IRA Savings Account

Plan for tomorrow and live in today.

Open an Account
X.XX% APY

Annual Percentage Yield (APY). Advertised IRA Savings Account APY is accurate as of XX/XX/XX. 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.

Get the tax advantages of an IRA with the flexibility of online savings.

Save yourself the hassle of fees.

No. Fees. Period. That means you won't be charged an account fee on our IRA Savings Account.

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

$0
  • Monthly maintenance
  • Official bank check
  • Expedited delivery for official bank checks
  • Deposited item returned
  • Excessive withdrawal fee
    • Certain types of withdrawals and transfers from savings and money market accounts are limited to a combined total of 6 per calendar month per account.
    • There are no limits on ATM withdrawals or official checks mailed to you. To get an account with an unlimited number of transactions, consider opening a Discover Cashback Debit Account.
    • If you go over these limitations on more than an occasional basis, your account may be closed. See Section 11 of the Deposit Account Agreement for more details.
  • Stop payment order
  • Insufficient funds
  • Account closure
Get Started

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.

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.

Add a little fuel to your future.

See how fast % 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.

adds up with our IRA Savings Account calculator.

Assumes principal and interest remain on deposit and interest rate and APY do not change for one year. The values shown are for illustrative and informational purposes only and may not apply to your individual circumstances.

$
Please enter an amount between $2,500 and $5,000,000.
Yearsyrs

‘Total savings’ equals initial deposit plus interest earned over duration of time chosen.

Other banks

Total interest you'll earn

With them:

Watch your earnings grow, on the go.

Check in on your IRA Savings Account from anywhere.

SIMPLE TO USE
QUICK VIEW
Check on your account easily. Anytime. You can even skip the passcode and log in with touch or face ID.

Face ID is currently available to iOS users.

Enable Quick View to check your account balance without logging in each time.
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