Basically, an IRA is a tax-advantaged account that allows you to save for retirement. You have the freedom to tailor your IRA holdings to your specific needs. IRA CDs and IRA savings accounts can provide you with the security of consistent returns as well as the tax benefits of IRAs. IRA CDs pay a predetermined, guaranteed rate that is set at the time of purchase. The rate is determined by the term of the IRA CD; the longer the term, the higher the rate rate you'll get. Customers can select from Roth IRA CDs or Traditional IRA CDs based on their needs. Discover IRA CDs can be funded with funds from many other retirement accounts. Customers can also move an IRA from another financial institution into a Discover IRA CD. Discover Bank refers to the CD and IRA CD as having a “no penalty” feature. If you lose your job involuntarily, you can withdraw your funds without penalty.