Open an IRA Savings Account Online from Bank America (2024)

FAQs

Can you open an IRA online Bank of America? ›

Current Bank of America online banking customers are eligible to open an IRA account online. Not a Bank of America customer? Visit a financial center to open an account.

You can open an IRA online in a few steps. It can go quickly once you find the right provider for your needs.

You can apply online for a checking account, savings account, CD or IRA. Simply select an account, enter your personal information, verify your information and choose features & funding options.

As of September 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions offer high-interest checking accounts: Landmark Credit Union Premium Checking with a 7.50% APY and OnPath Credit Union High Yield Checking with a 7.00% APY.

Bank IRAs are ultra-safe investments. If you open one at a Federal Deposit Insurance Corporation (FDIC)-accredited institution, the funds you save in an IRA savings account or IRA CD receive deposit insurance up to the legal limit. Even if the bank were to fail, you wouldn't lose the funds saved in your IRA.

While some IRAs have no minimum deposits, others may require an initial investment of $500 or $1,000. The sign-up process typically involves providing some basic information — like your name, Social Security number and employment information — and then deciding how to get money into the account.

The bottom line

If you expect tax rates in the future will rise, either because your wealth and income will be higher when you retire or a change in tax law, consider Roth accounts. Also, be sure to talk with your CPA or tax professional about whether a traditional or a Roth IRA—or both—makes sense for you.

Charles Schwab is one of the best overall IRA providers, with high-quality customer service, no account minimum and low fees. The company offers a large selection of no-transaction-fee funds, gives users access to extensive research and charges no commission for stock, options and ETF trades.

Roth IRAs aren't free, though. All of the major providers charge fees on these accounts. These fees come in various forms: account maintenance fees charged by your provider, transaction fees for trading via your Roth IRA, and—for most Roth IRAs—mutual fund expense ratios and sales loads.

Which Bank has the highest interest rate on IRA? ›

Different financial institutions have different processes, but you can typically request to open a savings account either online, in-branch or over the phone.

IRAs from Bank of America are FDIC insured and offer interest-bearing CD or money market savings account choices.

You can set up an IRA at almost any bank, brokerage, or other financial institution. All it takes is your signature on the paperwork and a check for your first contribution. You can also take care of most of the details online.

The main differences between these two investing vehicles are the rules that surround how money is contributed and withdrawn from either account. While the IRS imposes strict rules and regulations for IRAs, brokerage accounts are not subject to the same stipulations, making them much more flexible.