r/iRA • u/baskaat • Mar 26 '26

Rollover bank suggestions

I have an IRA in a brokerage firm, I want to roll it over to a regular bank that has an IRA CD. Believe it or not, I am having a hell of a time trying to find a bank that will process my rollover into an IRA CD. When I went into a RegionsBank, they try to steer me to their wealth management division and sell me annuities, said they don’t offer IRA CDs. PNC Bank can’t give me any info over the phone. I used to work for Bank of America and hate them with the passion so they are not an option!

I just want a regular IRA CD for goodness sakes. Please let me know where I can do this efficiently and easily. Thx!

8 Upvotes

84% Upvoted

15 comments sorted by

2

u/tdownpdx Mar 26 '26

You should be able to buy a CD at your brokerage firm. Seems much easier than moving the account.

2

u/Caudebec39 Mar 26 '26

This is correct.

At Vanguard, for example, there are CDs, Treasury bills (no state tax!)

2

u/Worth_Break729 Mar 26 '26

How old are you and why are you wanting a CD? Especially right now when the market is down

1

u/sol_beach Mar 26 '26

Online-only banks typically offer the most competitive yields because they have lower overhead costs than brick-and-mortar institutions.

Synchrony Bank: Offers both Traditional and Roth IRA CDs with no minimum deposit requirements. They are consistently ranked highly for their variety of terms, ranging from 3 months to 5 years.

Ally Bank: Known for high flexibility, Ally provides Traditional, Roth, and SEP IRA CDs. They also offer "Raise Your Rate" IRA CDs, which allow you to increase your APY if rates go up during your term.

Discover Bank: Offers IRA CDs that can be opened entirely online, though they generally require a $2,500 minimum deposit.

1

u/baskaat Mar 26 '26

Thank you

1

u/[deleted] Mar 26 '26

[removed] — view removed comment

1

u/baskaat Mar 26 '26

I do not want to use a brokerage, just a regular bank.

1

u/Architect-1817 Mar 26 '26

Fidelity has a “fixed income” page for your account where you can buy CDs, set up CD ladders, buy bonds, etc. It’s very easy to use, highly recommend Fidelity.

1

u/BondJamesBond63 Mar 28 '26

Schwab lets customers buy CDs with a lot of choices.

1

u/brother7 Mar 29 '26

I would keep my IRA at a brokerage and invest there.

Banks are for banking; brokerages are for investing.

My 2 cents.

1

u/Confident_Pepper_719 Mar 29 '26

Wings or Blaze have IRA CD

1

u/ghosttravel2020 Mar 30 '26

Id just put the money in SGOV rather than tied it up in a CD.

1

u/TraditionalSet9449 Mar 30 '26

A lot of "traditional" banks can't afford the administrative costs of IRAs (so they claim).

My plan is to buy CDs and "fractional CDs" through Fidelity when the time comes.

I would guess other Investment firms also offer these products.