Roth IRA Provider Comparison Worksheet
Shopping for a Roth IRA is like other types of comparison shopping. Spending time comparing different options
give you more confidence in selecting the right financial product for you. The marketplace for Roth IRA
providers has grown over the years, which gives consumers more choice. For more information on investing, visit
Provider 1
Provider 2
Provider 3
Provider Name
Account Minimum
Funding Method
Customer Service
Investor Education
Online Reviews
Investment Types
Last updated 8/7/17
Things to Consider When Selecting a New Provider
Account Minimums An account minimum is a dollar amount someone is required to have in the account. Many providers do not require any account
minimum. However, some providers require a minimum opening deposit, or minimum account balance. In choosing your new Roth IRA provider, consider
how much is currently in your myRA and whether you will be adding additional funds to your new Roth IRA.
For example, if your new Roth IRA provider requires that your minimum opening deposit be at least $500, and you currently have $400 in your myRA, you
may not be able to open an account with that Roth IRA provider unless you add in another $100 to meet the $500 account minimum.
FeesThere are many companies that offer low-fee, low-cost Roth IRAs. You may find low-cost introductory rates or costs that vary by account balance.
When looking at different options, consider what fees and expenses you are willing to pay for the services provided. Also, different firms may charge
different types of fees. Some costs are built in to the investments you’ve selected so that there is a percentage reduction in your returns related to a specific
investment. Others may have fees related to buying or selling investments. Additionally, if you work with an advisor, the advisor may charge you a fee or
commission. Even small fees can translate into large differences in returns over time. To learn more about fees and how they impact your investments,
check out the SEC’s Understanding Fees.
Funding methodThink about how you’d like to put money into your new Roth IRA. Regular ongoing electronic withdrawals from a checking or savings
account? Direct deposit from a paycheck? Many providers will let you initially fund your new account using an electronic transfer from your myRA. This
method is not only simple, but can help eliminate potential tax headaches down the road. You’ll learn more about moving your account in part two.
Customer Service
Many providers now offer apps, online chat, as well as customer support on the phone. Others may have locations you can visit.
Consider how you want to work with your new Roth provider and how much of a factor this might be in your decision.
Investor EducationSome Roth IRA providers will make available educational content on their websites and other tools and calculators. Consider whether
you want this type of support from a provider.
Online ReviewsYou may also find online reviews to help you make comparisons among various Roth IRA providers. Some websites may even recommend
products and services in articles that look like news stories, even though they are sponsored by a financial company. This can blur the line between
advertisement and editorial content. Typically, you will find a disclaimer on the site clearly pointing out the sponsorship. Consider if the source of the review
is trustworthy and unbiased before making any final decisions.
Investment TypesHow you choose to invest your money depends on a number of factors, including your savings goals and risk tolerance. Generally, the
longer an investor has until retirement, the more risk the investor might be willing to take on (since the investor will have more time to weather any ups and
downs in the market). An investor planning to retire soon might find a lower-risk investment strategy more appealing.
For a more information on different types of investment options, visit