en English
en Englishes Españolfr Françaisde Deutschit Italianopt Português
February 9, 2023 3:36 am CST
MoneysMyLife
SUBSCRIBE
  • Home
  • Bank Bonus
    • Best Bonuses
      • Best Bank Bonuses
      • Chase
      • Bank of America
      • U.S. Bank
      • BMO Harris
      • TD Bank
      • HSBC
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Checking Accounts
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Crypto
    • Best Crypto Offers
    • All Crypto Offers
  • Deals
    • All Deals
    • Referral Deals
    • Best Referral Deals
    • Best Contests & Sweepstakes
    • Best Freebie Deals
  • Credit Cards
    • Best Credit Card Bonuses
    • All Credit Card Deals
  • Advertiser Disclosure
No Result
View All Result
MoneysMyLife
  • Home
  • Bank Bonus
    • Best Bonuses
      • Best Bank Bonuses
      • Chase
      • Bank of America
      • U.S. Bank
      • BMO Harris
      • TD Bank
      • HSBC
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Checking Accounts
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Crypto
    • Best Crypto Offers
    • All Crypto Offers
  • Deals
    • All Deals
    • Referral Deals
    • Best Referral Deals
    • Best Contests & Sweepstakes
    • Best Freebie Deals
  • Credit Cards
    • Best Credit Card Bonuses
    • All Credit Card Deals
  • Advertiser Disclosure
SUBSCRIBE
No Result
View All Result
MoneysMyLife
No Result
View All Result
Home Banking

Best Places To Open A Traditional Or Roth IRA Account Online

Tony Jay by Tony Jay
October 25, 2022 10:13 pm CDT
in Banking
A A
1
50
SHARES
833
VIEWS
TwitterFacebook

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

Contents

  • 1 Best Places To Open A Roth IRA: Discount Brokers
    • 1.1 Scottrade
    • 1.2 E*TRADE
    • 1.3 TD Ameritrade
    • 1.4 Capital One Investing (Formerly Sharebuilder)
    • 1.5 OptionsHouse
    • 1.6 TradeKing
    • 1.7 Charles Schwab
  • 2 Best Places To Open A Roth IRA: Mutual Fund Companies
    • 2.1 Vanguard
    • 2.2 T. Rowe Price
    • 2.3 Fidelity
Chase Total Checking $200 Bonus Chase Total Checking $200 Bonus Chase Total Checking $200 Bonus
ADVERTISEMENT

After some research, I’ve gathered the best sources for opening Traditional and Roth IRAs below.

*See all the best online stock broker promotions and deals here!

Do you need to know the difference between a Traditional Vs. a Roth IRA first? Read my basics overview on IRAs here.

For many folks, if you think your tax rate will be lower in the future then it makes sense to avoid paying more taxes now by investing in a Traditional IRA, which is eligible for tax deductions.

If your future foretells that your tax rate will increase, the best retirement account for you, if you qualify, is a Roth IRA.

In general, most consider a Roth IRA more beneficial.

Best Places To Open A Roth IRA: Discount Brokers

Options for opening an IRA include discount brokers, full service brokers, and directly through a mutual fund.

You can create a basic portfolio with the follow discount brokerage firms.

Scottrade

As well as being online, Scottrade also had brick-and-mortar locations (more than 500 in the U.S.). This not only gives you access to lower transaction costs, but allows for face-to-face interaction with a real person.

  • Roth IRA Account Set Up Fees: None
  • Roth IRA Account Maintenance Fees: None
  • Minimum Deposit To Open Account: $500
  • Commissions On Stocks, ETFs And Mutual Funds: $7 per stock or ETF trade, maximum of $17 per mutual fund trade

Scottrade IRA is best for: New investors and those who want a full-service broker with lower commissions

*Special Offer: Open a new account or fund an existing account and get up to a $2,000 cash bonus

see-offer

E*TRADE

E*TRADE has always been one of the leaders and pioneers in the industry. E*TRADE has physical locations, but only a handful compared to Scottrade. As a online discount brokerage firm, though, they’re one of the best.

  • Roth IRA Account Set Up Fees: None
  • Roth IRA Account Maintenance Fees: None
  • Minimum Deposit To Open Account: $0
  • Commissions On Stocks, ETFs And Mutual Funds: $9.99 per stock or ETF trade, maximum of $19.99 per mutual fund trade

E*TRADE IRA is best for: Investors who want a variety of products in their IRA, low-frequency traders, and long-term mutual fund investors

*Special offer: Get up to $600 when you open an IRA

see-offer

TD Ameritrade

TD Ameritrade has roughly four times as many brick-and-mortar locations as E*TRADE, and also is very popular as an online solution as well. Aside from higher than normal fees for mutual funds, they are very competitive with stock and ETF fees. They have all the popular retirement options, but their IRA shines.

  • Roth IRA Account Set Up Fees: None
  • Roth IRA Account Maintenance Fees: None
  • Minimum Deposit To Open Account: $0
  • Commissions On Stocks, ETFs And Mutual Funds: $9.99 per stock or ETF trade, maximum of $49.99 per mutual fund trade

TD Ameritrade IRA is best for: All levels of experience, those who want to roll over a 401K, and less active investors/traders

*Special Offer: Open an IRA or roll over your old 401k and get up to $600 cash

see-offer

TopCashback bonus TopCashback bonus TopCashback bonus
ADVERTISEMENT

Capital One Investing (Formerly Sharebuilder)

ShareBuilder is owned and operated by Capital One. Their target audience appears to be the beginner investor. Again, fees are in-line with all of the other competitors.

  • Roth IRA Account Set Up Fees: None
  • Roth IRA Account Maintenance Fees: None
  • Minimum Deposit To Open Account: $0
  • Commissions On Stocks, ETFs And Mutual Funds: $4 per stock/ETF/mutual fund trade if using automatic investment; $7.99 per stock or ETF trade with $12 monthly subscription to ShareBuilder Advantage; $9.99 per stock or ETF trade for ShareBuilder Basic accounts, and $19.95 per mutual fund trade

ShareBuilder IRA is best for: Beginner investors and deal seekers

*Special Offer: Up to a $600 bonus with your opening deposit

see-offer

OptionsHouse

OptionsHouse specializes in Options, but they are also another good choice for opening a Roth IRA. Fees for trades are very low for stocks and ETFs. Fees for Mutual Funds aren’t too shabby either.

  • Roth IRA Account Set Up Fees: None
  • Roth IRA Account Maintenance Fees: None
  • Minimum Deposit To Open Account: $1,000
  • Commissions On Stocks, ETFs And Mutual Funds: $3.95 per stock or ETF trade, $9.95 per mutual fund trade

OptionsHouse IRA is best for: Investors looking for low fees who may dab into Options also

*Special Offer: Open an IRA @ OptionsHouse Today and Receive 100 Commission-Free Trades and up to $125 in Transfer Fees! 

see-offer

TradeKing

TradeKing is one of the best options out there if you are looking to trade often within your Roth IRA account as the stock trade commissions are $4.95. This firm as provides low costs for Mutual Funds as well.

  • Roth IRA Account Set Up Fees: None
  • Roth IRA Account Maintenance Fees: $50 for accounts with no activity within 12 months that also have a balance of less than $2,500; otherwise $0
  • Minimum Deposit To Open Account: $0
  • Commissions On Stocks, ETFs And Mutual Funds: $4.95 per stock or ETF trade, maximum of $9.95 per mutual fund trade

TradeKing IRA is best for: Higher frequency traders, Options traders, self-directed investors and deal seekers

*Special Offer: Get up to $150 in transfer fees reimbursed

see-offer

Charles Schwab

Charles Schwab is more of a full-service brokerage firm, but they do have decent commissions on stock and ETFs at $8.95. However, their mutual fund fees are extremely high.

  • Roth IRA Account Set Up Fees: None
  • Roth IRA Account Maintenance Fees: None
  • Minimum Deposit To Open Account: $1,000
  • Commissions On Stocks, ETFs And Mutual Funds: $8.95 per stock or ETF trade, maximum of $76 per mutual fund trade

Charles Schwab IRA is best for: Investors looking for features of a full-service brokerage firm with decent stock/ETF commissions

see-offer

Best Places To Open A Roth IRA: Mutual Fund Companies

With discount brokers you have to be wary of Mutual Fund costs. Be careful of the difference between advertised no-transaction fees and no-load mutual funds. No-load funds refer to there being no sales load cost as a percentage of assets on your investment. No-transaction fee means there is no fee to trade in and out of the mutual fund. No-load funds can have transaction fees.

That’s where the advantage of opening your IRA through a Mutual Fund Company comes into play. You can cut out the middleman, the discount broker, by going directly to the Mutual Fund companies themselves. There are a few Mutual Fund Companies that will allow you to open a Roth IRA and I’ve listed them below.

Vanguard

With some of the best low cost index Mutual Funds on the market, Vanguard has always been one of the top choices.

  • Fees for Roth IRA: $0 (with electronic statements and confirmations; otherwise $20)
  • Minimum Required Investment: $1,000 for “starter” mutual funds; most other funds $3,000
  • Minimum Subsequent Investment: Varies, usually between $100 and $1,000 (electronic transactions only have a $1 minimum)
  • Commissions: If you invest in Vanguard mutual funds only, $0. Commissions vary for mutual funds outside of Vanguard or for ETFs.

T. Rowe Price

T. Rowe Price also has competitive expense ratios for index funds and is another market leader.  .

  • Fees for Roth IRA: $0 (with electronic statements and confirmations; otherwise $20 if your balance is less than $10,000)
  • Minimum Required Investment: $1,000
  • Minimum Subsequent Investment: $100
  • Commissions: If you invest in Fidelity mutual funds only, $0. Commissions vary for mutual funds outside of T. Rowe Price or for ETFs.
    Fidelity

Fidelity

The third big player among the Mutual Fund Companies is Fidelity. They have the highest minimum required investment for opening an account at $2,500. Luckily, there is no minimum additional contributions afterwards.

  • Fees for Roth IRA: $0 for IRAs
  • Minimum Required Investment: $0 (although most Fidelity mutual funds have a $2,500 investment minimum)
  • Minimum Subsequent Investment: $0 for Fidelity mutual funds
  • Commissions: If you invest in Fidelity mutual funds only, $0. Commissions vary for mutual funds outside of Fidelity or for ETFs.
Tags: IRAroth iratraditional ira
Previous Post

Los Angeles Federal Credit Union Promotions: $300 Bonus [CA] – Ended

Next Post

Check Out Some Popular Ways To Make Money Recycling!

Tony Jay

Tony Jay

I'm all about finding new finance-related promotions and bonuses here at MoneysMyLife. Contact me here.

Recommended For You

Tellus Promotions: $20 Welcome Bonus, Referrals, and Boost APY Offers

February 9, 2023 12:13 am CST
tellus

Tellus Boost (tellusapp.com) is welcoming new customers with a $20 cash bonus (referral below). Earn an additional $20 cash bonus for every person who uses your unique referral...

Read more

Wealthfront Cash Account 4.05% APY (4.55% APY With Referral)

February 8, 2023 11:52 pm CST

Wealthfront Cash Account is a high-yield hybrid account that combines the features of both checking and savings accounts with no fees or strings attached. See the rate details...

Read more

American Express® High Yield Savings Account Earns 3.40% APY (Nationwide)

February 8, 2023 12:38 pm CST

The American Express® High Yield Savings Account, Member FDIC, account offers a 3.40% APY (Annual Percentage Yield) rate - as of 2/8/2023. Update 2/8/2023: The rate for the Amex...

Read more

Found.com Promotions: $20 Welcome Bonus & Referrals

February 8, 2023 10:40 am CST
bank on found

Found (found.com) is currently welcoming new customers with a $20 cash bonus (referral below). Earn an additional $20 cash bonus for every person who uses your unique referral...

Read more

Earn Up To 4.45% APY: Quontic Bank’s Best CD Account Offers (Available Nationwide)

February 8, 2023 9:20 am CST

Ready for a guaranteed return on your savings? Open a Quontic Bank CD in just 3 minutes and watch your money grow with top rates and FDIC protection....

Read more
Next Post

Check Out Some Popular Ways To Make Money Recycling!

Create A Logo For Cheap, And I Mean $5 Cheap!

Nationwide Bank

Nationwide Bank $200 Checking Account Bonus Worth It?

Comments 1

  1. Kate says:
    7 years ago

    When you want a bank to waive a service fee, alyaws stress what a great customer you are (especially if you have multiple accounts at that bank). Threatening to close the account works as a last resort but make sure you are really prepared to follow through if necessary.If you are calling the company, the “account closing” agents are usually more willing to waive service fees (and save the account) than the “initial” customer service representative.And alyaws remember to be polite but firm.

    Loading...
    Reply

Leave a Reply Cancel reply

Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.

Your email address will not be published. Required fields are marked *

Chase Business Complete $300 Bonus Chase Business Complete $300 Bonus Chase Business Complete $300 Bonus
ADVERTISEMENT
TD Bank $300 Bonus TD Bank $300 Bonus TD Bank $300 Bonus
ADVERTISEMENT
ADVERTISEMENT
Get new posts by email:

Featured Articles

U.S. Bank Bonus

U.S. Bank Smartly™ Checking and Standard Savings up to $300 Bonus – Ends 2/28/23

February 8, 2023 2:21 am CST
TradeStation

TradeStation Promotions: $150 Cash Or $150 Bitcoin Offer

February 7, 2023 10:53 pm CST

J.P. Morgan Self-Directed Investing Up To $700 Bonus – Ends 4/13/23

February 7, 2023 10:49 pm CST
Chase Bank

Chase Business Complete℠ Banking $300 Sign-Up Bonus [Nationwide] – Ends 5/18/2023

February 1, 2023 9:01 am CST
The Best Referral Deals on moneysmylife

Best Referral Programs, Offers, Deals to Make Money – February 2023

February 1, 2023 1:03 am CST
Best Free Checking Account Offers (No Monthly Fees) of February 2023

Best Free Checking Account Offers (No Monthly Fees) of February 2023

February 8, 2023 2:27 am CST
Brokerage and Investing Promotions from moneysmylife

Best Stock Broker & Investing Promotions, Bonuses of February 2023

February 7, 2023 10:48 pm CST
Best Money Transfer Services Intro

Best Money Transfer Service Promotions, Bonuses, Offers of February 2023

February 1, 2023 12:56 am CST
HSBC Bank

Best HSBC Bank Bonuses, Promotions of February 2023

February 1, 2023 12:54 am CST
Robo Advisors

Best Robo-Advisor Promotions, Offers of February 2023

February 7, 2023 11:13 pm CST
TD Bank

Best TD Bank Bonuses, Promotions of February 2023

February 1, 2023 12:53 am CST

Best Cryptocurrency Bonuses, Promotions of February 2023 (Free Bitcoin & More)

February 7, 2023 10:46 pm CST
BMO Harris Bank

Best BMO Harris Bank Bonuses, Promotions of February 2023

February 1, 2023 12:51 am CST
Featured Chase Image

Best Chase Bank Bonuses of February 2023 (up to $2000!)

February 1, 2023 12:48 am CST

Best Bank Bonuses, Promotions of February 2023

February 8, 2023 2:24 am CST

Best Axos Bank Bonuses, Promotions of February 2023

February 1, 2023 12:22 am CST
M1 Finance

Best M1 Finance Bonuses: $50, $500, $4000, $10000 Offers

February 7, 2023 11:15 pm CST
Bank of America

Bank of America Checking Account $100 Bonus Offer – Ends 6/30/23

January 26, 2023 4:37 am CST
Featured Chase Image

Chase Total Checking® Account $200 Bonus Offer [Nationwide] – Ends 4/19/2023

January 16, 2023 10:54 pm CST
moneysmylife.com featured image invest

Public.com Bonus: $300 In Free Stock, Up To $10,000 Brokerage Transfer Offers

January 13, 2023 6:51 am CST
Best Online Mattress Promotions, Offers, Discounts of 2023

Best Online Mattress Promotions, Offers, Discounts of 2023

January 30, 2023 2:16 am CST
Bank of America $100 Checking Bonus Bank of America $100 Checking Bonus Bank of America $100 Checking Bonus
ADVERTISEMENT

Search by Categories

  • Bank Promotions
  • Banking
  • Credit Cards
  • Cryptocurrency Promotions
  • Deals
  • Featured
  • Investing
  • Other
  • Referral Promotions

Latest Articles & Updates

Sweepstakes-DrPepper

Dr. Pepper Strawberries & Cream Game (7,024 Prizes) | Grand Prize 1 Year of Dr. Pepper – Ends 4/30/23

February 9, 2023 12:44 am CST

From Zero to Hero: 10 Proven Stock Investing Tips

February 9, 2023 12:36 am CST
sweepstakes-coors

Molson Coors It’s Gametime Giveaway | Win $25 Cash Beer Money – Ends 2/24/23

February 9, 2023 12:35 am CST
Sweepstakes-ThreeOlives

Three Olives Vodka New Orleans Weekend Getaway Sweepstakes | Win Trip for 2 – Ends 06/30/2023

February 9, 2023 12:31 am CST
tellus

Tellus Promotions: $20 Welcome Bonus, Referrals, and Boost APY Offers

February 9, 2023 12:13 am CST

Newsletter

Get new posts by email:

Recent Articles

Wealthfront Cash Account 4.05% APY (4.55% APY With Referral)

February 8, 2023 11:52 pm CST

Amazon Freebie: Get 3 Months of Audible for FREE – Ends 2/20/23

February 8, 2023 11:49 pm CST

Topics

Categories

Banking Bank Promotions Credit Cards Cryptocurrency Promotions Deals Featured Investing Other Referral Promotions

*Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card and banking companies from which MoneysMyLife.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MoneysMyLife.com does not include all credit card and banking companies or all available credit card and banking offers. This content is not provided or commissioned by the bank advertiser. Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. This site may be compensated through the bank advertiser Affiliate Program.

© 2022 MoneysMyLife. All rights reserved.

  • About
  • Advertiser Disclosure
  • Disclaimer
  • Privacy
  • Terms
  • Contact
No Result
View All Result
  • Home
  • Bank Bonus
    • Best Bonuses
      • Best Bank Bonuses
      • Chase
      • Bank of America
      • U.S. Bank
      • BMO Harris
      • TD Bank
      • HSBC
    • Best Bank Bonuses w/o Direct Deposit
    • Best Free Checking Accounts
    • Best Free Business Checking Accounts
    • Best Savings Rates
    • Best CD Rates
    • All Bank Bonuses
  • Investing
    • Best Brokerage Offers
    • Best Real Estate Offers
    • Best Robo-Advisor Offers
    • Best Stock Brokers
    • All Investing Offers
  • Crypto
    • Best Crypto Offers
    • All Crypto Offers
  • Deals
    • All Deals
    • Referral Deals
    • Best Referral Deals
    • Best Contests & Sweepstakes
    • Best Freebie Deals
  • Credit Cards
    • Best Credit Card Bonuses
    • All Credit Card Deals
  • Advertiser Disclosure

© 2022 MoneysMyLife. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: