December 6, 2023

Where to fund your first Roth IRA


I’ve been looking for a place to fund a new Roth IRA. Right now I’m only looking to contribute a little bit and have a low initial deposit. Some of these sites have age based funds that auto-adjust the type of investments as you get older, but they have slightly larger management fees.


Vanguard – They have some very good IRA plans and good mutual funds but require $3000 to start, $20 for each fund per year, $50 minimum investment per month with automatic investment plan

Fidelity – Another highly recommended company. They normally have a $2500 minimum, but if you use their automatic investment plan with a $200 per month minimum the initial deposit is waved. It looks like there is no fees for their IRA accounts.

T. Rowe Price – I’ll just cut and paste from their site. There are no annual IRA fees for mutual fund accounts with balances of at least $5,000; individuals with balances of at least $50,000; or households with balances of at least $100,000 or more invested with T. Rowe Price. A $10 annual fee is charged for each IRA mutual fund account under $5,000. Minimum contributions $1,000, or $50 per month with the Automatic Asset Builder Account. But i haven’t been able to find what the minimum to open an account it.

Scottrade – One of my co-workers uses scottrade for this stock purchases, but only looking at their IRA’s. Unfortunately I can’t find much detail about their IRA cost. They have no fee-IRAs, but I can’t find the investment or deposit requirements. I did find where it says its only $500 to fund an account, but I don’t know if that’s for stock accounts or IRA.

Those are the key four I’ve been looking at, if anyone has any feedback or other options please leave a comment.

  • Pay off debt AND fund your IRA
  • Extra savings: Stick ’em in a Roth

[tags]money, investment[/tags]

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Jason Benway

Christ follower, husband, father, IT geek, and Xbox gamer

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4 thoughts on “Where to fund your first Roth IRA

  1. When opening an IRA or stock/trading account online with Scottrade there is a $500 minimum deposit. Scottrade does not charge opening, closing or custodial fees for an IRA account. For more information about opening an IRA account with Scottrade visit or contact your local branch at 1-800-619-SAVE (7283).

    Scottrade Public Relations

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