In our analysis, the best IRA accounts offer a large selection of low-cost mutual funds and ETFs, helpful retirement planning tools, educational guidance and strong customer support.
The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
When choosing an IRA, you want to consider factors like investment selection, retirement planning tools, customer service and educational resources. Recently, more and more IRA accounts have been offering to match your own contributions up to a certain amount, which may also weigh into your decision.
Our list of the best IRAs includes two different types of IRA providers: Online brokers and robo-advisors. Here’s how they differ:
| Brokers | Robo-advisors | |
|---|---|---|
| Investment management | Choose and manage investments yourself. | Investments are chosen and managed for you based on your goal and other factors. |
| Management fees | $0. | Varies, but typically 0.25% of your account balance. |
Good to know: If you’re opening an IRA account for the first time, the process typically takes just 15 minutes and requires basic information, such as your name and bank account number. If you already have an IRA but you’re searching for better options, switching IRAs is relatively easy: You can transfer your funds to a new provider, often without selling your investments. This is called transferring your IRA investments in-kind.Why trust NerdWallet
Note: The star ratings on this page are for the provider overall. Some companies with a lower overall rating are still included here because IRAs are where they excel.
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Best IRA Accounts
| Broker | NerdWallet rating | Fees | Account minimum | Promotion | Learn more |
|---|---|---|---|---|---|
| SoFi Robo Investing | 4.4/5Reviewed in: Nov. 2024Period considered: Oct. – Nov. 2024 | 0.25%management fee | $50 | 1% match on rollovers and contributionsTerms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits. | Learn moreon SoFi Invest’s websiteADPaid non-client promotion |
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Charles Schwab
on Charles Schwab’s website
Fees
$0
per online equity trade
Account minimum
$0
Promotion
None
no promotion available at this time
Our Take
Pros
- Commission-free stock, options and ETF trades.
- Large selection of no-transaction-fee mutual funds.
- Strong retirement planning tools.
Cons
- Low interest rate on uninvested cash.
- High fee for transaction-fee funds.
Why We Like It
Charles Schwab is one of the best overall IRA providers, with high-quality customer service, no account minimum and low fees. The company offers a large selection of no-transaction-fee funds, gives users access to extensive research and charges no commission for stock, options and ETF trades. Add to Compare
Best Online Broker for Advanced Traders 2024
Interactive Brokers IBKR Lite
on Interactive Brokers’ website
Fees
$0
per trade
Account minimum
$0
Promotion
None
no promotion available at this time
Our Take
Pros
- Commission-free stock, options and ETF trades.
- Large investment selection.
- Strong research and tools.
- Huge selection of no-transaction-fee mutual funds.
- High order execution quality.
Cons
- High minimum to earn interest on uninvested cash.
- Website can be difficult to navigate.
Why We Like It
Don’t let the name fool you: IBKR Lite offers commission-free stock trading (including international trade capabilities), more than 19,000 mutual funds, and a well-featured platform. Add to Compare
Betterment IRA
Reviewed in: Oct. 2024
Period considered: Aug. – Oct. 2024
on Betterment’s website
AD
Paid non-client promotion
Fees
0.25%
with a balance over $20K or qualifying recurring deposit. Otherwise, $4/month.
Account minimum
$0
$10 to start
Promotion
Get 1% match
of your net Roth and traditional IRA contributions until December 30, 2024. Terms apply.
Our Take
Pros
- Multiple investment options.
- Robust goal-based tools.
- Fractional shares limit uninvested cash in portfolios.
- Low management fee.
Cons
- Additional fee for access to financial advisors.
Why We Like It
Betterment offers a powerful combination of goal-based tools, affordable management fees and no account minimum. Betterment has a wide range of investments, including socially responsible and crypto portfolios and gives clients access to Roth, traditional, inherited, rollover and SEP IRAs.Add to Compare
Robinhood IRA
on Robinhood’s website
Fees
$0
Account minimum
$0
Promotion
1% match
on eligible contributions up to IRA contribution limits.
Our Take
Pros
- Commission-free stock, options and ETF trades.
- IRA with 1% match (3% for Gold members).
- Streamlined interface.
- Investment recommendations available for IRA portfolios.
- High interest rate on uninvested cash.
Cons
- No mutual funds or individual bonds.
Why We Like It
Robinhood shook up the IRA market with its 1% match on contributions — an offer that is typically only common among employer retirement plans.Add to Compare
SoFi Robo Investing
Reviewed in: Nov. 2024
Period considered: Oct. – Nov. 2024
on SoFi Invest’s website
AD
Paid non-client promotion
Fees
0.25%
management fee
Account minimum
$50
Promotion
1% match on rollovers and contributions
Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.
Our Take
Pros
- Access to certified financial planners.
- 1% match on IRA rollovers and contributions.
- Range of portfolio options.
- Access to socially responsible investments and alternative investments.
Cons
- No tax-loss harvesting.
Why We Like It
Access to financial advisors makes SoFi Automated Investing a solid choice for beginning and younger investors. SoFi supports Roth, traditional, SEP and rollover IRAs and offers a 1% match on contributions. Add to Compare
Wealthfront IRA
Reviewed in: Oct. 2023
Period considered: Aug. – Oct. 2023
on Wealthfront’s website
AD
Paid non-client promotion
Fees
0.25%
management fee
Account minimum
$500
Promotion
Get a $50 customer bonus
when you fund your first taxable investment account
Our Take
Pros
- Get $50 customer bonus when you fund your first taxable investment account (NerdWallet promotion).
- Automatic rebalancing.
- Digital financial planning tools.
- Low management fee.
Cons
- No access to human advisors.
- No fractional shares.
Why We Like It
Wealthfront is our highest-scoring robo-advisor thanks to its blend of automated investment portfolios and DIY stock investing portfolios, its wide variety of account options, excellent tax strategy and low management fee. Wealthfront offers Roth, traditional, rollover and SEP IRAs, along with backdoor Roth conversions and 401(k) rollovers.Add to Compare
Best Broker for IRA Investors 2024
Fidelity IRA
Fees
$0
no account fees to open a Fidelity retail IRA
Account minimum
$0
Promotion
None
no promotion available at this time
Our Take
Pros
- Commission-free stock, options and ETF trades.
- Offers several index funds with no expense ratios.
- Helpful retirement planning tools.
- Strong customer support.
- Free research and data.
- High interest rate on uninvested cash.
Cons
- Relatively high broker-assisted trade fee.
Why We Like It
Many investors are familiar with Fidelity as a provider of 401(k) plans — the broker is one of the biggest names in employee retirement accounts. It can be convenient to also have an IRA under the same roof, because you’ll be able to seamlessly view all account balances in one place. But even for those who don’t have a 401(k) with Fidelity, the company offers access to low-cost retirement investments (including no-fee, no-minimum index funds) and innovative tools to help you plan for retirement and check in on your progress.Add to Compare
SoFi Active Investing
on SoFi Invest’s website
Fees
$0
per trade
Account minimum
$0
Promotion
Get up to $1,000
in stock when you fund a new account.
Our Take
Pros
- No commissions on stock, options and ETF trades
Cons
- Low interest rate on uninvested cash
Why We Like It
SoFi Active Investing’s zero-commission trading and $0 account minimum are both attractive to new investors, and the addition of an IRA match and access to financial advisors is icing on the cake.Add to Compare
Fidelity Go®
Reviewed in: Oct. 2024
Period considered: Aug. – Oct. 2024
Unpaid non-advisory client promotion
Fees
0% – 0.35%
management fee
Account minimum
$0
Promotion
None
no promotion available at this time
Our Take
Pros
- Free portfolio management on balances under $25,000
Cons
- No tax-loss harvesting
Why We Like It
Fidelity Go is a strong, low-cost choice for investors who want an all-digital robo-advisor. Add to Compare
Acorns
Reviewed in: Oct. 2024
Period considered: Aug. – Oct. 2024
on Acorns’ website
AD
Paid non-client promotion
Fees
$3 – $12
per month
Account minimum
$0
Promotion
$10 sign-up bonus
Our Take
Pros
- IRA match at some service tiers
Cons
- Monthly fees can be significant for small balances
Why We Like It
If you want to make the most of your spare change and get the occasional retailer kickback, there’s really no better place to do that than Acorns. The automatic roundups at Acorns make saving and investing easy, and most investors will be surprised by how quickly those pennies accumulate.Add to Compare
Best Robo-Advisor for IRA Investing 2024
Schwab Intelligent Portfolios®
Reviewed in: Oct. 2024
Period considered: Aug. – Oct. 2024
Unpaid non-client promotion
Fees
0%
management fee
Account minimum
$5,000
Promotion
None
no promotion available at this time
Our Take
Pros
- No portfolio management fee.
- Wide ETF selection.
- Customizable portfolios.
Cons
- $5,000 account minimum.
- Portfolios hold a large cash allocation.
- Tax-loss harvesting only available on balances of $50,000 or more.
Why We Like It
Schwab Intelligent Portfolios is unique in charging zero management fee, but the advisor’s portfolios tend to hold a larger cash allocation than other robo-advisors (meaning a good chunk of your money isn’t invested). The account minimum, at $5,000, is fairly high, but Schwab has some of the best customer service in the business.
Note: Some of the IRA promotions above won’t apply for first-time depositors due to IRA contribution limits of $7,000 in 2024 and 2025 ($8,000 for those 50 or older). We’ve included promotions with low deposit requirements where available. You may be eligible for the IRA promotion if you’re rolling over your existing IRA balance from another provider or account. If you’re rolling over a 401(k), check to be sure the promotion will apply to you as rules can vary.
Our Nerdy perspective
“If you have a 401(k) through work, you might consider opening your IRA at the same firm — employers often use Fidelity or Charles Schwab to administer their retirement plans. Opening your IRA at the same broker that hosts your 401(k) can make it easy to see how much you’ve saved for retirement across both accounts, all in one place. This is what I opted to do.
If you don’t have a 401(k), you get a little more freedom. One thing you might consider is choosing an IRA account that offers a match on your contributions — this is one of the biggest perks of 401(k) plans, and IRA providers are increasingly trying to replicate this benefit. Of the IRA providers on this list, SoFi, Acorns and Robinhood currently offer a match on your contributions.”
More about why we picked these as the best brokers for IRAs
Best overall: Fidelity
It’s no surprise Fidelity tops our list — the brokers’ name is nearly synonymous with retirement investing and IRAs, and the company services many workplace retirement plans. In fact, that’s an advantage that isn’t factored into our analysis, but it may be factored into your decision about which IRA account to choose: If you have a 401(k) or other plan at work that’s administered by Fidelity, opening an IRA under the same roof may be an easy decision. But Fidelity also stands out for other reasons — the company’s website offers innovative tools and expertise to help you in your retirement planning, and it has a wide mutual fund selection, including several of its own index funds that charge no fees.
Best for self-employment IRAs: Charles Schwab
Like Fidelity, Charles Schwab is one of the leading providers of retirement accounts, including workplace plans, such as 401(k)s, so it’s no surprise that it stands out for IRAs. The company offers a variety of different types of IRA accounts, including self-employed plans such as SEP and SIMPLE IRAs. Schwab stands out for having helpful retirement planning tools — including educational content and calculators — and a large selection of mutual funds. It earns five stars in our analysis across three categories that we heavily consider in our methodology: number of no-transaction-fee mutual funds, number of low-expense-ratio funds and number of low-minimum funds. That makes it easy and inexpensive for retirement investors to start an IRA.
Best advisor access: SoFi
SoFi may not have all the bells and whistles of some of the other brokers, but if you’re looking for a low-cost broker and access to financial advisors, SoFi is the place to start. SoFi is unique in that it offers complimentary access to certified financial planners — a perk that often comes with a hefty price tag elsewhere. In addition to its advisor access, SoFi also offers a 1% match on your IRA contributions up to the contribution limit. If you’re planning on contributing to an IRA, you might as well get paid to do it.
Best match: Robinhood
If you’re looking for an excellent platform and an IRA match, Robinhood may be a good fit for you. Robinhood offers a 1% IRA match, but through Robinhood Gold, you can get a 3% match. Minus the $60 Robinhood Gold annual fee, you’re still netting a $150 bonus just for contributing to your retirement account. Robinhood also offers a high rate on uninvested cash and crypto trading.
Best for advanced traders: Interactive Brokers
We’ll be honest and say our testers were surprised by how well Interactive Brokers scored when it comes to its IRA accounts — the broker is known for catering to active traders. But there are plenty of investors who want to trade in their IRA accounts — and there can be tax benefits for doing so — and Interactive Brokers deserves a spot on this list for its mutual fund offering alone. The broker has one of the largest mutual fund selections available, and our testers found the user experience of opening an account surprisingly smooth, even for novice investors.
More about why we picked these as the best robo-advisors for IRAs
Best overall: Fidelity Go
Like the active investing version of Fidelity, the robo-advisor is also an excellent choice. Fidelity Go offers free portfolio management on balances under $25,000. That’s a great perk, especially because most robo-advisors tend not to favor investors with lower balances due to their fee structure. Fidelity Go also has no investment expense ratios (investment fund fees that portfolios at nearly every other robo-advisor will carry) and human oversight of your portfolio allocations.
Best free portfolio management: Charles Schwab Intelligent Portfolios
Charles Schwab Intelligent Portfolios is Charles Schwab’s robo-advisor, which offers portfolio management at no cost. That means it will manage your IRA investments for free, alongside all the features that helped Schwab make our list, like standout retirement planning tools. The service also ranked #2 in our scoring of the best robo-advisors for IRA accounts, so you’re not compromising on service. Note that Intelligent Portfolios does have a $5,000 minimum.
Best match: Acorns
Acorns is a low-cost robo-advisor with one big perk for IRA investors: A 1% to 3% match on your contributions. A Silver plan costs $72 a year. If you contribute $7,000 to your IRA — the current annual contribution limit for those under 50 — you would get a $70 investment match. That would essentially wipe out your account fee. Premium subscriptions cost $144 per year. But with Premium’s 3% match, you’d earn $210, completely erasing the annual fee, and putting an extra $66 in your pocket. Acorns also gives you cash back at select retailers and a high interest rate on checking and savings accounts at some service tiers.
Best advisor access: SoFi Automated Investing
SoFi makes our list of best robo-advisors because they offer complimentary access to certified financial planners, so there’s a lifeline if you have a financial question. And SoFi gives IRA investors a 1% matching contribution. Those are two perks that, combined, you won’t find elsewhere.
Best for portfolio diversification: Wealthfront
Wealthfront is a solid choice for a robo-advisor. The company offers an impressive number of portfolio options, including the ability to purchase individual stocks and an automated bond portfolio that will appeal to IRA investors who are getting closer to (or who are in) retirement. Wealthfront’s online tools, including its retirement planning and goal tools, really impressed our testers.
Best for new IRA investors: Betterment
Betterment has for years ranked highly in our analysis of robo-advisors, and it’s no surprise they show up here. But they’re a strong choice for low-balance or new IRA investors for two reasons: One, they have no account minimum (though you can’t begin investing until you’ve deposited $10 or more). And two, they purchase fractional shares, which means even small amounts of money will immediately get invested — you won’t have to wait until you’ve deposited enough to purchase a full share of an investment. The service does charge a different fee structure for balances under $25,000 — $4 a month instead of 0.25% of invested assets.
What’s the best IRA according to Reddit?
We analyzed nearly 700 Reddit comments and upvotes to determine which IRA providers Reddit users liked best. Reddit users and NerdWallet’s IRA account reviewers agree: Fidelity is a clear winner.
More than 36% of Reddit users who contributed to IRA-focused Reddit threads said that Fidelity was their preferred IRA provider. Vanguard came in second at nearly 30% and Schwab came in third at 28.5%. Robinhood came in last with only eight comments and upvotes.
How do you choose an IRA account?
Picking the best IRA account will depend a bit on what matters most to you. Below, we detail some criteria to keep in mind:
Low-cost investments: For long-term retirement savings success, make sure high fees don’t eat into your investment returns. Open your IRA at a broker or robo-advisor that offers low-cost investments. For many retirement investors, a smart investment is a low-cost mutual fund. Investing in a handful of mutual funds is an easy way to own a diversified portfolio, because each mutual fund invests in dozens, hundreds or even thousands of companies. With mutual funds, one of the main fees to focus on is the expense ratio. Ideally, you’re investing in mutual funds with an expense ratio of less than about 0.5%.
Low fees: While you’re keeping an eye on expense ratios, also keep other fees in mind. If you’re a do-it-yourself investor who plans to open an IRA at a broker, make sure you pick a broker with no trading commissions (or a high number of commission-free ETFs and no-transaction-fee mutual funds) and low transfer and other fees.
Investment help: If you want guidance picking investments, a robo-advisor probably is a better choice for you than a broker. All robo-advisors offer either ready-to-go investment portfolios or provide some help picking investments.
Customer support: Make sure the broker or robo-advisor offers customer support that meets your needs, whether that’s live chat, telephone support or access to human financial planners.
How do you open an IRA?
It’s a simple process: You can open an IRA online, at any broker or robo-advisor (though we’re partial to the ones above, for the reasons we outlined). It takes about 15 minutes, and you’ll need to provide some personal information, including your name, birthdate, mailing address and Social Security number. Here’s our guide to opening an IRA, which also includes information about how to fund and invest the account.
Can you lose money in an IRA?
It is possible for an IRA account to lose value and even drop to zero (though that’s unlikely). The key to sidestepping this risk is to make sure your investments are diversified. That means investing in a variety of companies — of different sizes and in different industries and locations — and in both stocks and bonds. That way, when any one slice of your investments faces trouble, the others are there to keep your overall portfolio on a steady course.
The easiest path to a diversified portfolio is with mutual funds and exchange-traded funds. One single fund can invest in thousands of companies, making it a simple one-stop shop for investment diversification.
How do you invest an IRA?
Unlike savings accounts, IRAs don’t pay a set interest rate or return. Once you’ve put money into the account, you need to select investments; otherwise, your money will sit in cash, which isn’t ideal for a long-term goal like retirement. Most IRA providers offer a wide range of investment options, including individual stocks, bonds and mutual funds. If that sounds out of your league, you can open your IRA at a robo-advisor, which will manage your investments for you for a small fee. The robo-advisors on this page are listed under the heading for hands-off investors — investors who want a robo-advisor to invest the IRA account for them.
Which bank has the best IRA?
You might have noticed we don’t include any bank IRA accounts in our roundup of the best IRAs. Generally, an investment broker or robo-advisor is a better option than a bank for an IRA account, because for a long-term goal like retirement, you want to tap into the power of the stock market to grow your money.
Bank IRAs generally offer access to savings products such as certificates of deposit. CDs are savings products that guarantee a rate of return as long as you leave your money in for a specific period of time. Historically, stock market returns average about 10% per year. CD rates are typically much lower. Yes, the stock market comes with the risk that, in any given year, your account may lose value — but investors who leave their money in the market, even through those down days, generally enjoy hefty gains over time.
If, despite that, you decide to go with a bank CD, be sure to pick among the IRA accounts with the best IRA CD rates so you know you’re getting the best possible rate of return for that type of account.
Last updated on December 2, 2024
Methodology
NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. brokers and robo-advisors. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.
We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars).
For more details about the categories considered when rating providers and our processes, read our full broker ratings methodology and our full robo-advisor ratings methodology.
Full list of IRA accounts considered for this list: Tradestation, Zacks Trade, Ally Invest, Charles Schwab, Interactive Brokers, Firstrade, Fidelity, Merrill Edge, Vanguard, Robinhood, SoFi Active Investing, JP Morgan Self-Directed Investing, Webull, Axos Self-Directed Trading, M1 Finance, Betterment, Wealthfront, Ally Invest Robo Portfolios, Axos Managed Portfolios, Schwab Intelligent Portfolios, E-Trade Core Portfolios, Fidelity Go, Acorns, Merrill Edge Guided Investing, Ellevest, SoFi Automated Investing, Stash, Vanguard Digital Advisor, Titan
To recap our selections…