oak Bank.

Small Print: The bank may verify credit and employment history at its discretion, meaning you may receive a pull against your credit report.

Restrictions on joining: none.

SEE DETAILS Secured

on Live Oak Bank’s secure website

Member FDIC

2. Presidential Bank (Maryland) — up to 0.50% APY, no minimum to earn APY

Presidential Bank’s Commercial Premier Savings account offers 0.50% APY for balances up to $35,000, making it a decent — if not extraordinary — bet for business owners. Any amount above $35,000 will earn you 0.25%. You’ll need to open your account with a minimum of $5,000.

Business customers are not required to maintain a minimum balance on the account in order to receive all ATM privileges. You won’t incur an ATM fee if you use an Accel, Allpoint, Cirrus, MoneyPass or Visa location. Free online banking, mobile banking and ATM card come with the account.

Established in 1985, Presidential Online Bank was one of the first lenders to offer online banking. Located in Bethesda, Md.

Restrictions on joining: none.

SEE DETAILS Secured

on Presidential Bank (MD)’s secure website

Member FDIC

3. Axos Bank — 0.50% APY, $24,000 minimum to earn APY

Axos Bank, formerly known as Bank of Internet USA, offers one of the top APY rates in our nationwide survey of business savings accounts. The bank’s Business Premium Savings Account with a high-yield 0.50% APY can be opened with a $25,000 minimum deposit. While this account requires no minimum balance, interest is only doled out on funds of $24,000 and up. If you have less than that to keep in your account, you’ll want to go with their regular business savings account instead, which currently offers the same rate.

Axos Bank also makes it easy to access your funds when you need them. Customers have free online and mobile banking and remote deposit from anywhere as well as free image statements. Axos is an FDIC-insured bank based in San Diego. Other products it offers include business interest checking, CDs and money market accounts.

Restrictions on joining: none.

SEE DETAILS Secured

on Axos Bank’s secure website

Member FDIC

4. First Internet Bank — 0.40% APY, no minimum to earn APY

First Internet Bank offers an FDIC-insured savings option for businesses with a good 0.40% APY on any balance up to $10 million. You only need $100 to open the account. There is no minimum balance to deposit or maintain the account to earn the APY.

While it only costs $100 to open your business savings account, you must maintain an average daily balance of $1,000 to avoid a $2 monthly maintenance fee.

Unlimited deposits can be made each month and six transfers or withdrawals are allowed without charge. Keep in mind that the FDIC only insures up to $250,000. So, if you deposit more than $250,000 into the business savings account, the excess deposit amount will not be insured.

The First IB ATM cards are offered to sole proprietors only. There is no charge for ATM transactions or electronic statements. Founded in 1999 by the First Internet Bancorp, First IB offers remote banking in all 50 states.

Fine print: Only six preauthorized, automatic, PC, or telephonic transfers are allowed each month. This restriction is common among most of these institutions, however, First Internet Bank will charge you $5 per item if you go beyond the allotted six.

Restrictions on joining: none.

SEE DETAILS Secured

on First Internet Bank’s secure website

Member FDIC

5. Financial Resources Federal Credit Union — 0.40% APY, $10,000 minimum to earn APY

Financial Resources Federal Credit Union offers a premium tiered rate account, dubbed its Business Purple Savings account. The sweet spot of this account applies to balances between $10,000 and $49,999, which rewards you with an APY of 0.40%. The rates for all of the tiers are as follows:

  • $0 – $499: 0.05%
  • $500 – $9,999: 0.35%
  • $10,000 – $49,999: 0.40%
  • $50,000 – $99,999: 0.50%
  • $100,000 and more: 0.60%

This account requires a Financial Resources Membership Savings account in the name of your business, with a minimum balance of $10.

Restrictions on joining: To join, you must also join the American Consumer Council or meet other eligibility requirements.

SEE DETAILS Secured

on Financial Resources Federal Credit Union’s secure website

NCUA Insured

6. Premier America Credit Union — 0.30% APY, $0.01 minimum to earn APY

Premier America Credit Union is currently offering an attractive rate of 0.30% on its Business Savings account. There is a required minimum deposit of $250 associated with this account. There are no minimum or maximum limits listed.

Premier America Credit Union has physical branches in California and Texas, but offers its products and services nationwide online.

Restrictions on joining: To join, you must also join the Thousand Oaks Alliance for the Arts or meet other eligibility requirements.

SEE DETAILS Secured

on Premier America Credit Union’s secure website

NCUA Insured

7. TAB Bank — 0.25% APY, $1 minimum to earn APY

TAB Bank’s Business Savings account is currently featuring a decent APY of 0.25% with a low minimum deposit of just $25, and a low $1 minimum daily balance required to earn the APY. There is no maximum limit listed for its Business Savings account.

TAB Bank is based in Ogden, Utah, but offers its services and products to consumers nationwide online.

Restrictions to joining: None.

SEE DETAILS Secured

on TAB Bank’s secure website

Member FDIC

8. Prime Alliance Bank — 0.25% APY, $1 minimum to earn APY

Prime Alliance Bank is currently offering a competitive APY of 0.25% for balances starting at just $1 for its Business Savings Account. If you have more cash to stash, though, you’ll be rewarded with an even higher APY. Balances between $100,000 and $199,999 earn an APY of 0.45% while balances of $200,000 or more earn an APY of 0.60%.

The Business Savings Account does not require any minimum balances to maintain the account (but you’ll want to have at least $1 in the account to keep earning), and it does not have any monthly maintenance fees. Additionally, Prime Alliance offers unlimited deposits and up to six transfers or withdrawals per month.

Restrictions on joining: none.

SEE DETAILS Secured

on Prime Alliance Bank’s secure website

Member FDIC

9. Service Credit Union — 0.25% APY, $50 minimum to earn APY

Currently, Service Credit Union is offering an 0.25% APY on funds in its Business Savings account, as long as you maintain a daily balance of at least $50. Additionally, Service Credit Union offers a Business Secondary Savings account, with a 0.25% APY, if you want to save for multiple savings goals at the same time.

There are no monthly fees on either savings account. Both accounts also offer online banking and remote deposits. The credit union, located in New Hampshire, was established in 1957 to support military personnel.

Restrictions to joining: You will need to join the American Consumer Council if you don’t qualify through the military, Department of Defense or a select employee group If you use the code “Service,” the council membership won’t cost you anything.

SEE DETAILS Secured

on Service Credit Union’s secure website

NCUA Insured

10. First National Community Bank — 0.25% APY, $25,000 to earn APY

Like another institution on our list, First National Community Bank’s Wise Savings account (available to both consumers and businesses) breaks its rates down into tiers based on the amount in your account. To score the rate listed in our table, you’ll need to deposit at least $25,000. If you have more or less to sock away, here’s how much you’ll earn:

  • $0.01-$24,999: 0.12%
  • $25,000-$49,999: 0.25%
  • $50,000-$74,999: 0.34%
  • $75,000-$149,999: 0.43%
  • $150,000 and more: 0.51%

You’ll also owe a $1 monthly maintenance fee if your account falls under $50, but this shouldn’t be a problem because of the minimum required to earn our listed rate.

First National was founded in New Richmond, Wisconsin, in 1919.

Restrictions on joining: None

SEE DETAILS Secured

on First National Community Bank’s secure website

FDIC Insured

Learn more about business savings accounts

How we ranked the best business savings accounts

To come up with this list, we first used data from DepositAccounts.com, which tracks rates on a range of deposit accounts across thousands of banks in the U.S. Note: DepositAccounts is also owned by MagnifyMoney’s parent company LendingTree.com.

We eliminated any institutions that were given a health rating below a B by DepositAccounts. We also weeded out any credit unions that have very restrictive membership requirements. From there, we chose the top 10 business savings accounts with the highest APY. And lastly, all the banks on our list offer FDIC or NCUA insurance.

Business savings accounts vs personal savings accounts

Business and regular savings accounts may offer many of the same features, such as 24/7 online banking, free electronic reporting, debit cards, fund transfers and ATM machines.

The trade-off in choosing a business account is that you’ll get services focused on business planning and spending in exchange for a less-desirable APY.

When you compare the interest earned on a business savings account with the best rates offered on savings accounts, it may not look like opening a business account is a wise strategy. The top business savings account APY right now is 0.55%. The top APY among personal savings accounts is 0.65% with no minimum deposit and ATM access. You can weigh the services, charges and minimum account fees between the top business and top personal savings accounts to decide which is best for you.

There are other benefits to offset any differences in earnings, particularly if your business is incorporated. It’s considered sound business practice to separate your personal saving and checking accounts from your business saving and checking accounts. A business account can help you manage cash flow, accounting, record keeping and working capital. At income tax time, separate accounts can help you differentiate business from personal expenses.

Paired with a business checking account, your business savings account can add professional branding, since all payments and correspondence with clients will bear your business name.

Or you can create savings in your business account to pay quarterly income taxes or purchase equipment.

Finally, business savings accounts are secure when you open accounts with banks and credit unions that are insured up to $250,000 per account by the FDIC or the NCUA.

North Shore Bank of Brookfield, Wis., says that a business savings account can boost your credit ratings and make it easier to obtain a business loan, since the lender can see you have an account dedicated to your company.

Choosing the right business savings account

When evaluating a financial institution for your business, there’s more than just finding a good APY.

Many of the banks on our Top 10 list look great on the APY front but carry fees that can eat into any of the returns you might make. Particularly, watch out for fees for ATM or bank withdrawals, monthly service fees and ATM fees.

The Small Business Administration (SBA) has identified the key factors to consider when searching for the right bank or credit union. These include:

  • Customer service reputation
  • Access to branches or no-surcharge ATMs
  • Benchmarks to have fees waived
  • Automatic FDIC insurance

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The Best IRA CD Rates – May 2021

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Reviewed By

Perhaps you’ve decided to build a CD ladder within your IRA, or maybe you’re looking for a safe way to store your retirement cash for a specific period of time. Whatever the reason, you’re interested in getting an IRA CD and, understandably, want to know what products will give you the best rate of return.You can get an IRA 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. You’ll select your IRA CD terms based on your CD-ladder master plan or whenever you’ll need access to your money.

Every month, we choose the best IRA CD rates using data from DepositAccounts.com, a database of offerings at more than 17,100 banks and credit unions. We sorted the products by APY, then eliminated institutions with a health rating below a B. 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 May 2021

TermInstitutionAPYMinimum opening deposit
3 monthsBethpage Federal Credit Union0.40%$50
6 monthsCommunitywide FCU0.65%$2,000
12 months Lafayette FCU 0.80%$500
18 months Evansville Teachers FCU0.75%$1,000
2 years Lafayette FCU0.90%$500
3 yearsLafayette FCU1.01%$500
4 years Lafayette FCU1.16%$500
5 years Lafayette FCU1.26%$500
6 yearsEvansville Teachers FCU1.20%$1,000

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

3 Month IRA from Bethpage Federal Credit Union Bethpage Federal Credit Union offers an array of IRA CDs, including a 3-month CD with a competitive APY of 0.40%. This CD requires a $50 minimum deposit, and dividends are compounded and credited monthly.

Membership to Bethpage Federal Credit Union is open to anyone who opens a $5 savings account. The financial institution is headquartered in Bethpage, New York. Branch locations are in Long Island or New York City, but account holders can also use Bethpage FCU’s co-op nationwide network as well as its online banking services.

Best 6-month IRA CD CommunityWide Federal Credit Union (Traditional, Roth)

6 Month IRA from Communitywide Federal Credit Union
CommunityWide Federal Credit Union is offering the highest rate available on 6-month IRA CDs at 0.65% APY for deposits of $2,000 and over. It has other IRA CD products, too, with term lengths ranging from 6 to 60 months.

There are a number of ways to become a member of CommunityWide, including being a member of Michiana Goodwill Boosters, Marine Corps League of St. Joseph Valley, or Habitat for Humanity Helpers. You can also join if you are an employee, retiree or donor member of a long list of companies or a spouse or relative of a CommunityWide member.

SEE DETAILS Secured

on Communitywide Federal Credit Union’s secure website

NCUA Insured

Best 1-year IRA CD, 2-year IRA CD, 3-year IRA CD, 4-year IRA CD and 5-year IRA CD — Lafayette Federal Credit Union (Traditional, Roth, CESA)

1 Year Fixed IRA from Lafayette Federal Credit Union If it’s IRA CDs you’re after, a membership to Lafayette Federal Credit Union may be worth your while. The credit union offers a standout rate on its 1-year, 2-year, 3-year, 4-year and 5-year IRA certificates. Each certificate requires a minimum deposit of $500 to open the account and to earn the APY.

Membership extends to individuals who live or work in the Washington, D.C., or Potomac, MD., area; members of the Home Ownership Financial Literacy Council; and immediate family members of a current Lafayette Federal member. Those who live in Maryland, Virginia or D.C. and are members of the American Consumer Council (ACC) are also eligible, as are employees of certain companies.

SEE DETAILS Secured

on Lafayette Federal Credit Union’s secure website

NCUA Insured

Best 18-month IRA CD and 6-year IRA CD — Evansville Teachers Federal Credit Union (Traditional, Roth, CESSA)

6 Year IRA from Evansville Teachers Federal Credit UnionTo join this credit union, you may make a $5 donation to the Mater Dei Friends & Alumni Association. You may want to strongly consider doing so, as the 18-month, 2-year, 3-year, 4-year, and 6-year IRA CD rates offered by Evansville FCU are the best on the market in terms of APY. Plus, opening an IRA CD through Evansville Teachers FCU only requires a minimum balance of $1,000.

SEE DETAILS Secured

on Evansville Teachers Federal 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: $5,500 per year ($6,500 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 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.