Can someone please tell me how a self-directed IRA works, or tell me where I can find this information. For instance, if I have a self-directed IRA with a bank, and I see a great CD rate that I want to take advantage of at another bank, can I simply write a check from my self-directed IRA and purchase that CD in the name of my self-directed IRA?
Wirh a self direceted IRA you have to have a bank, broker etc. who holds the account. You direct them how to invest your funds. Therefore it's possible to have an IRA at one bank and have them buy a CD at another, but I don't think they'll want to do that.