Which Financial Institution Is Currently The Best For Retirement Accounts?

I want to identify the best financial institution for opening a Roth IRA. It must have quality mutual funds with no load or transactions fees. I want to make monthly payments (~$200) and have that money immediately converted to shares of the mutual fund that I choose. So far, Fidelity and Charles Schwab will allow automatic monthly payments. Unfortunately, Chuck requires that the minimum for the mutual funds (usually $1000) is met before automatic purchases of a fund can be completed monthly. Fidelity will lower $2500 minimums to $300. Does anyone have experience with these financial institutions or another with a better policy?

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This entry was posted on Friday, March 5th, 2010 at 8:45 pm and is filed under financial. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “Which Financial Institution Is Currently The Best For Retirement Accounts?”

  1. Fidelity is one of the best fund shops around, have a very good reputation, and they have an incredibly wide variety of funds.
    I will also second the recommendation for Vanguard, which have a slight edge over Fidelity in keeping their customers needs first, and keeping overall fees low — in fact, it was largely Vanguard’s competition that forced Fidelity to lower many of their fees over the last few years.
    As a mutual fund shop, you wouldn’t go wrong with either Vanguard or Fidelity, and I might also add T. Rowe Price in there as a close third. Note that I am not recommending each and every one of their long list of funds — if you have as many as Fidelity does, there will be a few turkeys in the flock. But overall as a fund company they are recommended.

  2. For mutual funds, I recommend Vanguard, hands down. They will automatically withdraw money from your checking or saving account on a monthly basis and deposit into mutual fund. Their funds have no transaction fees and the lowest operating fees.

  3. T. Rowe Price has many great mutual funds and will allow you to start with only $50 if you agree to have at least $50 (The lowest minimum I have found) electronically taken out of your bank account each and every month until you reach their usual minimum of $2500 ($1000 for IRAs), so T. Rowe will gladly accept your $200 per month.

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