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.
- Monthly maintenance
- Official bank check
- Expedited delivery for official bank checks
- Deposited item returned
- 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.
- There are no limits on the number of ATM withdrawals you can make (for money market accounts) or official checks mailed to you.
- If you exceed these transaction limitations during any calendar month, we may refuse to pay each transaction in excess of the limitations. If you exceed these limits on more than an occasional basis, we reserve the right to close your Account. Note: We are currently not enforcing the monthly transaction limit on savings and money market accounts. Therefore, exceeding these limitations on more than an occasional basis will not result in the closure of your account.
- Stop payment order
- Insufficient funds
- Account closure
Deciding between Roth and Traditional IRAs.
Compare the two types of IRA accounts to see which is right for you.
Roth IRA
Funded with after-tax dollars.
Earnings and qualified withdrawals are tax-free.
Contributions are not tax deductible.
Limitations applyTraditional IRA
Funded with pre-tax dollars.
Earnings are tax-deferred.
Contributions are tax-deductible up to certain income limits.
Limitations applyRoth IRA
Think your tax rate will be higher when you withdraw? Go with a Roth IRA.
Traditional IRA
Think your tax rate will be lower when you withdraw? Choose a Traditional IRA.
Roth IRA
(limits based on income and tax filing status).
Traditional IRA
(income limits apply for tax-deductible contributions)
Roth IRA
Withdraw earnings without IRS penalty at age 59½ if your account is at least 5 years old.
Traditional IRA
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.
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.
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.
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.
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.
Know your limits.
A person can make an annual contribution to a Traditional or Roth IRA at any age as long as they have earned income. To which type of IRA plan and how much can be contributed or can be treated as tax deductible is influenced by many factors. Factors that may influence the amounts you are able to contribute or deduct may include your age, Modified Adjusted Gross Income, your tax filing status and whether you or spouse participate in a work retirement plans such as a 401(k). The accuracy of the values shown is not guaranteed by any party and is intended for educational purposes only. The illustration might presume a factor differently than it should apply to your personal situation. You should consider consulting a tax professional, at your expense, if you have questions; including how your circumstances impact contribution limits and potential deductibility of contributions. The illustration utilizes 2023 IRS contribution limits. The information displayed is not advice and it may not reflect actual products, services, rates, APYs, and/or terms available from Discover Bank. Nothing contained in this example is an offer, solicitation or guarantee for any product or service that may be available from Discover Bank.
IRAs are subject to IRS contribution limits.
Use this calculator to determine the max you can invest.
A person can make an annual contribution to a Traditional or Roth IRA at any age as long as they have earned income. To which type of IRA plan and how much can be contributed or can be treated as tax deductible is influenced by many factors. Factors that may influence the amounts you are able to contribute or deduct may include your age, Modified Adjusted Gross Income, your tax filing status and whether you or spouse participate in a work retirement plans such as a 401(k). The accuracy of the values shown is not guaranteed by any party and is intended for educational purposes only. The illustration might presume a factor differently than it should apply to your personal situation. You should consider consulting a tax professional, at your expense, if you have questions; including how your circumstances impact contribution limits and potential deductibility of contributions. The illustration utilizes 2023 IRS contribution limits. The information displayed is not advice and it may not reflect actual products, services, rates, APYs, and/or terms available from Discover Bank. Nothing contained in this example is an offer, solicitation or guarantee for any product or service that may be available from Discover Bank.
Let's get started! How old are you?
What's your modified adjusted gross income?
What's your filing status?
Do you participate in an employer retirement plan?
Here's how much you can invest.
A person can make an annual contribution to a Traditional or Roth IRA at any age as long as they have earned income. To which type of IRA plan and how much can be contributed or can be treated as tax deductible is influenced by many factors. Factors that may influence the amounts you are able to contribute or deduct may include your age, Modified Adjusted Gross Income, your tax filing status and whether you or spouse participate in a work retirement plans such as a 401(k). The accuracy of the values shown is not guaranteed by any party and is intended for educational purposes only. The illustration might presume a factor differently than it should apply to your personal situation. You should consider consulting a tax professional, at your expense, if you have questions; including how your circumstances impact contribution limits and potential deductibility of contributions. The illustration utilizes 2023 IRS contribution limits. The information displayed is not advice and it may not reflect actual products, services, rates, APYs, and/or terms available from Discover Bank. Nothing contained in this example is an offer, solicitation or guarantee for any product or service that may be available from Discover Bank.
If eligible, contributions may be made to both a Traditional IRA and a Roth IRA, but the aggregate amount cannot exceed the maximum annual contribution limit.
A person can make an annual contribution to a Traditional or Roth IRA at any age as long as they have earned income. To which type of IRA plan and how much can be contributed or can be treated as tax deductible is influenced by many factors. Factors that may influence the amounts you are able to contribute or deduct may include your age, Modified Adjusted Gross Income, your tax filing status and whether you or spouse participate in a work retirement plans such as a 401(k). The accuracy of the values shown is not guaranteed by any party and is intended for educational purposes only. The illustration might presume a factor differently than it should apply to your personal situation. You should consider consulting a tax professional, at your expense, if you have questions; including how your circumstances impact contribution limits and potential deductibility of contributions. The illustration utilizes 2023 IRS contribution limits. The information displayed is not advice and it may not reflect actual products, services, rates, APYs, and/or terms available from Discover Bank. Nothing contained in this example is an offer, solicitation or guarantee for any product or service that may be available from Discover Bank.
Roth IRA Savings Account
Traditional IRA Savings Account
Watch your earnings grow, on the go.
Check in on your IRA Savings Account from anywhere.
QUICK VIEW
Opening an IRA Savings Account couldn’t be simpler.
- Just give us a few basics (like address and Social Security number), and we’ll get the ball rolling for you.
- Sign the paperwork. It should be in your mailbox within 7-10 days of opening your account.
- Check your email for a confirmation, and you’re on your way to the future you’ve been dreaming of.