A Review of the Best Roth IRA Providers

Discover the best places to open a Roth IRA.

Are you ready to plan your retirement and are considering the best options to help you save and grow your money? One great option to add to your list of investment vehicles is the Roth IRA.
Anyone who is eligible should consider it for their portfolio thanks to its tax benefits and the overall ease of getting started. Before you do, it’s a good idea to first explore the best place to open Roth IRA plans.

Deciding the Best Place to Open Roth IRA Plans

A Roth IRA is an individual retirement account that allows people with middle incomes to save money for retirement. The main difference between a Roth IRA and traditional IRA is that a Roth allows you to withdraw money without being taxed (taxes have already been taken before you make your contribution).

Another difference is that after five years your contributions and earnings can be
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withdrawn without penalties or taxes. Though your withdrawn funds are not tax deductible (and count as income), you are allowed to use your money to invest in a new home or education without facing additional taxes.

Probably the most difficult aspect of saving for retirement this way is deciding where to open Roth IRA plans, as well as whether to do so by investing in a stocks or looking into a mutual fund. So how do you choose which company to work with?

Best Roth IRA Providers for Your Budget

There are a number of online brokerages providing great Roth IRA options, among them are top trading firms Merrill Lynch and Scottrade. So before choosing a Roth IRA provider, take a look at these two brokerages:

Merrill Edge Roth IRA

Merrill EdgeMerrill Edge is a popular online investment product developed by Merrill Lynch. The product is co-branded by Bank of America and offers investors the opportunity to manage investment products and Bank of America bank accounts simultaneously.

Merrill Edge is a very attractive option for small investors looking to get started. Under your own Merrill Edge Roth IRA review you can find out the following about an account:

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  • $2.95 per stock trade
  • No minimum investment or maintenance fee
  • Customized investment alerts

Scottrade Roth IRA

Scottrade, which is headquartered in St. Louis, MO began online trading in 1998. The company offers a number of retirement options, including the traditional IRA and Roth IRA. As you conduct your own Scottrade Roth IRA review, take note of a few top features from this product:

  • scottrade logo$7 per stock trade
  • No set-up, annual or maintenance fees
  • No mandatory withdrawal age
  • Refund of up to $100 in transfer fees when you rollover an existing account of $10,000 or more

Both Merrill Edge and Scottrade are very competitive in the investment world. If you work with either company, you’ll have access to free tools that help you manage your retirement funds effectively and make wise investments.

Check Out: Is a Self-Directed IRA Right for You?

Other Great Roth IRA Firms

There are a number of other great brokerages offering Roth IRA products.

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E-Trade Roth IRA

etradeE-Trade is another online brokerage available . In fact, it has been voted the #1 Online Broker multiple times by Smart Money Magazine. The company functions as an investment firm, but also offers a full-scale bank with checking and savings account options. If you’re interested in an E-Trade Roth IRA, here are a few basics of the account to note:

  • $9.95 per stock trade
  • No annual IRA fees and no account minimums
  • No custodial fees with electronic statements
  • Convert non-deductible traditional IRA to Roth IRA tax-free

TradeKing Roth IRA

trade kingTradeKing has a great reputation for being one of the best discount online investment brokers in the business. The company also ranks well in customer service and offers tons of free trading tools, as well as access to an investment learning center. Some benefits of opening a TradeKing Roth IRA include:

  • $4.95 per equity trade
  • Low commissions
  • Access to free suite of tools
  • Manage portfolio in real time
  • Choose from stocks, bonds, mutual funds and more

After exploring a number of options, how do you decide which are the best Roth IRA providers for you?

The decision is truly a personal one that relies on a number of factors, including costs per trade, maintenance and set-up fees, rollover and annual costs and additional trading tools you have access to.

So take time to explore what each broker has to offer, then start saving and growing your money more effectively than you could ever imagine.

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About the Author

Stacey Bumpus

Stacey Bumpus holds both her Bachelor and Masters degrees in Communications. After spending years in corporate communications, she discovered freelancing was really her cup of tea and fell in love with finding and writing about the latest financial news. Now, providing news and tips about banking, mortgages, taxes (and even logging her own efforts to save for retirement), she's not only fulfilling her lifelong passion, but also helping others manage their finances responsibly.

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