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Looking for the perfect home for your retirement savings? You’re not alone! I’ve spent countless hours researching the best places to open an IRA, and I’m excited to share what I’ve discovered. Whether you’re just starting your retirement journey or looking to transfer existing funds, choosing the right IRA provider can make a huge difference in your financial future.
What Makes a Great IRA Provider?
Before diving into my top recommendations let’s talk about what actually matters when choosing an IRA account
- Low fees (both account fees and investment fees)
- Investment selection (variety of options to build a diversified portfolio)
- User-friendly platforms (easy to navigate and manage)
- Educational resources (tools and guidance for retirement planning)
- Customer service (responsive support when you need help)
- Account minimums (how much you need to get started)
- Extra perks (like contribution matching – a relatively new feature!)
Broker IRA Accounts vs. Robo-Advisor IRAs: What’s the Difference?
When searching for the best place for your IRA you’ll encounter two main options
Broker IRA Accounts
- Management style: You choose and manage investments yourself
- Management fees: Typically $0 (you just pay for the investments)
- Best for: Hands-on investors who want control over investment choices
Robo-Advisor IRA Accounts
- Management style: Investments are chosen and managed for you
- Management fees: Usually around 0.25% of your account balance annually
- Best for: Hands-off investors who prefer automated management
Top Broker IRA Accounts for 2025
Based on the latest research and comprehensive reviews, here are my top picks for broker IRA accounts:
1. Fidelity IRA
Why it’s great Fidelity has become synonymous with retirement investing for good reason Their platform offers commission-free trades, excellent retirement planning tools, and zero account fees
Standout features:
- No account minimum
- Zero commission on stocks, ETFs, and options
- Several index funds with zero expense ratios
- Comprehensive retirement planning tools
- Strong customer support
- High interest rate on uninvested cash
Best for: Anyone looking for a well-rounded IRA provider, especially if you already have a 401(k) with Fidelity.
2. Interactive Brokers IBKR Lite
Why it’s great: Don’t let the “Interactive Brokers” name scare you – while they cater to active traders, their IBKR Lite platform scored surprisingly high for IRA accounts.
Standout features:
- Commission-free trades
- Large investment selection
- Access to international markets
- Over 19,000 mutual funds
- Strong research tools
- High-quality order execution
Best for: Investors who want access to an extensive range of investment options, including international securities.
3. Charles Schwab IRA
Why it’s great: Charles Schwab offers top-notch customer service and powerful retirement planning tools.
Standout features:
- No account minimum
- Commission-free stock, options, and ETF trades
- Large selection of no-transaction-fee mutual funds
- Strong retirement planning tools
- Excellent customer service
Best for: Retirement investors looking for a large selection of mutual funds and helpful planning resources.
4. Robinhood IRA
Why it’s great: Robinhood disrupted the IRA market with its 1% match on contributions – a perk typically only available through employer plans.
Standout features:
- 1% match on contributions (3% for Gold members)
- No account minimum
- Commission-free trades
- Streamlined, easy-to-use interface
- Investment recommendations for IRA portfolios
- High interest rate on uninvested cash
Best for: Investors who want to take advantage of a contribution match similar to what employer 401(k) plans offer.
5. SoFi Active Investing
Why it’s great: SoFi offers a user-friendly platform with a unique perk – access to certified financial planners.
Standout features:
- No account minimum
- Commission-free trades
- Access to certified financial planners
- Fractional shares available
- Comprehensive financial platform
Best for: Beginning investors who want occasional access to professional financial advice.
Top Robo-Advisor IRA Accounts for 2025
If you prefer a more hands-off approach, these robo-advisors offer excellent IRA options:
1. Betterment IRA
Why it’s great: Betterment offers a powerful combination of goal-based tools, low fees, and no account minimum.
Standout features:
- No account minimum (just $10 to start investing)
- Low 0.25% management fee
- Multiple investment options, including socially responsible portfolios
- Fractional shares to maximize investments
- Robust goal-based tools
Best for: Hands-off investors who want affordable automated management with comprehensive planning tools.
2. Wealthfront IRA
Why it’s great: Wealthfront stands out for portfolio diversification and excellent tax strategies.
Standout features:
- $500 account minimum
- 0.25% management fee
- DIY and automated investing options
- Wide variety of account options
- Low ETF expense ratios
- Excellent tax strategy
Best for: Investors who want a blend of automated portfolios and DIY stock investing options.
3. Fidelity Go
Why it’s great: Fidelity’s robo-advisor offers free portfolio management for smaller balances.
Standout features:
- No account minimum
- Free portfolio management on balances under $25,000
- No investment expense ratios
- Human oversight of portfolio allocations
- Seamless integration with other Fidelity accounts
Best for: Investors with smaller balances who want free automated management.
4. Acorns
Why it’s great: Acorns makes investing easy with automatic roundups and retailer kickbacks.
Standout features:
- No account minimum
- 1% to 3% match on contributions (depending on plan tier)
- Automatic roundups that invest spare change
- Cash back at select retailers
- High interest rates on checking and savings at some service tiers
Best for: New investors who want to make the most of their spare change and get contribution matches.
IRA Matches: The New Trend
One of the most exciting developments in the IRA world is the introduction of contribution matches by certain providers. Traditionally, only employer retirement plans like 401(k)s offered matching contributions, but now some IRA providers are following suit:
How IRA matches work:
- When you contribute to your IRA, the provider adds a small percentage (usually 1-3%)
- For example, if you contribute $5,000 and get a 1% match, you receive an extra $50
- This is generally considered a promotion or interest, not a contribution (so it doesn’t count toward your annual contribution limit)
Top providers offering matches:
- Robinhood: 1% match (3% for Gold members)
- Acorns: 1-3% match depending on plan tier
- Public: 1% match on contributions and rollovers
Be sure to read the fine print! Some providers may claw back matching contributions if you close or transfer the account within a certain timeframe.
Factors to Consider When Choosing an IRA Provider
When deciding where to open your IRA, keep these key considerations in mind:
1. Investment Costs
Look for providers with:
- Low or no account maintenance fees
- Commission-free trading
- Low-cost investment options (funds with expense ratios under 0.5%)
- No-transaction-fee mutual funds
2. Account Features
Consider what additional features matter to you:
- Mobile app quality
- Automatic investing options
- Portfolio rebalancing
- Tax-loss harvesting
- Retirement calculators and planning tools
3. Customer Support
Quality support can make a big difference:
- Availability (phone, chat, email)
- Extended hours
- Access to human advisors
- Physical branch locations (if that matters to you)
4. Your Investing Style
Be honest about your preferred approach:
- If you want to pick your own investments, choose a broker
- If you prefer hands-off investing, choose a robo-advisor
- If you’re somewhere in between, consider platforms that offer both options
How to Open an IRA
Opening an IRA is surprisingly simple! Here’s the basic process:
- Choose your provider based on the criteria above
- Complete an application (takes about 15 minutes online)
- Provide personal information (name, address, Social Security number, etc.)
- Fund your account via bank transfer, check, or rollover from another account
- Select investments (or let your robo-advisor handle this)
Common Questions About IRA Accounts
Q: Can I lose money in an IRA?
A: Yes, it’s possible for an IRA to lose value if your investments perform poorly. The key to managing this risk is diversification – investing in a variety of companies across different industries, sizes, and locations, as well as a mix of stocks and bonds. Mutual funds and ETFs make diversification easy.
Q: How do I invest money in an IRA?
A: Unlike savings accounts, IRAs don’t automatically pay interest. Once you deposit money, you need to select investments. Most IRA providers offer stocks, bonds, mutual funds, and ETFs. If this sounds intimidating, robo-advisors will handle the investment selection for you.
Q: Are bank IRAs a good option?
A: Generally, investment brokers or robo-advisors are better options than banks for IRAs. Banks typically offer CDs and savings products with much lower returns than the historical stock market average of about 10% annually. While stock markets can be volatile in the short term, long-term investors generally enjoy significantly higher returns than with bank products.
Conclusion: The Best Place for Your IRA
There’s no one-size-fits-all answer to where you should open an IRA. The “best” place depends on your personal needs, investment knowledge, and financial goals.
If you already have a 401(k) through work, it might make sense to open your IRA at the same institution (often Fidelity or Charles Schwab) for easier account management.
For new investors who want contribution matching, Robinhood and Acorns offer compelling options that can boost your retirement savings.
For those who want complete control over their investments, traditional brokers like Fidelity, Charles Schwab, and Interactive Brokers provide robust platforms with extensive investment options.
And if you prefer a hands-off approach, robo-advisors like Betterment, Wealthfront, and Fidelity Go offer professional management at reasonable costs.
Whichever provider you choose, the most important thing is to start contributing to your retirement as soon as possible. The power of compound growth means that even small contributions can grow significantly over time!
Best IRA accounts to open in 2025
Here are some of the best brokers or robo-advisors to use when you’re setting up your IRA.
Charles Schwab does all the core brokerage functions well, and its long-time reputation for investor-friendliness precedes it. If you want stocks, bonds, funds or even CDs in your IRA, Schwab will be able to get the job done. In fact, Schwab offers thousands of mutual funds with no deposit fees. Plus, with commission-free trades and quick customer service, the broker regularly rates among the top in the industry. Of course, if you want to go more active, you can access Schwab’s flagship trading platform, thinkorswim, and get your trade on.
A great fit for: Investors who want to actively or passively manage their IRA.
Wealthfront is a top robo-advisor, and it can construct your retirement portfolio based on your risk tolerance and when exactly you need the money. Wealthfront automatically rebalances your portfolio so that your allocations stay on target. You can also access a sophisticated goal-based planner (even if you don’t have your IRA here) as well as a fully featured cash management account. The management fee is a reasonable 0.25 percent per year, or $25 for every $10,000 invested, and you’ll pay for ETFs held in your portfolio, as you would anywhere.
A great fit for: Investors who want a professionally- managed portfolio at low cost.
Fidelity is one of the best overall brokers, and you can see it across everything they do: friendly and helpful customer service, strong trading platforms for active traders, a policy of not hitting you for every possible nickel and dime for services and a wide selection of investments (including thousands of mutual funds available without a transaction fee). It also doesn’t hurt that the broker charges no account fees or minimums to open a retail IRA account. Fidelity does it all at a high level, and you’re not likely to be disappointed.
A great fit for: Investors who want to be active traders or invest passively.
Vanguard is a great choice for its low-cost mutual funds, even if you could buy its funds at another broker. Still, Vanguard makes a great fit if you’re a passive investor, even if, like most major brokers, it has also reduced online trading commissions for stocks and ETFs to zero.
A great fit for: Investors who want to manage their IRA passively, especially with Vanguard’s funds.
If you’re content to let someone else manage your IRA, then Betterment will likely be a good fit. For one low, flat fee of 0.25 percent, this robo-advisor will manage your portfolio from start to finish, and all you’ll need to do is add money. You’ll get valuable features such as tax-loss harvesting and automatic rebalancing for no extra charge. Plus, you can pay a bit higher fee and bring $100,000 or more to the account, and you’ll be able to access human advisors for all your detailed questions.
A great fit for: Investors who want a robo-advisor to manage their IRA for them, or who may want access to a human planner from time to time.
Interactive Brokers is a brokerage that gives you ample access to the world’s markets, so if you want a “go anywhere” outfit, this is for you. Interactive Brokers has long been known as a broker for serious active traders, though of course you needn’t be one to open your IRA here. Opt for the brokerage’s Pro platform, known for its top execution, or go for the Lite platform, where your trades are free. Either way, you’ll be investing with one of the world’s most secure institutions.
A great fit for: Investors who trade actively and want access to all kinds of markets.
Schwab brings its investor-friendly street cred to Schwab Intelligent Portfolios, a robo-advisor that manages your IRA with a personalized portfolio. You’ll enjoy Schwab’s management fee – nothing – and its low-cost ETFs, as well as its well-regarded customer service, which is available all day, every day. If you want access to financial advisors, you can step up to the premium tier, which costs a flat $30 per month (after a one-time setup fee of $300). You’ll have to bring some money to the robo-advisor in either case: $5,000 for the base service or $25,000 for premium.
A great fit for: Investors looking for low-cost professional management with the option for unlimited access to human advisors.
As a Merrill Edge customer, you’ll benefit from the brokerage’s robust offerings and access to stock research, as well as strong customer service. Plus, Merrill is a great choice if you’re likely to need in-person assistance, because parent company, Bank of America, offers a Merrill rep at more than 2,000 branches, a true competitive edge. Another edge: if you’re already one of the bank’s customers, it’s just easier to have your financial business all in one place.
A great fit for: Investors who want to trade actively or passively, or may need the help of a human planner.
If you’re looking to do something off the beaten path with your IRA, then Fundrise might be for you. Fundrise lets you use your IRA to invest in real estate, which might fit perfectly in an IRA since it tends to crank out cash that would otherwise be taxable. With Fundrise you’ll be investing in REITs, well-known structures that allow investors to access a diversified real estate portfolio and pass dividends on to investors. At Fundrise you may have to lock in your money for years, so it may not be for everyone. But for those investors looking for an alternative investment such as real estate, Fundrise could be an attractive option.
A great fit for: Investors who want to scope out and invest in real estate.
Like other major brokers, E-Trade offers commission-free trading of stocks and ETFs, but it’s also a great choice for mutual funds. In fact, E-Trade offers more than 6,000 mutual funds without a transaction fee. E-Trade is another do-it-all broker, great for the active trader (volume discounts on options, the Power E-Trade platform), as well as the passive investor thinking long term (third-party research).
A great fit for: Investors who want to actively or passively invest.
Firstrade is popular with traders because of its commission-free trading of stocks, ETFs and options, but the broker also has a lot to offer those saving for retirement. Firstrade offers 11,000 no-transaction-fee mutual funds and you’ll be able to open nearly any type of IRA account you want, including SEP and SIMPLE IRAs, which aren’t offered by all brokers. There’s also a solid research offering including free access to Morningstar reports.
A great fit for: Investors who want to actively or passively invest.
If you’re looking to take a more hands-off approach to your portfolio, Fidelity Go is another robo-advisor option to consider. There’s no fee for accounts with less than $25,000, and the fee is 0.35 percent above that threshold. The portfolios are built using Fidelity funds that don’t charge expense ratios, so you won’t have to worry about the additional fund fees charged at most robo-advisors. You’ll also get the full benefits of being a Fidelity customer, which includes top-notch educational resources and 24/7 customer service.
A great fit for: Investors looking for a low-cost professionally managed portfolio.
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Former Bankrate principal writer and editor James F. Royal, Ph.D., covers investing and wealth management. His work has been cited by CNBC, the Washington Post, The New York Times and more.
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Brian Beers is a former managing editor for Bankrate. He oversaw editorial coverage of banking, investing, the economy and all things money.
At Bankrate, we take the accuracy of our content seriously.
“Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced.
Their reviews hold us accountable for publishing high-quality and trustworthy content.
Bankrate is always editorially independent. While we adhere to strict , this post may contain references to products from our partners. Heres an explanation for . Our is to ensure everything we publish is objective, accurate and trustworthy. Bankrate logo
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our reporters and editors focus on the points consumers care about most — how to save for retirement, understanding the types of accounts, how to choose investments and more — so you can feel confident when planning for your future. Bankrate logo
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo