Individual Retirement Accounts

Your future built on your terms.

Deciding between Roth and Traditional IRAs.

Compare the two types of IRA accounts to see which is right for you.

Roth IRA

Pay now, save later

Funded with after-tax dollars.

Earnings and qualified withdrawals are tax-free.

Contributions are not tax deductible.

Limitations apply

Traditional IRA

Earn now, pay later

Funded with pre-tax dollars.

Earnings are tax-deferred.

Contributions are tax-deductible up to certain income limits.

Limitations apply

Roth IRA

Get taxes out of the way

Think your tax rate will be higher when you withdraw? Go with a Roth IRA.

Traditional IRA

Pay taxes later

Think your tax rate will be lower when you withdraw? Choose a Traditional IRA.

Roth IRA

Anyone with taxable earned income within IRS limits

(limits based on income and tax filing status).

Traditional IRA

Anyone with taxable earned income within the IRS limits

(income limits apply for tax-deductible contributions)

Roth IRA

Withdraw anytime

Withdraw earnings without IRS penalty at age 59½ if your account is at least 5 years old.

Traditional IRA

Withdraw when you’re 59½

Withdraw contributions and earnings without IRS penalty at age 59½.

Distributions are required to start by age 70½ if you were 70½ by 12/31/2019. If you turn 70½ in 2020 or years following, distributions will not be required until you are age 72.

Say goodbye to fees.

Our Discover IRAs come with no fees. Period.

We don’t charge any incoming or outgoing wire service charge for IRA products.

Find the IRA that best fits your life and retirement plan.

IRA Savings Table

IRA CD

Best for: Guranteed return with flexible terms.

IRA Savings

Best for: Flexible contributions that work with any budget.

Minimum opening deposit $2,500 $0
Annual percentage yield X.XX% APY(3m) — X.XX% APY (10yr)

Annual Percentage Yield (APY) is accurate as of XX/XX/XXXX and is subject to change without notice. The APY will be determined and fixed for entire IRA CD term once account is opened and correctly completed documentation and funding is received. We will send you written confirmation of the interest rate, APY and maturity date of your IRA CD after it is opened or funded. Applies to personal accounts only. A penalty may be charged for early withdrawal. Minimum opening balance is $2,500. Consult a financial advisor or tax professional for guidance. 

X.XX% APY

Annual Percentage Yield (APY). Advertised IRA Savings Account APY is accurate as of XX/XX/XXXX. Applies to personal accounts only. Fees could reduce earnings on the account. APY may change before or after the account is opened. No minimum deposit to open.

Early withdrawal penalty

A penalty may be charged for early withdrawal. See Section 36 in the Deposit Account Agreement for details.

Yes No
Account fees

We don't charge any incoming or outgoing wire service charge for IRA products.

None None
Roth and Traditional IRA options Yes Yes
Open an Account Open an Account Learn More Open an Account Open an Account Learn More

Fund your tomorrow with ease.

Invest in your future with these simple ways to fund Discover IRAs.

Contributions

When you contribute funds, you’ll be depositing money that is not presently deposited in any type of retirement account. The IRS imposes annual limits on how much you can contribute. You may want to contact a financial advisor or tax professional for further information.

  • Transfer money that is not currently deposited in any type of retirement account directly into our IRAs.
Rollovers

When you rollover funds, you receive the funds through a distribution from your IRA.  You then have 60 days from receipt of those funds to roll them into another IRA or qualified retirement plan to avoid tax consequences. IRA owners are limited to only one IRA-to-IRA rollover in any 12-month period.  Rollovers are not counted toward your annual contribution limits. The above reflects general rollover rules. You may want to contact a financial advisor or tax professional for further information and information specific to your circumstances.

  • Move money from other retirement plans or accounts into one of our IRAs with ease.
Transfers

When you transfer an IRA, the funds are moved directly from one financial institution to another. The transfer check is made payable to your financial institution for your benefit. Because you don’t handle the funds directly, the transaction is not considered a distribution. There is no limit to the number of transfers you can make.

  • Easily transfer an IRA from another financial institution to one of our IRAs.

Get started with an IRA that's right for you