Advertiser Disclosure

Best of, Earning Interest

The Best IRA CD Rates – September 2020

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 another LendingTree company 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 rates in September 2020

TermInstitutionAPYMinimum Deposit Amount
3 monthsBethPage FCU0.50%$50.00
6 monthsCommunitywide FCU1.00%$1,000
12 monthsState Department FCU1.05%$500
18 monthsGeorgia's Own Credit Union1.19%$500
2 years Pen Air FCU1.05%$500
3 yearsPen Air FCU1.15%$500
4 years Pen Air FCU1.25%$500
5 yearsService Credit Union1.50%$500
6 yearsEvansville Teachers FCU1.35%$1,000

Best 3-month IRA CD – BethPage Federal Credit Union (Traditional, Roth)

3 Month IRA from Bethpage Federal Credit Union The BethPage Federal Credit Union features the most competitive 3-month IRA CD that’s currently available, with an APY of 0.50% and a minimum deposit of just $50.

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 1.00% APY for deposits of $1,000 and over. It has other IRA CD products, too, with term lengths ranging from 6 to 60 months.

SEE DETAILS Secured

on Communitywide Federal Credit Union’s secure website

NCUA Insured

Best 1-year IRA CD — State Department Federal Credit Union (Traditional, Roth)

12 Month IRA Certificate from State Department Federal Credit Union This one-year term share certificate earns an APY of 1.05% and requires a minimum deposit of $500.

SEE DETAILS Secured

on State Department Federal Credit Union’s secure website

NCUA Insured

Best 18-month IRA CD – Georgia’s Own Credit Union (Traditional, Roth)

18 Month IRA from Georgia's Own Credit UnionGeorgia’s Own Credit Union is currently featuring a very attractive APY of 1.19% on its 18-month IRA CD. There is a minimum deposit of $500 required to earn this APY. Interest on this product is compounded monthly.

SEE DETAILS Secured

on Georgia's Own Credit Union’s secure website

NCUA Insured

Best 2-year IRA CD, 3-year IRA CD and 4-year IRA CD– Pen Air Federal Credit Union (Traditional, Roth, SEP, CESA)

24 Month IRA from Pen Air Federal Credit UnionPen Air Federal Credit Union is currently offering a competitive rate on its 2-year IRA CD, with a 1.05% APY, its 3-year IRA CD, with a 1.15% APY and its 4-year IRA CD, with a 1.25% APY. There is a minimum deposit of $500 required for this account, according to DepositAccounts.

SEE DETAILS Secured

on Pen Air Federal Credit Union’s secure website

NCUA Insured

Best 5-year IRA CD – Service Credit Union

60 Month IRA Certificate from Service Credit Union Service Credit Union is currently offering the most attractive option for an 5-year IRA CD, boasting an APY of 1.50%. Dividends are compounded and credited monthly.

SEE DETAILS Secured

on Service Credit Union’s secure website

NCUA Insured

Best 6-year IRA CD — Evansville Teachers FCU (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 6-year IRA CD rate offered by Evansville FCU is the best on the market in terms of APY. Plus, it 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.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Advertiser Disclosure

Investing

E*TRADE Core Portfolios Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone and is not intended to be a source of investment advice. It may not have not been reviewed, commissioned or otherwise endorsed by any of our network partners or the Investment company.

Written By

Reviewed By

E*TRADE Core Portfolios is this popular brokerage firm’s answer for a robo-advisor. Like other robo-advisors, E*TRADE Core Portfolios uses a blend of low-cost exchange-traded funds (ETFs) to automatically diversify your portfolio that it manages for a relatively low fee.

E*TRADE Securities LLC
Visit E*TRADE Secured
on E*TRADE Core Portfolios’s secure website
The Bottom Line: E*TRADE Core Portfolios is a decent option for current E*TRADE customers looking to offload some of their account management.

  • The fees are low, but not as low as some of its biggest competitors
  • Current E*TRADE customers can easily switch over existing accounts
  • It offers some ways to minimize taxes, but not as many as its competitors

Best for...
  • Current E*TRADE customers looking to offload some of their portfolio management
  • People looking for socially responsible investing options
  • People who aren’t too focused on tax-efficient investing strategies
Minimum investment$500
Management fee0.30%
Accounts offeredIndividual, joint, custodial, rollover IRA, traditional IRA, Roth IRA, SEP IRA
Access to human advisorsNo
Banking servicesYes

What is E*TRADE Core Portfolios and how does it work?

Rather than DIY-ing your accounts like you had to do in the past with E*TRADE, you now can seamlessly transfer your existing E*TRADE accounts into its robo-advisor service, E*TRADE Core Portfolios. You also can open a new account under this umbrella, with available options including individual, joint and  custodial brokerage accounts as well as four different types of IRAs such as Rollover IRAs, Traditional IRAs, Roth IRAs and SEP IRAs.

E*TRADE Core Portfolios doesn’t rely on any human advisors, but rather automates your investments based on pre-set portfolios made up of ETFs. While you can contact someone for technical assistance with your account, you won’t get guidance on your investing strategy beyond the automated basics the platform provides.

Pros

  • Easily switch over your current E*TRADE account: If you’ve already been investing through an E*TRADE account but are no longer interested in managing it yourself, you can easily switch your account over to E*TRADE Core Portfolios. You can do this by simply transferring funds using the intra-firm transfer tool on the Move Money page in your account.
  • Options to customize your portfolio: With E*TRADE Core Portfolios, you can choose to add socially responsible investing ETFs or smart beta ETFs into your mix after your portfolio is set up. This might appeal to you if you’re interested in aligning your portfolio with your personal values, or if you’d like to try to get greater returns through a more active investing strategy.
  • Branch access: You have the option to go into one of E*TRADE’s 30 nationwide branches to get technical assistance with your account. While you won’t get advice on your investing strategy or portfolio, the option to get in-person help is unique, as you’re typically limited to phone calls or virtual communications with other robo-advisors.

Cons

  • Slightly more expensive than competitors: E*TRADE Core Portfolios charges an annual fee of 0.30% for its services. While not excessive, it is still higher than some of its competitors. Betterment and Wealthfront, for example, charge a slightly lower annual fee of 0.25%.
  • No tax-loss harvesting: Tax-loss harvesting is an investment strategy designed to help you save money on your taxes by selling a fund at a loss and buying a similar one to replace it. E*TRADE Core Portfolios is somewhat of an outlier in that it doesn’t have this feature, which is frequently offered by other robo-advisors.
  • No financial planning options: While E*TRADE Core Portfolios will ask you your goals, risk tolerance and timeframe when building your portfolio, it doesn’t offer a way to track your progress toward these goals like other robo-advisors do. Wealthfront, for example, can help you create and then stick to a plan to get ready for homeownership, retirement or funding a college education.
  • No access to human advisors: You choose a robo-advisor because it’s not a human, but sometimes you really do need one. If you do, you won’t be able to access help with investing-specific questions from E*TRADE Core Portfolios, unlike other robo-advisors that may allow you to communicate with human financial advisors.

E*TRADE Core Portfolios investment approach

Investment optionsETFs
Tax loss harvesting
Portfolio rebalancing
Smart beta
Socially responsible investing
Fractional shares

Asset allocation

E*TRADE uses Modern Portfolio Theory to determine which ETFs are right for you based on your risk tolerance level and how much return you’d like to earn. Depending on how you answer the questions in a short five-minute questionnaire about your risk tolerance, timeline and more, E*TRADE Core Portfolios will put your funds into one of five available portfolio options:

  • Conservative: 20% stocks, 79% bonds, 1% cash
  • Conservative Growth: 40% stocks, 59% bonds, 1% cash
  • Moderate Growth: 60% stocks, 39% bonds, 1% cash
  • Growth: 80% stocks, 19% bonds, 1% cash
  • Aggressive Growth: 99% stocks, 1% cash

After Core Portfolios chooses one of these five options for you, you can further customize your portfolio by choosing to substitute in either a socially responsible ETF and/or a smart beta ETF. The former allows you to invest based on your personal values, while the latter could boost your overall returns through more active management tactics (though you may also see more turnover in your portfolio).

E*TRADE also rebalances your portfolio for you on a semiannual basis and every time it drifts 10% or more from your target allocations.

Tax strategy

One of E*TRADE Core Portfolio’s weak points is that it doesn’t address tax efficiency as well as some other robo-advisors. It does include municipal bond ETFs in all but one of its portfolios, which are taxed more favorably because you may not have to pay certain taxes on them.

Beyond that, however, Core Portfolios doesn’t offer any form of tax-loss harvesting, which sells funds at a loss and then buys similar funds to reduce your tax bill. This is relatively common for robo-advisors to implement, so if lessening your tax burden is important to you, we’d suggest considering another robo-advisor.

E*TRADE Core Portfolios fees

  • Annual management fee: 0.30%
  • Investment expense ratios: N/A

At an annual rate of 0.30%, E*TRADE Core Portfolio fees aren’t as high as hiring a professional human to manage your investments, which typically runs between 1% to 3% of your assets under management per year. That being said, its rate is somewhat higher in comparison to other robo-advisors, many of which charge fees of 0.25%. Some large robo-advisors don’t even charge an annual management fee.

To put that cost difference into perspective, the E*TRADE Core Portfolio cost will run you about $300 each year for every $100,000 you have invested (versus $250 per $100,000 with many other major robo-advisors).

With Core Portfolios, your fee is divided up and deducted each quarter from the cash portion of your portfolio (each of the five Core Portfolios have 1% allocated to cash).

E*TRADE Core Portfolios features and tools

Cash management account

E*TRADE also offers checking and savings accounts as well as a line of credit through E*TRADE Bank. Its savings account only earns an APY of 0.05%, however, which is much less than what the top banks and credit unions are offering.

Automated rebalancing

E*TRADE Core Portfolios monitors your account on a daily basis to ensure it stays within the asset allocation that’s been determined is best suited for you based on your risk tolerance, time horizon and investing goals. The robo-advisor automatically rebalances your account on a semiannual basis, and it will also do so any time it determines your portfolio’s mix is more than 10% outside of your intended asset allocation.

E*TRADE Core Portfolios user experience

E*TRADE offers exceptional customer service. It operates 30 retail branches that you can walk into for technical help with your account. For those who are not located near a branch (or who don’t want to go into one), you can also contact customer service by phone, email, postal mail or live chat.

E*TRADE is first and foremost an investment trading company (it’s even in the name), and so its app and website are a bit more technical-focused than other robo-advisors that have slick, easier-to-use interfaces. That’s not to say it’s difficult to manage (at least for most), but it’s not as straightforward to find information as other interfaces we’ve seen.

E*TRADE Core Portfolios safety and security

  • Member of SIPC and FDIC
  • Two-factor authentication
  • Fraud protection

Member of SIPC and FDIC

If E*TRADE ever goes under, your money is protected up to $250,000 by Federal Deposit Insurance Corp. (FDIC) insurance for bank deposit funds or up to $500,000 by the Securities Investor Protection Corporation (SIPC) for investment funds. These don’t protect your money against losses per se (that’s the risk of investing), but rather insures that if the company goes under you’ll still be able to get your account balance back.

Two-factor authentication

E*TRADE uses a type of two-factor authentication that generates a secure code to verify that it’s really you signing into your account. This is one of the best security features for online accounts, according to experts.

Fraud protection

If your money is ever stolen out of your account, E*TRADE will reimburse you.

Alternatives to E*TRADE Core Portfolios

While you might want to choose E*TRADE Core Portfolios over another robo-advisor firm is if you already have an account at E*TRADE and want to seamlessly switch it over into E*TRADE Core Portfolios, other robo-advisors offer more robust investment options in a heartier package and for a better price. Here are some competitors to consider as you weigh which robo-advisor might be the right fit for your needs.

 Account minimumAnnual feeAccounts offered
E*TRADE Core Portfolios$5000.30%Individual, joint, custodial, rollover IRA, traditional IRA, Roth IRA, SEP IRA
Betterment$00.25%Individual, joint, trust, Roth IRA, traditional IRA, SEP IRA, inherited IRAs
Wealthfront$5000.25%Individual, joint, trust, traditional IRA, Roth IRA, SEP IRA, 401(k) rollovers

E*TRADE Core Portfolios vs. Betterment

Betterment is considered one of the best robo-advisors listed on our site, and for good reason. Its smooth, easy-to-use interface hides a depth of investment complexity that allows even true beginners to get a handle on what’s going on, but still take advantage of advanced features of the pros.

Betterment is also relatively affordable, or at least cheaper than E*TRADE Core Portfolios (0.25% vs. 0.30%, respectively). It also provides more options, with 101 different model portfolios versus E*TRADE Core Portfolio’s five available portfolio options.

Open a Betterment account Secured
on Betterment’s secure website

E*TRADE Core Portfolios vs. Wealthfront

Wealthfront also charges cheaper fees than E*TRADE Core Portfolios at 0.25% annually, and it has many of the same functions of both Betterment and E*TRADE Core Portfolios. It also offers a banking feature as well as a handy net worth tracker that you can use to get a more holistic picture of your financial life, all in one place. Additionally, Wealthfront offers tax-loss harvesting to all account levels and even more advanced tax-efficiency options to those with larger portfolios.

Open a Wealthfront account Secured
on Wealthfront’s secure website

All information included in this profile is accurate as of September 1, 2020. For more information, please consult E*TRADE’s website.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Advertiser Disclosure

Reviews

Home Bank of California Review: Checking, Savings, CD, Money Market, and IRA Accounts

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

Home Bank of California’s checking account option

Interest Checking

A basic checking account that pays a small amount of interest.
APYMinimum Balance to Earn APY
0%$500
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $8, unless you keep at least $1,000 in your checking account or $5,000 in combined balances across your checking, savings, or CD accounts.
  • ATM fee: None, but you may have to pay a surcharge fee unless you use an ATM owned by U.S. Bank, a partner of Home Bank of California.
  • ATM fee refund: None
  • Overdraft fee: $25 per item. If you set up overdraft transfers, you will only be charged $10 per transfer.

To avoid a fee, you’ll need to keep at least $1,000 in this account at all times, or at least $5,000 in combined deposits across all of your checking, savings, and CD accounts. If you’re not able to do that, you’ll have to pay an $8 monthly fee, which would most likely more than swamp out any earnings you’d get from the interest.

Home Bank of California is a tiny bank, and doesn’t even offer an ATM at its sole branch location. Instead, it’s partnered with U.S. Bank to allow you to use any of these ATMs surcharge-free. If you use any other ATMs, you’ll be on your own to pay the surcharge fee, since Home Bank of California doesn’t offer any ATM fee refunds on any of its accounts.

How to get Home Bank of California’s Interest Checking account

If you’re interested in opening this account, you’ll need to go to the Ruffin Road branch location in San Diego, California; the bank does not currently support online applications.

SEE DETAILS Secured

on Home Bank Of California’s secure website

Member FDIC

magnifying glass

How Home Bank of California’s checking account compares

If you’re looking to earn the highest interest rate possible with your checking account, there’s no doubt about it: Home Bank of California doesn’t even come close to the top-yielding checking accounts out there today.

As far as ATM policies go, it’s understandable that the bank doesn’t operate a huge network of ATMs itself. But other banks and credit unions are in this situation as well, and many at least offer some form of ATM rebates to compensate you for when you inevitably have to use an out-of-network ATM. We wish that Home Bank of California did this, but sadly, it does not.

Home Bank of California’s savings account option

Statement Savings

This interest rate is too low to be worth your time and money.
APYMinimum Balance to Earn APY
0%$50
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $5 per quarter, unless you keep at least $50 in the account.
  • ATM fee: None, but you may have to pay a surcharge fee unless you use an ATM owned by U.S. Bank, a partner of Home Bank of California.
  • ATM fee refund: None
  • Overdraft fee: $25 per item. If you set up overdraft transfers, you will only be charged $10 per transfer.

Home Bank of California makes this savings account accessible to most people by requiring just a $50 deposit to get started. That’s about where the niceties with this account end, however.First, there’s the service fee. If you don’t keep at least $50 in the account, you’ll have to pay a $5 fee once per quarter. You’re allowed up to six certain withdrawals per month per Regulation D, and for each withdrawal after that, you’ll have to pay a $5 per withdrawal to the bank.

How to get Home Bank of California’s Statement Savings account

To apply for this account you’ll need to visit the Home Bank of California branch if you live in San Diego, California.

SEE DETAILS Secured

on Home Bank Of California’s secure website

Member FDIC

magnifying glass

How Home Bank of California’s savings account compares

The top high-yielding savings accounts are offering interest rates miles above the one at this bank. Most of these savings accounts also have no minimum balance requirements, so you can feel free to save up the cash you need and take out as much of it as you need, when you need it. That’s just not something you can do at Home Bank of California, and that’s why we recommend you look for another bank for more consumer-friendly policies.

Home Bank of California’s CD rates

Certificates of Deposit

These CDs offer terrible interest rates on CDs under a year in length, but decent rates on CD terms of over a year.
TermAPY for balances between $2,500-$9,999.99APY for balances $10,000 and over
  1-2 monthsNA0.10%
3-5 months0.10%0.10%
6-8 months0.10%0.10%
9-11 months0.10%0.10%
12-17 months0.15%0.25%
18-23 months0.15%0.35%
24-35 months0.20%0.45%
36-47 months0.30%0.55%
48-59 months0.35%0.60%
60 months0.40%0.65%
  • Minimum opening deposit: Either $2,500 or $10,000, depending on the CD
  • Minimum balance amount to earn APY: $2,500
  • Early withdrawal penalty: Six months’ worth of interest, regardless of the CD’s term length

If you bank with Home Bank of California and want to earn the most bang for your buck, these CDs are the way to do it — as long as you open a CD for more than a year. Otherwise, there’s not really much difference in interest rates between the short-term CDs and the savings account.

There are two tier levels for these CDs, depending on how large your initial deposit is. All CD terms are available for each tier level, except for the 1-2 month CD. If you’re interested in that CD, you’ll need to deposit at least $10,000 in the CD to open it.

When your CD matures, Home Bank of California will give you a seven-day grace period to withdraw the money if you wish. After that, the CD will automatically be renewed for another term, and you’ll have to wait until the next maturity date in order to access your cash penalty-free.

How to get Home Bank of California’s CDs

To open one of these CDs, you’ll need to visit Home Bank of California in person. It’s located in San Diego, California.

SEE DETAILS Secured

on Home Bank Of California’s secure website

Member FDIC

magnifying glass

How Home Bank of California’s CD rates compare

We wouldn’t suggest opening a short-term CD at Home Bank of California because there’s no advantage to it — you’re just locking your money up for a month at a time, all to earn the same interest rate as the savings account that you can access for free whenever you want.

As for its longer-term CDs, they’re not terrible rates. Still, they’re a far cry from being the top-yielding CDs out there. It would be worth your time in considering these higher-earning CDs, especially since you’ll be locking your money away for a while. You might as well get the best interest rate you can in that case.

Home Bank of California’s Money Market account option

Super Money Fund

This money market account doesn’t come with checks.
APYMinimum Balance to Earn APY
0%$0.01
0.10%$1,000.01
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5 per quarter, unless you keep at least $50 in your account.
  • ATM fee: None, but you may have to pay a surcharge fee unless you use an ATM owned by U.S. Bank, a partner of Home Bank of California.
  • ATM fee refund: None
  • Overdraft fee: $25 per item. If you set up overdraft transfers, you will only be charged $10 per transfer.

Home Bank of California’s Super Money Fund isn’t a true money market account because it doesn’t offer checks; that means it’s essentially just a high-falutin’ savings account. And just like the savings account, this account comes with withdrawal limitations imposed by federal Regulation D. You are allowed to make up to six certain withdrawals per month out of this account, and each withdrawal thereafter will come with a $5 penalty imposed by the bank.

Still, if you have at least $1,000 to keep in your account, you can earn a higher rate with this one instead. It’s not much higher, but at least it’s something.

How to get Home Bank of California’s Super Money Fund account

You’ll need to apply for this account in person at Home Bank of California’s sole branch. It does not accept phone or online applications.

SEE DETAILS Secured

on Home Bank Of California’s secure website

Member FDIC

magnifying glass

How Home Bank of California’s money market account compares

The Home Bank of California offers poor interest rates on its money market account. It’s also doubly unfortunate that this account doesn’t come with checks like most money market accounts — in fact, that’s why many people choose money market accounts over savings accounts.

If you’d like to learn more about other higher-yielding savings accounts (that do offer checks), we’d recommend one of these money market accounts instead of this Super Money Fund account.

Home Bank of California’s IRA account options

IRA CD

It’s easier to get started with these IRA CDs because the minimum opening deposit is much lower.
TermAPY
18-23 months0.35%
24-35 months0.45%
36-47 months0.55%
48-59 months0.60%
60 months0.65%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: Six months’ worth of interest, regardless of the CD’s term length

IRA CDs can be a great FDIC-insured way to save for your retirement. Home Bank of California makes it just a bit easier to get started, because it only requires a $500 opening deposit to open an IRA CD — versus at least $2,500 for its regular CDs.

Home Bank of California also offers slightly higher rates on some of its IRA CDs as compared to its regular CDs. Another difference is that you can’t open short-term IRA CDs: the shortest-term IRA CD you can open is 18 months. Normally that’d be a bit of an annoyance, but since most people open longer-term IRA CDs to save, it’s probably not that big of a deal for most folks.

You’ll get a short seven-day grace period to withdraw or roll over the money to a new IRA after it matures. If you don’t do anything, the IRA CD will automatically roll over for another term length after the seven-day period is up.

How to get Home Bank of California’s IRA CDs

To open this account, please visit the Ruffin Road headquarters for Home Bank of California.

SEE DETAILS Secured

on Home Bank Of California’s secure website

Member FDIC

magnifying glass

How Home Bank of California’s CD rates compare

Home Bank of California offers decent rates on its IRA CDs. But, just like with the regular CDs, it’s always a good idea to open the highest-yielding IRA CD you can find.

There are a few reasons for this. First, it’s easier to house your IRA CDs at separate banks than, say, a checking account, because it’s essentially a one-and-done transaction. Second, it’s important to find the best return for your retirement savings; most people don’t save enough already, and a less-than-optimal interest rate will only compound this. That’s why we recommend you look elsewhere for your IRA CD needs.

Overall review of Home Bank of California’s banking products

Home Bank of California is a small hometown bank, but you’ll pay to access it with low-yielding accounts, and potentially high fees.

This bank also has interesting interest rate schedules. For example, its checking account offers a higher interest rate than its savings account — so are you supposed to keep all of your savings in a checking account instead? For most people, that would be too much of a temptation to spend, but you’ll also miss out on interest rate returns if you don’t do so.

All of these factors mean that we can’t wholeheartedly recommend Home Bank of California for deposit accounts. There are just too many other banks out there that offer better interest rates and lower fees.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.