The Best IRA Interest Rates of May 2023

Shawn Plummer

CEO, The Annuity Expert

When it comes to saving for retirement, there’s no better way to do it than with an IRA. And when it comes to finding the best IRA interest rates, you need to know where to look. Fortunately, we’ve got you covered. In this blog post, we’ll tell you all about the best IRA interest rates of 2023 and how you can take advantage of them!

Understanding IRA Rates

Before we delve into the best IRA rates, it’s essential to understand what IRA rates are. IRA rates refer to the interest rates banks or credit unions pay on funds deposited in an IRA account. These rates determine the amount of money you’ll earn on your investment, and it’s essential to choose the best IRA rates to maximize your earnings.

Factors that Influence IRA Rates

Several factors influence IRA rates. The Federal Reserve, for example, plays a significant role in determining IRA rates, as it sets the interest rates for banks and credit unions. The state of the economy also affects IRA rates. When the economy is in good shape, IRA rates tend to be higher, and vice versa. Additionally, the type of IRA account you have and the amount of money you invest can influence the rates you receive.

Types of IRA Rates

There are two types of IRA rates: fixed and variable. Fixed IRA rates remain the same throughout the investment term, providing a stable and predictable rate of return. On the other hand, variable IRA rates fluctuate based on market conditions, providing the potential for higher returns but also the risk of lower returns. Therefore, it’s essential to consider your risk tolerance and investment goals when choosing between fixed and variable IRA rates.

Best IRA Rates In May 2023

Here are some of the best IRA rates via multi-year guaranteed annuities currently available in 2023:

Understanding IRA Multi-Year Guaranteed Annuities

IRA Multi-Year Guaranteed Annuities (MYGAs) are a type of retirement investment that allows you to purchase an annuity that provides a fixed rate of return for a specific period, typically two to ten years. In addition, MYGAs are a type of deferred annuity, meaning that the payments are deferred until later, usually retirement.

MYGAs are similar to IRA CDs, but instead of investing in a CD, you’re investing in an insurance product that provides guaranteed returns. The insurance company guarantees the interest rate for the annuity term, and you’ll receive payments at a future date, usually during retirement.

One of the benefits of MYGAs is that they provide a stable and predictable rate of return, which can be beneficial for those who want to minimize risk and secure a specific rate of return. Additionally, MYGAs provide tax-deferred growth, meaning you won’t pay taxes on your earnings until you withdraw the funds from your account.

Understanding IRA CDs

An IRA CD is an Individual Retirement Account (IRA) that allows you to invest in a Certificate of Deposit (CD). A CD is a time deposit offered by banks and credit unions that allows you to earn a fixed interest rate for a specific period, usually three months to five years.

When investing in an IRA CD, you invest in a retirement account with tax advantages. The earnings you receive from an IRA CD are tax-deferred, which means you won’t pay taxes on your earnings until you withdraw the funds from your account. This can help you save money on taxes and provide a steady income stream during retirement.

An IRA CD also provides a stable and predictable rate of return. Since the interest rate is fixed for the term of the CD, you know exactly how much money you’ll earn on your investment. This can benefit those who want to secure a specific rate of return and minimize risk.

Best IRA CD Rates

IRA CD rates are a type of fixed IRA rate that requires a specific term commitment. Here are some of the best CD rates currently available. Be sure to check with a bank or credit union to confirm they accept IRA funds.

Choosing the Best IRA Rates

Choosing the best IRA rates can be daunting, but it’s essential to consider your investment goals, risk tolerance, and the amount of money you wish to invest. If you’re looking for a stable and predictable rate of return, fixed IRA rates may be the best option. On the other hand, if you’re willing to take on more risk for the potential of higher returns, variable IRA rates may be the way to go.

It’s also important to consider the term of the investment. Short-term investments may offer lower rates but provide more flexibility, while long-term investments offer higher rates but require a longer commitment. Furthermore, it’s essential to consider the fees associated with IRA accounts, as some institutions may charge maintenance or account fees.


Investing in an IRA can be an excellent way to secure your financial future, but choosing the best IRA rates to maximize your earnings is essential. In this article, we discussed the different types of IRA rates, the factors that influence IRA rates, and the best IRA rates currently available. We also discussed the importance of considering your investment goals, risk tolerance, and the amount of money you wish to invest when choosing the best IRA rates. By researching and comparing the IRA rates offered by different institutions, you can find the best rates that suit your investment needs.

The Best Ira Interest Rates

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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