nea_individual_retirement_account_cd_624x426

Retirement Accounts

NEA® IRA Certificate of Deposit

Grow your retirement savings over time with this secure investment tool

Sign In to Check Eligibility

In partnership with

overview

Dependable savings for a secure retirement

IRA Certificates of Deposit are a secure way to let your money grow over time. Choose the maturity date that’s right for your retirement goals—from three months to 10 years—and watch your investment grow with rates that can earn higher-than-average returns.1

  • Get the tax benefits of a traditional or Roth IRA with the security of a CD
  • Roll over funds from an employer’s retirement plan
  • The safety of FDIC insurance, up to the maximum allowed by law
  • Open with a $2,500 minimum balance
  • Access 24/7, U.S.–based customer service support on your schedule
  • Enjoy freedom from monthly maintenance fees

how it helps

A secure addition to your retirement portfolio

Dependable returns

Enjoy peace of mind as your retirement date gets closer. You can rest assured that your money is safe with an FDIC insured NEA IRA Certificate of Deposit. Plus, CDs have a fixed interest rate, so no matter what happens in the stock market or with federal interest rates, your APY is locked in.

Tax advantages

IRA CDs are like traditional CDs in many ways, but they come with additional tax benefits. Traditional IRA CD contributions are funded with pre-tax dollars and earnings are tax-deferred, but withdrawals at maturity are taxable. Roth IRA CD contributions are funded with after-tax dollars, but the earnings and withdrawals are tax-free. A financial adviser can help you decide which IRA best fits your income and retirement goals.

Set it and forget it

The NEA IRA Certificate of Deposit through Discover Bank automatically renews at maturity unless you make a deposit, withdrawal or change the terms of your CD during a nine-day grace period.

Is this the right choice for me?

IRA CDs are best for people who are confident they can leave their deposit untouched for the full term. Although you can withdraw your money early, in most cases you’ll pay a penalty for doing so. (Investors must begin taking minimum distributions from traditional IRA CDs at age 70½, and there are no penalties for these withdrawals.)

How It Works

Choose your CD term and get started

Apply Online

  1. Make sure you’re logged in to your NEA Member Benefits account.
  2. Click “Open a CD Now” above to access the NEA IRA Certificate of Deposit Account online application page and other helpful information. From there, click “Open an Account”.
  3. If you’re married, spousal consent is required before opening an IRA CD.
  4. It’s a good idea to designate at least one beneficiary.

Apply by phone

  1. Make sure you’re logged in to your NEA Member Benefits account.
  2. Call the phone number above to apply by phone. Be sure to mention you’re an NEA member.
Discover

Discover Bank helps educators and supports schools nationwide.

We’ve partnered with Discover because of their innovative banking programs and their support of educators and public education.

 

In addition to being a sponsor of the NEA Foundation’s Annual Salute to Excellence in Education Gala, they adopt schools in their local communities, award grants that bring financial education to high schools, and for over 15 years Discover has provided funds and volunteer teaching support to deliver financial education to K-8 classrooms nationwide.

 

Learn more about how we select our partners

More ways to save

Terms & Conditions

1. National CD Average APY is based on specified product types of top 50 U.S. banks (ranked by total deposits) provided by Informa Research Services, Inc. as of 6/13/2018.

2. Annual Percentage Yield (APY) is accurate as of 6/13/2018. Interest rate will be disclosed and will be fixed for entire IRA CD term once IRA Plan documents and funding are received. Written confirmation of the interest rate, APY and maturity date is sent after the account is opened, all IRA documents are received and the account is funded. This offer applies to personal IRA accounts only. A penalty may be charged for early withdrawal. Consult a financial adviser or tax professional for guidance. Minimum deposit to open is $2,500.

Deposit accounts offered by Discover Bank, Member FDIC.

FDIC_200x122