While there are many Roth IRA account providers, all accounts are not created equally. The majority of accounts will fall into one of two types: self-directed accounts and robo-advisors.
Choosing a brokerage may be the hardest part of opening a Roth IRA.
Most U.S. citizens and legal residents with a Social Security number can open a Roth IRA account. The process of opening a new account is similar with most major brokerage firms.
- Pick your brokerage: The first step in opening a Roth IRA is deciding where you want it. Consider criteria like fees, available investments, research, advising, customer service, and other important factors to you.
- Complete the application: Most brokers allow you to complete the entire application online. You’ll need to supply your contact information and tax information to open a new account.
- Make your first contribution: Once your account is approved, set up a recurring contribution or make a one-time contribution to fund your account.