17 Best IRA Accounts for October 2024

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An IRA is a retirement savings account that offers tax advantages. Several types of IRAs are available, including these three primary ones:

• Traditional IRA
• Roth IRA
• Rollover IRA

Each type has its advantages, and all offer the potential for more growth than taxable accounts.

This month’s best IRA accounts were selected based on a variety of criteria, including fees, account minimums, investment choices and customer experience.

Best IRAs for October 2024

Here’s a quick rundown of the 17 best IRA accounts for October 2024. Below the chart, you’ll find more information about the accounts.

Why They’re the Best IRA Accounts

If you want to know why these 17 IRA accounts were selected as the best for October 2024, here’s a snapshot of each.

Robinhood

At Robinhood you don’t have to pay commission fees and you have access to a diverse lineup of investment types as well as fractional shares. Because of Robinhood’s user-friendly platform, it’s a good choice for beginning investors.

SoFi

SoFi is another good fit for beginning investors because of its straightforward setup process, low fees, and highly regarded mobile experience. As of October 2024, you can get up to $1,000 in stock when you fund a new Active Invest account.

Fidelity

Fidelity is a marquee name in the brokerage world because of its strong lineup of funds and IRAs, top-notch customer service and easy-to-use platform and investing tools. It also has no fees or minimums.

J.P. Morgan Wealth Management

J.P. Morgan Self-Directed Investing gives you unlimited trades with $0 commissions and no minimums, while J.P. Morgan Automated Investing offers robo-advisory services, although at a higher price than some of its competitors. You can earn a bonus up to $700 when you open and fund a J.P. Morgan Self-Directed Investing account (retirement or general) with qualifying new money by Oct. 21, 2025.

E*TRADE

E*TRADE is a good choice whether you are long-term investor or an active trader because you will have access to more than 6,000 no-load mutual funds. Another bonus: There are no account minimums and you get $0 online stock and ETF commissions.

Merrill Edge Self-Directed

Merrill Edge Self-Directed gets high marks for no account minimums and a strong selection of no-fee mutual funds. It’s a good option for investors who want to combine their investing and banking needs with a single company.

Ally

Ally Invest offers competitive pricing on stocks, exchange-traded funds, options, and mutual funds as well as low fees and no account minimums. You get access to more than 100 commission-free ETFs.

Charles Schwab

Schwab investors have access to hundreds of no-commission ETFs along with an industry-leading selection of no-transaction-fee mutual funds. Because of its devotion to individual investors, Schwab is a good choice for beginners and seasoned veterans.

Vanguard

Vanguard is another strong choice for both beginning and experienced investors with its vast lineup of low-cost mutual fund and ETF offerings and user-friendly brokerage platform.

TD Ameritrade

TD Ameritrade was acquired by Charles Schwab, so you’ll be able to use Schwab’s thinkorswim® platform for all your investing. When TD Ameritrade was a standalone product, it offered 4,000 no-load, no-transaction-fee mutual funds from all of the major fund families. It was praised for customer service and education and research materials, making it a good option for novice and hands-on investors.

Betterment

Betterment gets high marks for its user-friendly platform and tailored portfolio you can review before funding the account. When your total balance surpasses $100,000, you can add on unlimited consultations with Betterment’s financial advisors in exchange for a higher 0.40% annual management fee.

Interactive Brokers

You’ll find a large investment selection at Interactive Brokers, along with strong research and investing tools and more than 19,000 no-transaction-fee mutual funds. Interactive Brokers’ IBKR Lite is a good option for frequent traders because of its international trade capabilities, no stock-trading commission and a high-quality trading platform.

Wealthfront

At Wealthfront, customers get access to a robo-advisor that manages accounts by building portfolios out of low-cost ETFs. Its low-cost fee structure and automatic rebalancing appeal to investors who prefer a hands-off approach.

Ellevest

Ellevest customers get discounted access to professional financial planning, free educational resources and a goal-oriented investing approach. It also offers Private Wealth Management for investors with $1 million or more.

Firstrade

Firstrade’s traditional IRA has no account fees or minimums and a wide range of investment options. It also has three trading platforms, including a desktop platform, Options Wizard and Firstrade Navigator.

PNC Investments

At PNC Investments, you can access traditional and Roth IRAs as well as SIMPLE and SEP IRAs for small businesses and self-employed workers. PNC’s self-directed Brokerage Plus service lets you trade stocks, ETFs and mutual funds with zero commissions.

M1 Finance

M1 Finance offers a blend of automated investing and portfolio customization designed for customers who want to automate their retirement investments. Within your IRA you can select from dozens of pre-built portfolios or build your own strategy.

How Do You Open an IRA Account?

The way to open an account depends on the specific IRA provider you choose. Contact the brokerage for specific instructions. Here’s what to expect:

1. Sign up for a brokerage account online.
2. Provide your driver’s license or another photo ID, your Social Security number and other personal information.
3. Give the account number and bank routing number for the savings or checking account from which you’ll fund the IRA.
4. Fund the account.

How Do You Choose the Right IRA?

The best IRA for you depends on your individual needs, but some common factors to consider include fees, risks and level of support.

For example, are you comfortable directing your own investments, or do you prefer the assistance of a robo-advisor or a professional financial advisor? Select an IRA from a brokerage whose services most closely match your needs.

Other factors to consider when choosing an IRA account include:

• Income. The tax deduction for contributions to an IRA account is phased out as you reach the income threshold.
• Account minimums. You need enough money to meet the account minimum.
• Fees. They can add up over time and take a chunk out of your retirement savings. Find out if you pay fees or commissions for trades and services.
• Investor education. The more you understand about investing, the easier it is for you to make decisions about your portfolio.
• Customer service. Know how you can reach a representative when you have questions about your account.

Is an IRA a Good Investment?

An IRA can be a good investment, in part because of the tax benefits it offers. The money grows tax-deferred, so you won’t pay taxes on that money until you withdraw it.

Here’s an example of how it can grow if you open an IRA account at age 35 with a starting balance of $5,000. If you contribute the maximum of $6,000 each year and see a 7% return, you can have $644,500 in the account when you retire at age 65.

Letting your retirement fund grow tax-deferred is to your advantage if you expect to be in a lower tax bracket during retirement than you are during your career. In addition, the contributions you make to the IRA might be tax-deductible.

If you’re still not sure which IRA to choose, seek the advice of a professional. A financial advisor can help you define your financial goals and choose an IRA to help you meet them.

Final Take

As you build a retirement savings plan, an IRA might be a useful tool for your situation. But landing on the right IRA for your situation involves a bit of research. Take the time you need to explore all of your options before moving forward with an IRA to stash away funds for your retirement.

Allison Hache, Sarah Sharkey, Barbara Nefer and Andrew DePietro contributed to the reporting for this article.

Information is accurate as of Oct. 16, 2024.

INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

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