Our Top IRA Accounts for December 2023
Chosen 32 times- 0% management fee
- Free career counseling plus loan discounts with qualifying deposit
- $0 account minimum
- Trade stocks, ETFs, crypto, and participate in IPOs
Chosen 163 times- Management fee: 0.25% – 0.4%, depending on service level
- $0 account minimum
- ETFs from 14 asset classes
- Digital and Premium plans available
Chosen 14 times- Management fees $1 to $9 per month
- 20 funds in the core portfolio
- Individual taxable, Roth IRA, traditional IRA, SEP IRA and rollover IRAs
- Best for women investors and social-impact investing
Chosen 23 times- 0.0% fee with cash-enhanced managed portfolio
- $100 account minimum
- Integration for Ally bank and brokerage clients
- Best for hands-off investors
Chosen 29 times- Low-cost robo advisor solutions
- No account fees to open a Fidelity retail IRA
- $0 account minimum
- Strong customer support
Chosen 42 times- Invest in real estate, blockchain, startups, and more
- Traditional IRA, Roth IRA, SEP IRA, Solo 401(k), and more
- Set up online in less than 10 minutes
- No cost cash transfers from current custodian
Important
As seen in
How to Compare the Best IRA Companies
Compare management fees for various IRAs.
Some IRA plans require account minimums.
Click Get Started to sign up.
What Is an IRA?
An individual retirement account (IRA) is a great way to save for your retirement - often with tax benefits.
IRAs typically offer more choice when it comes to investments, which is important if you want the best returns for your savings over time.
To put this into perspective, if you put $6,000 into an IRA every year, after 25 years you would have more than $475,000 seeing that the average stock market return is 8% per year.
Opening an IRA account is easy and you can sign up in just 15 minutes online. Start now by comparing the best IRA providers with Financer.com.
Why Compare IRAs At Financer.com?
Choosing the Best IRA
Even if you already have a 401(k) retirement plan you can benefit from an IRA.
Choose from IRA companies that you can trust, like banks, brokerage firms, or mutual fund companies.
Consider how you want your money to be invested; mutual funds or ETFs? Want a customized investment plan? To skip unnecessary fees, go with a brokerage account.
Consider getting a CD, which many banks offer, as they are a safe bet. If you want annuities, go for an IRA from an insurance company.
Finally, keep an eye on management and fund fees. Opening an account may come with fees, and so can transfers and advisors.
Here are some of our top picks:
- Best for hands-on investing:
Fidelity or J.P.Morgan - Best for hands-off investing:
SoFi or Betterment - Best for low fees:
Ally Invest - Or consider our list of
top robo-advisors
Benefits of IRA Accounts
Why You Should Open an IRA Account
You'll need to supply some personal information, such as your birthdate and Social Security number, in order to open an IRA account.
Because IRAs frequently offer more investment options, it can make sense to save in one even if you have a 401(k) or another employer plan, as long as you also make sure to take advantage of any corporate 401(k) match you may be granted. This is crucial because, over time, the performance of your investments will have a significant impact on your savings.
Example: Say you contribute the $6,000 annual maximum to an IRA (the maximum monthly contribution is $500). After 25 years, an 8% average yearly return on the stock market would net you more than $475,000. After 25 years, even if you earned a more modest 6%, you would have more than $345,000.
At Financer.com, we compare the best IRA accounts from a large selection of top U.S. online brokers and robo-advisors.
Different Types of IRA Plans
| Type | Definition | Best For |
|---|---|---|
| Traditional IRA | The most popular IRA and comes with tax benefits. | People in higher tax brackets and those without access to a workplace-sponsored retirement plan. |
| Roth IRA | Withdrawals in retirement are tax-free. | People who anticipate being in a higher tax bracket during retirement. |
| SEP IRA | A simplified employee pension, set up and funded by the employer. | Small business owners who want a cheaper alternative than a conventional plan. |
| Nondeductible IRA | After-tax dollars are used for contributions. | People who don't qualify to contribute to a deductible IRA or Roth IRA. |
| SIMPLE IRA | Savings Incentive Match Plan for Employees, similar to an employer-sponsored 401(k). | Small businesses and the self-employed. |
| Spousal IRA | Allows both people to contribute to an IRA even if one is not working. | Non-income earning individuals married to someone earning an income. |
| Self-directed IRA | You can own assets like gold and real estate. | Experienced investors looking for alternative investments. |
Choosing an IRA Retirement Plan
Choosing the best IRA plans will depend on your unique needs, but the sooner you get started the better.
If you want long-term investment success, make sure you avoid high fees eating away at your returns. Open an IRA from a robo-advisor, bank, or broker that offers low fees.
If you are a do-it-yourself type of investor planning on using a broker, choose one with low trading commissions and low transfer fees.
If you need help and guidance on making the right investments, a robo-advisor may be a better option than a broker, with some offering ready-to-go portfolios.
The Best IRAs 2023: A Detailed Comparison
| Company | Overall Rating | Fees | Account Minimum | Promotion | Benefits | |
|---|---|---|---|---|---|---|
recommended  | None | $0 | Free career counseling plus loan discoun... Show more Free career counseling plus loan discounts with qualifying deposit Show less | Broad range of low-cost investments | Get Started | |
| | 0.25% annually | $0 | Up to 1 year of free management with a q... Show more Up to 1 year of free management with a qualifying deposit Show less | Multiple portfolio options and customiza... Show more Multiple portfolio options and customization Show less | Get Started | |
| | $1 - $9 per month | $0 | None | Portfolio mix that factors women’s needs... Show more Portfolio mix that factors women’s needs Show less | Get Started | |
 | None | $0 | None | Excellent web and mobile platforms | Get Started | |
 | None | $0 | None | Excellent education for beginners | Get Started | |
| | 0.0% to 0.3% annually | $100 | None | Commission-free trades on eligible U.S. ... Show more Commission-free trades on eligible U.S. stocks, options and ETFs Show less | Get Started | |
 | None | $0 | None | Excellent tools for ESG research | Get Started | |
| | 0% - 0.35% annually | $0 | None | Excellent mobile app for investors | Get Started | |
 | None | $0 | None | Best for hands-on investors | Get Started | |
 | None | $0 | None | Fractional shares available | Get Started | |
 | None | $0 | None | Unlimited $0 online trades | Get Started | |
| | $15 p/m | $0 | None | No asset or transaction fees | Get Started | |
 | $195 | $0 | None | Free IRA Account Your First Year | Get Started |
| Company | Overall Rating | Fees | Account Minimum | Promotion | Benefits | Get Started |
|---|---|---|---|---|---|---|
| recommended | None | $0 | Free career counseling plus loan discoun... Show more Free career counseling plus loan discounts with qualifying deposit Show less | Broad range of low-cost investments | Get Started | |
| | 0.25% annually | $0 | Up to 1 year of free management with a q... Show more Up to 1 year of free management with a qualifying deposit Show less | Multiple portfolio options and customiza... Show more Multiple portfolio options and customization Show less | Get Started | |
| | $1 - $9 per month | $0 | None | Portfolio mix that factors women’s needs... Show more Portfolio mix that factors women’s needs Show less | Get Started | |
| | None | $0 | None | Excellent web and mobile platforms | Get Started | |
| | None | $0 | None | Excellent education for beginners | Get Started | |
| | 0.0% to 0.3% annually | $100 | None | Commission-free trades on eligible U.S. ... Show more Commission-free trades on eligible U.S. stocks, options and ETFs Show less | Get Started | |
| | None | $0 | None | Excellent tools for ESG research | Get Started | |
| | 0% - 0.35% annually | $0 | None | Excellent mobile app for investors | Get Started | |
| | None | $0 | None | Best for hands-on investors | Get Started | |
| | None | $0 | None | Fractional shares available | Get Started | |
| | None | $0 | None | Unlimited $0 online trades | Get Started | |
| | $15 p/m | $0 | None | No asset or transaction fees | Get Started | |
| | $195 | $0 | None | Free IRA Account Your First Year | Get Started |
What Customers Say About Us
4.60 based on 322 reviews
from Reviews.io
Compare IRA Accounts with Financer.com
Looking for the best IRA accounts? Financer.com helps you compare investment plans so you can choose the best investments for your portfolio.
When it comes to retirement planning, we are always improving our comparisons, and we are confident in what we can bring to the market.
Use our free retirement account comparison to find the right type of investment for your needs. At Financer.com we help you find the best retirements in 2022.
Got Questions? Get the Answers Here
How many IRAs can you have?
What is the best IRA plan?
How much can you contribute to a Roth IRA?
When can I withdraw from my IRA?
How much tax will I pay when withdrawing from my IRA?
Which bank has the best IRA?
Banks are not necessarily a better option than a robo-advisor or investment broker as you want to use the power of the stock market for long-term investments. With bank IRAs you'll have access to savings products like CDs (certificates of deposits).
These products guarantee a return rate as long as you leave your money in them for a specific time. However, stock markets typically offer returns of around 8% to 10% a year, compared to CDs offering around 3%.
The stock market does come with risk but in general, investors who are in it for the long run generally enjoy large returns on their initial investments.
However, if you want to go with a bank IRA, choose one that offers the best IRA CD rates so you can get the best return. Good options here include Discover and Ally Bank.
Can I lose money with an IRA?
Although very unlikely, it's possible for a retirement IRA account to lose value over time. But this is much more likely to happen if you invest money in single company stock.
To help prevent this, it's important that you diversify your investments where possible. Invest in more than one company - different industries, locations, and sizes - and choose both bonds and stocks.
This way, when one part of your investment doesn't perform, the rest can help keep your overall portfolio on track.
How quickly can I access my money?
Since an IRA is a retirement account, the money is meant to stay there until you are 59 1/2 years old. However, if you want to withdraw before then, you may be hit with a 10% tax penalty. In contrast, with a Roth IRA, you can withdraw at any time as you've already paid taxes on it.
Why is it called 'investing' in an IRA?
Unlike normal savings accounts, IRA plans don't pay out a specific return or interest rate. When you put money in your IRA, you have to choose an investment otherwise the money will simply be sitting as cash, and this is not ideal for a goal like retirement.
Most IRA companies offer a wide range of choices for investments and this can include bonds, stocks, or mutual funds. If you are not familiar with the differences or not sure what to choose, opt for a r that can handle your investments on your behalf, for a minimal fee.
Can I open an IRA online?
Yes. You can open an IRA online with any robo-advisor or broker (compare our recommendations above) and it only takes about 15 minutes. You'll need to provide some basic information such as your name, Social Security number, birth date, and mailing address.
Read More About Personal Finance
HSA Hack: The Best Kept Secret in Financial Planning
As a financial planner, I've consistently observed a common trend: a significant number of my clients and potential clients are not fully leveraging the advantages
November 30, 2023 6 min read
15 Legal Ways to Pay Less in Taxes and Keep More of Your Money
November 14, 2023 28 min read
12 Top Tax Deductions: Food, Travel, Spending, and More
October 1, 2023 24 min read
How To Freeze Your Credit
These days, it's more important than ever to keep a close eye on your credit. With data breaches becoming more and more common, it's only ...
April 11, 2023 7 min read
How to Remove a Charge-Off from Your Credit Report: 7 Tips
October 30, 2022 9 min read
What is a Debt-to-Income Ratio?
What is a Debt-to-Income Ratio? A debt-to-income ratio (DTI) is your total monthly debt payments divided by your gross monthly income. It represents how much of ...
November 16, 2023 6 min read
What is OASDI Tax? Definition, Types, and History of Social Security Tax
March 6, 2023 11 min read
Why Did My Credit Score Drop: 9 Reasons and How To Fix It
February 9, 2023 21 min read
