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Why use an IRA to save for retirement?
A savings IRAlayer can help you make the most of your hard-earned retirement. Here's how:
What is a savings IRA?
A savings IRA is an individual retirement account (IRA) that provides either a tax-deferred or tax-free way for you to save for retirement. There are many different types of IRAs but Roth, Traditional and Rollover IRAs are the most common. Each IRA has certain eligibility requirements and unique features.
Tax advantages
Enjoy tax benefits made to help you put away more.adatext
FDIC insurance
Deposits are insured by the FDIC up to $250,000 per depositor.adatext
Learn more about FDIC insurance
Saving on fees
No annual or custodial fees on your Bank of America IRA.adatext
Compare IRA options
Compare IRA options
Comparison Criteria Row Labels | Money Market IRANo bank early withdrawal penalty. See details below. Schedule an appointmentMoney Market IRA | Featured CD IRAEarly withdrawal penalty applies. See details below. Get started Featured CD IRAlayer | Fixed Term CD IRAEarly withdrawal penalty applies. See details below. Get started Fixed Term CD IRAlayer | Flexible CD IRAEarly withdrawal penalty applies. See details below. Get started Flexible CD IRAlayer |
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Minimum opening deposit | $100 | $1,000 | $1,000 | $1,000 |
FDIC Insured? | Deposits are insured by the FDIC up to $250,000 per depositor. | Deposits are insured by the FDIC up to $250,000 per depositor. | Deposits are insured by the FDIC up to $250,000 per depositor. | Deposits are insured by the FDIC up to $250,000 per depositor. |
Term | None | Choose from multiple options: | Choose any term: | Open a 12 month term online. |
Annual percentage yield (APY) | Call us for rates or to open an account: 888.827.1812 | For Featured CD IRA, X.XX–X.XX%adatext depending on balance and term | X.XX-X.XX%adatext depending on balance and term | X.XX-X.XX%adatext depending on balance and term |
Automatic renewal? (CDs only)adatext | No set terms — you choose when to redeem your account | At maturity, 7, 10, 13, 25 and 37 Month Featured CD IRA accounts will automatically renew into a Fixed Term CD IRA account with the same term length unless you make a change during the 7-day grace period. Today’s APY of these Fixed Term CD IRA is 0.03%. Your rate will be determined at maturity. | These products will automatically renew for the same term. | At maturity, a 12 Month Flexible CD IRA will automatically renew into a 9 Month Flexible CD IRA unless you make a change during the 7-day grace period. Today’s APY of the 9 Month Flexible CD IRA is 0.01%. Your rate will be determined at maturity. |
Additional deposits allowed? | At any time | No additional deposits until maturity | No additional deposits until maturity | No additional deposits until maturity |
Early withdrawal penalty? | A withdrawal from an IRA may be subject to federal tax (and possibly additional state and local taxes) if you are under age 59 ½. See Deposit Agreement and Disclosures and Deposit Rate Sheet for more detail about the penalty calculation. | An early withdrawal penalty applies to any withdrawal you request outside of the grace period, which begins on the maturity date of your IRA. If your account has not earned enough interest to cover an early withdrawal penalty, we deduct any interest first and take the remainder of the penalty from your principal. For more detail about the penalty calculation and how grace periods are determined, see Deposit Agreement and Disclosures and Deposit Rate Sheet. An early withdrawal from an IRA may also be subject to additional federal tax (and possibly additional state and local taxes) if you are under age 59 ½. | An early withdrawal penalty applies to any withdrawal you request outside of the grace period, which begins on the maturity date of your IRA. If your account has not earned enough interest to cover an early withdrawal penalty, we deduct any interest first and take the remainder of the penalty from your principal. For more detail about the penalty calculation and how grace periods are determined, see Deposit Agreement and Disclosures and Deposit Rate Sheet. An early withdrawal from an IRA may also be subject to additional federal tax (and possibly additional state and local taxes) if you are under age 59 ½. | We will waive the early withdrawal penalty except in connection with any withdrawals you request within the first 6 days of the account term (or the first 6 days following any partial withdrawal). An early withdrawal from an IRA may also be subject to additional federal tax (and possibly additional state and local taxes) if you are under age 59 ½. See Deposit Agreement and Disclosures and Deposit Rate Sheet for more detail about the penalty calculation. |
Only current Online Banking users can open this account online.
Not a Bank of America Online Banking user? Visit a financial center to open your IRA.
Before we open your Featured CD IRA, choose your:
For deposits over $250,000, Visit a financial center to open your account.
Interest Rate | APY |
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Now, choose your IRA type
Open now Open now
Only current Online Banking users can open this account online.
Not a Bank of America Online Banking user? Visit a financial center to open your IRA.
Before we open your Fixed Term CD IRA, choose your:
Interest Rate | APY |
---|---|
Now, choose your IRA type
Open now Open now
Only current Online Banking users can open this account online.
Not a Bank of America Online Banking user? Visit a financial center to open your IRA.
Before we open your Flexible CD IRA, choose your:
For deposits over $250,000, Visit a financial center to open your account.
Interest Rate | APY |
---|---|
Now, choose your IRA type
Open now Open now
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Other long-term savings accounts available
Variable Rate CD IRA
Stay flexible and make deposits anytime
Learn more about Variable Rate CD IRAslayer
Certificate of Deposit (CD) Accounts
Competitive rates with multiple terms available
Learn more about CDs
Not a Bank of America online banking customer?
Visit a financial center to open an IRA.
More questions?
Check out IRA FAQs
Current Bank of America online banking customers are eligible to open an IRA account online.
Not a Bank of America customer? Visit a financial center to open an account.
Open a Variable Rate CD IRA today with a minimum of $XXXX. Earn a variable rate of interest over a fixed term - and benefit from the tax advantages of an IRA.Footnote
Minimum opening deposit: $XXXX
Renewal: Change terms at renewal or renew at the same term automatically
Additional deposits: At any time
What length of term would you like?
Interest Rate | APY |
---|---|
XXXX% | XXXX% |
Which type of IRA would you like to open?
Variable Rate CD IRAs are available in both Traditional and Roth.
Open now Open now
- These rates may change at any time after the account is opened without prior notice.
Why bank with us?
Safety and security
For 9 years in a row, Bank of America was recognized as having the Best Overall Identity Safety in Banking by Javelin Strategy & Research, the nation's leading provider of financial institution research.adatext
A convenient mobile app adatext
Keep track of your balance and accrued interest on the go. Sign in safely and quickly with fingerprint sign-in or Touch ID.®adatext
A broad network of support
We're here for you anytime, almost anywhere with 24/7 online access and thousands of financial centers.
Rewarding relationships
Qualifying members can earn more rewards with their everyday banking. Learn more about Preferred Rewards.
Why bank with us?
Safety and security
For 9 years in a row, Bank of America was recognized as having the Best Overall Identity Safety in Banking by Javelin Strategy & Research, the nation's leading provider of financial institution research.adatext
A broad network of support
We're here for you anytime, almost anywhere with 24/7 online access and thousands of financial centers.
A convenient mobile app adatext
Keep track of your balance and accrued interest on the go. Sign in safely and quickly with fingerprint sign-in or Touch ID.®adatext
Rewarding relationships
Qualifying members can earn more rewards with their everyday banking. Learn more about Preferred Rewards.
Contact us
- Schedule an appointment
- Schedule an appointment
- Call us
- Phone number:844.375.7027