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Originally Posted by Peachbelle
I need suggestions on where to go to set up an IRA CD account where I can transfer money from my gov't. TSP account into a personal IRA CD account. But I want to transfer to an account where I have many options and choices (term length) for the CD's not just one bank. For example I am looking for a vehicle like "Raisin" I can set up a personal IRA and then they have multiple CD options to move money between. I contacted Raisin today and they said they do not offer personal IRA accounts which I find surprising as I thought most financial institutions offered personal IRA's. Any suggestions, thx?
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IRAs carry extra responsibility over ordinary Bank accounts. You want a company you can trust. I recommend Edward Jones. They can purchase CDs and short-term annuities which can work in some cases just like a CD, from many different sources. Not familiar with a company called Raisin, but typically money is not moved "between" CDs, it's held in them for a minimum amount of time. There are CDs you can close with no penalty, but the best reason to do that is if you find one with a higher rate. Moving money in and out is not a thing with CDs. If you're just looking for a high interest yield, and you do want to be pulling money out in addition to putting it in on a regular basis, you should consider a money market account inside your IRA.
You can speak with a local Edward Jones advisor close to your area and get all the information you need free of charge. There are offices everywhere for you to choose from.