Best places to open an IRA?

[chief04010]

There seems to be a lot of experience (both good and bad) here, I ‘m hoping that some of you will share you knowledge of IRA companies and suggest what you feel is the best. I’m looking for both a Roth and Traditional IRA that I can rollover to, from a 401K, that are not going to nickel and dime me to the poor house. Any advice will be appreciated.

 

[REWahoo]

Vanguard.com

 

[Bestwifeever]

+1 for Vanguard. Call them and they will take care of the roll-over for you, too.

 

[easysurfer]

Vanguard works for me also

 

[2B]

+1 for Vanguard

Then invest only in index funds and individual CDs/bonds.

 

[youbet]

Vanguard, Fidelity, Schwab, etc.

Don't open an IRA anyplace that doesn't offer broad, low fee, investment flexibility such as a bank or credit union.

 

[Major Tom]

I understand Fidelity are good but my only experience, other than with some of the smaller brokerages which in retrospect I wouldn't consider again, is with Vanguard. I've been with them for 6 1/2 years with no grumbles or moans.

So another +1 for Vanguard.

 

[Midpack]

Though ours are all with Vanguard, nothing wrong with Vanguard, Fidelity or Schwab - I have first hand experience with all three. And nothing wrong with the replies above for the majority of investors.

But the first question may not be 'where best to open an IRA?' I'd first figure out exactly what holdings do I want in my IRAs now and in the foreseeable future. Vanguard, Fidelity & Schwab have different strengths and they are all weak for more exotic investments. Not that I'd recommend anything exotic especially in an IRA, but it's wise to know what you want to hold first, then you might get even better suggestions regarding who to place your IRA(s) with...

 

[Dino1]

Vanguard far and away.

 

[roger r]

In my experience having had IRAs with both, Vanguard has more lower cost options to invest, but Fidelity has more knowledgeable and helpful support. I had a rather sticky transfer of a BDA IRA to my account and started with Vanguard but eventually turned the transfer over to Fidelity who devoted no small amount of time to see that everything went smoothly.

 

[steelyman]

I have tax-deferred and taxable accounts at both Fidelity and Vanguard and they are both fine. I think the perception that Vanguard is rock-bottom cost is no longer true (at least for index funds) and there'a a "Boglehead Religion Factor" that plays in.

I will eventually move everything to Fidelity (simplify bookkeeping and reporting) but I'd be just fine with Vanguard too.

 

[ER Eddie]

Thanks for asking the question; I was wondering the same thing.

 

[dmdunca44]

I've heard good things about Fidelity and Schwab, but have no experience with them. Have been very happy with Vanguard.

 

[sengsational]

For someone just starting out, I think T Rowe Price had the lowest buy-in...as long as you agreed to regular deposits, you could start with $200. Once you got to $2000, THEN you transfer to Vanguard

 

[JOHNNIE36]

About five years ago I moved everything I had in a Fidelity 401K into one of their brokerage IRA CD's. Then a year later I moved it all out of Fidelity and into a local bank IRA CD. Fidelity took care of everything without a fee. At the time Fidelity had total control of everything with mega corp
so I might have had a fee if it was not for that. Everything I've ever done with Fidelity has been top notch.

I'll be in a bind next February when this IRA CD matures and no place to go with it and be able to make any money. Might have to jump into Wellesley. By that time the Dow will be at 20000 and I'll be jumping in on the high side. My luck.

 

[joebloe]

My $500k IRA with Scottrade is mostly in cash position, with some in Vanguard index fund. Any advantage for me to switch the whole thing to Vanguard or anywhere else?

 

[Midpack]

My $500k IRA with Scottrade is mostly in cash position, with some in Vanguard index fund. Any advantage for me to switch the whole thing to Vanguard or anywhere else?

Vanguard doesn't offer anything competitive for cash holdings, VMMXX pays next to nil, and last time I looked their CDs were below market interest rates. So I reluctantly moved all our cash from Vanguard money market funds to iBonds and Ally to a least get some kind of interest. YMMV