How and where to open Roth IRA account

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.