Who Sells Roth IRAs?
Roth Individual Retirement Accounts (IRAs) are specially designated investment accounts that use after-tax dollars, meaning that interest and earnings accrue and may be withdrawn tax-free--provided the withdrawal meets IRS guidelines. Many places offer Roth IRA options.
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Traditional Banks
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All major and most smaller banks, including Chase and Wells Fargo, offer Roth IRA options. Veteran customers may be eligible for reduced fees.
Online Banks
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Online banks, such as ING Direct, offer Roth IRAs, but their investment options are more limited.
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Credit Unions
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Most credit unions offer lower-fee Roth IRAs, but like banks, may have a more limited array of investments than mutual fund companies or brokerage firms.
Mutual Fund Companies
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A mutual fund is a collection of stocks and/or bonds managed by a professional investo. Opening a Roth IRA with a mutual fund company, such as Vanguard or T. Rowe Price, provides a more diverse investment portfolio but requires little work on your part.
Discount Brokerage Firms
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Opening a Roth IRA with a brokerage firm, like Scottrade or E*Trade, means you're hands-on in terms of how your IRA is invested; you handle all the stock trading yourself, and generally only pay a per-trade fee--with few or no other fees.
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