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Home > CD with in an IRA , new to me

CD with in an IRA , new to me

May 17th, 2007 at 03:38 am

All this saving and investing is new to me. I called the bank today, to transfer money to my IRA account and the rep offered me a CD with in my IRA earning 5.10% for six months, I said ok. I never heard of such a thing and since I will not be penalized in regards to taxes and I do not plan on taking the money out I thought why not and I can continue to contribute to my regular IRA and earn a better return…nice

Posted in Miscellaneous | 3 Comments »

3 Responses to “CD with in an IRA , new to me”

  1. kimiko Says:
    May 17th, 2007 at 04:26 am 1179372393
    1179372393

    I believe you can also have a MMA under IRA.

  2. monkeymama Says:
    May 17th, 2007 at 02:38 pm 1179409099
    1179409099

    You can invest in a house if you want. Wink You can really invest in anything with an IRA.

    Of course all I knew about was CDs because that was what my parents had me set up at 16. Today I have some money tied up in a CD and regret it a bit. Then again I figure by the time it matures I might just keep it in there, if rates are good. But am enjoying mutual funds a lot more - since I am not retiring for 35+ years.

    Just don't keep it there when interest rates drop below 1%, 3%, etc. THat was my big mistake.

  3. Fern Says:
    May 17th, 2007 at 05:53 pm 1179420829
    1179420829

    Yes, an IRA is just the 'wrapper' on the investment product you choose for your IRA. The IRA terminology just refers to the tax treatment of the investment/bank product, whether its' a mutual fund, CD, whatever.

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