Looking to set up an IRA CD account which offers many choices
 

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?

Both Fidelity Investments and Vanguard Investments can provide exactly what you want. You do a direct transfer from your TSP into a Fidelity (or Vanguard) IRA. They will initially set up an IRA settlement fund from which you can buy a variety of CDs from many different banks, many of which are FDIC insured. The advantage of Fidelity is that they have an office at Lake Sumter. When I retired, I transferred my entire TSP account into a Vanguard IRA the day after I retired.

You should have no trouble if you pick one of the big 3 (Schwab, Fidelity or Vanguard). Personally, I use all 3 but find the Schwab website easier to navigate. Also, many times US treasury's have higher yields than CD's.

Schwab is best for cd - some callable, some not callable - I have a 14 month callable at 4.5%

It is hard to beat the expense ration on TSP accounts. Moreover, TSP offers a variety of investment options ranging from government bond funds to stock funds. While Fidelity and Vanguard also have low expense ratios, I think they are not quite as low as TSP accounts.

Personally, I do not trust Congress with my retirement money. I understand that they have already borrowed money from TSP accounts to pay for other things. I feel better about controlling my money in a Vanguard account.

You can move all of your 401k, or other retirement pretax accounts into an ira account. Even when I was working, anytime I switched jobs, I would take my 401k from my old employer and moved that money to an ira.

TSP G Fund is 4.5%
 

For what it's worth....G Fund is currently not bad with the world in a bit of turmoil.

I've also converted TSP funds to a Roth with a Fidelity. Trying to stay in a lower tax bracket and keep Medicare premium at the minimum.

I deal with Fidelity and I'm quite happy with them. They have many, many fixed income investment options.
Good luck!

You can set one up an any of the major companies like Fidelity etc however I would suggest that you first go talk to Greg Parady for some advice. The will educate you and give you options without being at all pushy.

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.

Thank you!

I agree but I am looking for a safe option to the G fund and CD's are paying higher returns while offering safety.

Exactly! And since most of mine is in the G fund this is where they tend to borrow from. Granted they always pay it back but who's to say that one day they may not have that option.

Makes sense thanks