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Individual retirement accounts (IRAs) give you special tax advantages. The best of them make it simple and profitable to save for retirement, with no hassle. Passive and active investors can use these accounts to invest in stocks, earn interest, and more.
Financial freedom is easier with IRAs. If you can wait to withdraw money until retirement, the tax advantages of IRAs make them more profitable than regular brokerage accounts. See the following accounts for what they're best for (best app, low fees, IRA match) and bottom lines.
There are a lot of options to compare, even on this page. It can be overwhelming! If you're looking for a place to start, here are some IRA accounts our experts recommend and why they like them:
Broker/Advisor | Best For | Commissions | Learn More | |
---|---|---|---|---|
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Best For:
Managing all your money in one place |
Commission:
$0 for stocks,¹ $0 for options contracts⁴ |
Learn More for SoFi Active Investing
On SoFi Active Investing's Secure Website. |
2025 Award Winner
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Best For:
A deep trading platform |
Commission:
Commission-free; other fees apply |
Learn More for E*TRADE
On E*TRADE's Secure Website. |
2025 Award Winner
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Best For:
A learning curve and IRA matching |
Commission:
$0 for stocks, ETFs, and options; up to $5 monthly for Robinhood Gold |
Learn More for Robinhood
On Robinhood's Secure Website. |
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Best For:
Chase customers |
Commission:
$0 per trade |
Learn More for J.P. Morgan Self-Directed Investing
On J.P. Morgan Self-Directed Investing's Secure Website. |
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Best For:
Beginner friendly and feature-rich investing |
Commission:
No account fees to open a Fidelity retail IRA |
|
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Best For:
Bank of America customers |
Commission:
$0 for stock and ETF trades |
|
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Best For:
Managing your money in one place |
Commission:
$0 stock and ETF trades |
|
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Best For:
Most features on one platform |
Commission:
$0 stock, ETF, and Schwab Mutual Fund OneSource® trades. No fees to buy fractional shares. |
|
2025 Award Winner
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Best For:
Passively investing in mutual funds and ETFs |
Commission:
$0 online; $25 broker-assisted fee for some phone trades of stocks and ETFs from other companies (Less than $1 million) |
When we researched online brokers to create this list of brokerages, some of the things we looked for were low costs, a variety of account types, and great customer service ratings. Everyone's investing journey is different, but I've found these three factors are important for anyone to have a great investing experience.
SoFi condenses all its banking, investing, lending, and retirement products in one app. Get special perks and discounts for using more than one SoFi product.
$0 for stocks,¹ $0 for options contracts⁴
$0
Get up to $1,000 in stock when you fund a new Active Invest account.
On SoFi Active Investing's Secure Website.
Why SoFi Active Investing made the list: SoFi is an easy-to-use app-based investment platform, but also has some of the features you might expect from larger, more established brokers. For example, SoFi is one of the few app-based brokers to offer mutual fund investing.
It can also be a great choice for people looking for an all-in-one banking relationship, as it offers excellent checking and savings accounts, as well as other financial products in one user-friendly app.
E*TRADE is a feature-packed oldie that's kept up with the times. It has all the tools a retirement investor could want, including deep research, charts, and 24/7 phone support.
Commission-free; other fees apply
$0
On E*TRADE's Secure Website.
Why E*TRADE made the list: E*TRADE was one of the pioneers of the online brokerage industry, and is still one of the best at what it does. It offers many different account types, including traditional, Roth, SEP, and SIMPLE IRAs, and has an extensive library of educational resources for investors of all levels.
Robinhood is easy to pick up and tough to put down. The app is easy to learn, and its IRA match is extremely generous.
$0 for stocks, ETFs, and options; up to $5 monthly for Robinhood Gold
$0
On Robinhood's Secure Website.
Why Robinhood made the list: Robinhood is best known as an app designed for stock traders, but there's a lot more to it. Robinhood is one of the best places to open an IRA, especially for those who want an easy-to-use app-based platform.
The Robinhood Gold membership costs extra, but the 3% IRA match alone can make it worth paying for.
Why J.P. Morgan Self-Directed Investing made the list: J.P. Morgan Chase is best known to most consumers for its Chase banking brand, but it also offers a self-directed investment platform under the legendary J.P. Morgan name.
It has an excellent app and for existing Chase customers, you can manage your investments in the same app and web-based platform as your other banking products.
Fidelity combines the solid reputation and feature-rich platform of old platforms with an app that's actually simple to use. It offers Roth and traditional IRAs.
No account fees to open a Fidelity retail IRA
$0
Why Fidelity made the list: Fidelity can be a great choice for IRA investors, as it is one of the oldest and largest brokers in the United States and offers a ton of educational resources, research reports, and trading tools.
Compared with other "traditional" online brokers, Fidelity's app and trading platforms are surprisingly user-friendly.
Merrill Edge® Self-Directed offers a simple way for Bank of America customers to invest and take advantage of the bank's Preferred Rewards program.
$0 for stock and ETF trades
$0
Why Merrill Edge® Self-Directed made the list: Merrill Edge is the self-directed investment platform offered by the Merrill Lynch firm, which is a subsidiary of Bank of America.
You'll find lots of educational resources, an easy-to-use investment interface, and more. Plus, Bank of America customers can take advantage of the excellent Preferred Rewards program.
Ally Invest offers all the basics at affordable prices. You can invest, bank, and take out loans from the same platform -- desktop or mobile.
$0 stock and ETF trades
$0
Why Ally Invest made the list: Ally Financial is best known for being a leading auto lender, but it also offers a variety of banking services, including an investment platform.
Customers can open IRAs that are self-directed or automated, and there are some big perks, such as commission-free mutual fund investing and even a fee-free robo-advisor option.
Charles Schwab gives you so many choices, you'll probably never explore them all. Check it out to do all your investing from one platform.
$0 stock, ETF, and Schwab Mutual Fund OneSource® trades. No fees to buy fractional shares.
$0
Why Charles Schwab made the list: Charles Schwab was the original discount broker back in the days when old-school Wall Street brokers and high commissions were the norm. It is now one of the largest brokers in the entire world, and is loaded with features, account types, and investment choices.
Vanguard is a hyper-affordable platform for slowly building up a portfolio of ETFs and mutual funds. It's ideal for retirement investors who don't day trade.
$0 online; $25 broker-assisted fee for some phone trades of stocks and ETFs from other companies (Less than $1 million)
$0
Why Vanguard made the list: If you're looking to actively buy and sell stocks in your IRA, or want a powerful and user-friendly trading interface, Vanguard probably isn't the best choice for you. But for a place to buy mainly mutual funds and ETFs and gradually build a retirement portfolio, it's worth a look.
As you're comparing IRA brokerages, here are a few features to look for:
Each provider will have slightly different steps for opening your IRA account.
First, you'll be asked for some personal information, such as:
Next, you'll want to decide how to add funds to your IRA. Some options include:
At this point, you just choose your investments and your IRA account is open.
Some brokers require a minimum initial investment to open an IRA. This is more common if you're opting for a professionally managed IRA or want to put your IRA into a robo-advisor. Most of the brokers on our list don't have IRA account minimums.
Most brokers that offer traditional and Roth IRAs have no minimum deposit requirement, so you can get started with as little as a few dollars. If you're opening an account with a small initial investment, look for a brokerage with zero or low fees. You'll likely also want a broker that lets you purchase fractional shares or ETFs so you can buy stocks even if you can't afford a full share.
The IRA contribution limit changes annually based on inflation, and also changes based on your age. These can be found at the IRS website.
For 2024, you can contribute:
It's also important to mention that IRA contributions and the ability to deduct them on your tax return can be limited based on your income and employment situation. If you're looking for more information, it's best to reference the official IRS website for the most up-to-date details.
It's also worth noting that this is a per-person limit, not per account. In other words, you are allowed to have more than one IRA if you qualify (say, a traditional and a Roth), but your total contribution can't exceed the annual limit.
Most investments are allowed in an IRA.
For example, you can invest in any of these in an IRA account:
That said, there are certain investments that aren't allowed in any IRA, such as collectibles (like stamps or artwork) or real estate that you benefit directly from, like a primary residence or rental property. Plus, some brokers don't offer all of these types of investments.
You can lose some or all of your money in an IRA. But if you invest conservatively in blue-chip stocks (those offered by strong, established businesses), ETFs, and mutual funds, the chance of losing all of your money can be greatly diminished.
Here are three ways that IRAs can lose money:
TIP
An IRA account is a safe place to put your money. Money in the account is protected against the broker's failure by the Securities Investor Protection Corporation (SIPC), the brokerage version of the FDIC.
TIP
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An individual retirement account (IRA) is an investment account that provides tax benefits, like deferred taxes on investment growth, for retirement savings. These accounts are offered by brokers and banks and come with annual contribution limits.
At Motley Fool Money, brokerages are rated on a scale of one to five stars. We primarily focus on fees, available assets, and user experience; however, we also take into account features like research, education, tax-loss harvesting, and customer service. Our highest-rated brokerages generally include low fees, a diverse range of assets and account types, and useful platform features.
See our full methodology here: Ratings Methodology
Most online brokerage firms let you open an IRA for free. This means you choose your own investments. If you want professional management or a robo-advisor to select your investments, you'll pay a fee for these services.
Some brokerages charge a commission for buying and selling assets within your IRA. But an increasing number of online brokers are eliminating commission fees for stock trades and offering commission-free ETFs or no-load mutual funds. You might instead pay a flat monthly fee.
However, you'll still pay fees associated with certain types of investments, such as fund management fees for mutual funds. These fees are paid to the fund managers, not your brokerage firm, and they'll apply no matter which broker you use to buy the investment.
Yes, you can hold as many IRAs as you want, but the contribution limit applies across the board. In other words, opening more than one account doesn't increase your total annual contribution limits.
Whether an IRA can help you save on taxes or not will depend on your modified adjusted gross income (MAGI) and the retirement plan you have through your employer (if applicable). In general, if your MAGI falls below the income limits set by the IRS or you're not covered by an employer's retirement plan, you're likely eligible to save on taxes with an IRA.
Maybe. Anyone can contribute to a traditional IRA, but in order to deduct your contributions, your income must be below certain thresholds if you have a 401(k). If you already have a Roth IRA, you may still qualify for deductible traditional IRA contributions, but your total contributions to both accounts cannot exceed the IRS's annual maximum.
Brokerages we evaluated for consideration on this page: Acorns, Ally Invest, Axos Self-Directed Trading, Betterment, Cash App Investing, Charles Schwab, Delphia, Domain Money, Ellevest, Empower, eToro Brokerage, E*TRADE Core Portfolios, E*TRADE, Fidelity, Fidelity Cash Management, Fidelity Go®, Firstrade, FOREX.com, Interactive Brokers, J.P. Morgan Self-Directed Investing, M1 Finance, Magnifi, Marcus Invest, Merrill Edge® Self-Directed, Moomoo, NinjaTrader, Personal Capital, Plynk, Prosperi Academy, Public, Robinhood, Rocket Dollar, Schwab Intelligent Portfolios, SoFi Active Investing, SoFi Robo Investing, Stash, Stockpile, Tastytrade, Titan, Tornado App, TradeStation, Tradier, Vanguard, Vanguard Digital Advisor®, Wealthfront, Webull, Zacks Trade.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
J.P Morgan Disclosure
INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Fidelity disclosure
Fractional share quantities can be entered out to 3 decimal places (.001) as long as the value of the order is at least $1.00. Dollar-based trades can be entered out to 2 decimal places (e.g. $250.00)
E*TRADE services are available just to U.S. residents.
Vanguard disclosures
Visit vanguard.com to obtain a prospectus or, if available, a summary prospectus, for Vanguard and non-Vanguard funds offered through Vanguard Brokerage Services. The prospectus contains investment objectives, risks, charges, expenses, and other information; read and consider carefully before investing.
Options are a leveraged investment and are not suitable for every investor. Options involve risk, including the possibility that you could lose more money than you invest. Before buying or selling options, you must receive a copy of Characteristics and Risks of Standardized Options issued by OCC. A copy of this booklet is available at theocc.com. It may also be obtained from your broker, any exchange on which options are traded, or by contacting OCC at 125 S. Franklin Street, Suite 1200, Chicago, IL 60606 (888-678-4667 or 888-OPTIONS). The booklet contains information on options issued by OCC. It is intended for educational purposes. No statement in the booklet should be construed as a recommendation to buy or sell a security or to provide investment advice. For further assistance, please call The Options Industry Council (OIC) helpline at 888-OPTIONS or visit optionseducation.org for more information. The OIC can provide you with balanced options education and tools to assist you with your options questions and trading.
Commission-free trading of Vanguard ETFs applies to trades placed both online and by phone. All ETFs are subject to management fees and expenses; refer to each ETF's prospectus for more information. Account service fees may also apply. All ETF sales are subject to a securities transaction fee. See the HYPERLINK "https://investor.vanguard.com/investing/transaction-fees-commissions/etfs" Vanguard Brokerage Services commission and fee schedules for full details.
Vanguard funds not held in a brokerage account are held by The Vanguard Group, Inc., and are not protected by SIPC. Brokerage assets are held by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC.
Vanguard Marketing Corporation, Distributor of the Vanguard Funds
Robinhood disclosure
All investments involve risk and loss of principal is possible.
Securities are offered through Robinhood Financial LLC, member FINRA/SIPC. Cryptocurrency services are offered through an account with Robinhood Crypto, LLC (NMLS ID 1702840). Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected. For more information see the Robinhood Crypto Risk Disclosure.
Trades of stocks, ETFs and options are commission-free at Robinhood Financial LLC. Other fees may apply. Please see Robinhood Financial’s Fee Schedule to learn more.
Fractional shares are illiquid outside of Robinhood and are not transferable. Not all securities available through Robinhood are eligible for fractional share orders. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section of our Customer Agreement.
Robinhood Gold is an account offering premium services available for a $5 monthly fee. Not all investors will be eligible to trade on Margin. Margin investing involves the risk of greater investment losses. Additional interest charges may apply depending on the amount of margin used. Bigger Instant Deposits are only available if your Instant Deposits status is in good standing.
Investing is risky. Bonus offers subject to terms and conditions, visit robinhood.com/hoodweek for more information. Margin is not suitable for all investors. Robinhood Gold is offered through Robinhood Gold LLC and is a subscription offering services for a fee. Brokerage services offered through Robinhood Financial LLC (member SIPC), a registered broker dealer.
SoFi Disclosure:
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org).