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IRA Savings Account

Plan for tomorrow, live for today

Open an Account

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.
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Get that no-fee feeling
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.

You'll never pay fees for the following:

  • Monthly maintenance
  • Official bank check
  • Excessive withdrawal fee

    The number of certain types of withdrawals and transfers from savings and money market accounts is limited to a combined total of 6 per calendar month per account. See the Deposit Account Agreement for details.

  • Expedited delivery for official bank checks
  • Deposited item returned
  • Stop payment order
  • Insufficient funds
  • Account closure

Deciding between Roth and Traditional IRAs

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

The information provided herein is for informational purposes only and is not intended as a substitute for professional advice. Please consult your tax advisor with respect to the information and how it relates to you.

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Fund your tomorrow with ease

Invest in your future with these simple ways to fund a Discover IRA Savings Account.
  • 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 Online Savings Account APY is accurate as of XX/XX/XXXX. Applies to personal accounts only. APY may change before or after the account is opened. No minimum deposit to open.

adds up with our high-yield IRA Savings Account interest rate calculator.

This calculator and the values shown are intended for illustrative and informational purposes only and may not apply to your individual circumstances. This calculator uses an Annual Percentage Yield (APY) that is rounded to the nearest one-hundredth of one percentage point, e.g., .01%. However, actual interest earned calculations use an APY that is rounded to the nearest one-thousandth of one percentage point, e.g., .011%. As a result, the estimated interest earned value shown here may vary from the actual interest earned on your account. Calculation assumes principal and interest remain on deposit and interest rate and APY do not change.

Please enter an amount between $2,500 and $5,000,000.
Total interest earned
Total interest you’ll earn with our IRA Savings Account

Amount is cumulative interest earned over duration of time chosen.

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

IRA Savings FAQ


Yes. You can have multiple Savings IRA accounts as well as you can have both Traditional and Roth IRA accounts at Discover Bank. Your Traditional IRA accounts will be grouped into and administered under a single Traditional IRA plan, and Roth IRA accounts will be grouped into and administered under a single Roth IRA plan. Additionally, if you maintain Inherited IRA accounts, they will also be in separate plans because they need to be titled separately.

Interest is compounded daily, credited to your IRA Savings account monthly, and calculated on a 365-day basis. For additional detail, see Section 5 of the Deposit Account Agreement.

Yes. We recommend that all of our IRA plan holders designate at least one beneficiary by completing the IRA Designation or Change of Beneficiary form. When completing the form make sure to:

  • Name your primary beneficiary in section 2
  • Complete section 3 for spousal consent if you are designating someone other than your spouse as 100% primary beneficiary
  • Name your contingent beneficiaries and their share in whole numbers totaling 100%
  • Sign and date it

We also recommend reviewing your beneficiary information after a major life event, such as marriage, divorce, birth or adoption of a child, or death. If a beneficiary is not designated, beneficiary payment will generally go to the IRA plan holder's estate, which is subject to any applicable community property state law requirements.

Please note: Beneficiaries are designated at the plan level. You may maintain different beneficiaries if you have Traditional IRA and Roth IRA plans.

Yes. Your annual contribution can be divided between both types as long as you meet the eligibility requirements for each IRA type. You may not contribute more than the annual allowable maximum across all of your Traditional and Roth IRA accounts at all of your financial institutions.

For guidance on the best way to contribute, we encourage you to consult a financial advisor or tax professional at your expense. For general questions and information regarding IRA accounts, contact an IRA Specialist at 1-888-204-8966. We’re here to help.

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