The best IRA accounts, including the best Roth IRA accounts, are powerful investment vehicles to build long-lasting wealth. Whether a beginner or an experienced investor, you can benefit from the best individual retirement accounts.
Below, we've listed our top picks for who has the best IRA accounts, as chosen by our Business Insider editors in 2025.
Best IRA Accounts
- Charles Schwab IRA: Best Overall IRA
- Fidelity IRA: Best IRA for Retirement Saving
- Ellevest IRA: Best IRA for Financial Advisors
- Betterment Investing: Best IRA Robo-Advisor
- SoFi IRA: Best IRA for Beginner and Intermediate Investors
- Vanguard IRA: Best for Experienced Investors
- Rosland Capital: Best Gold IRA
Featured IRA Providers
$1,000
0.99% - 1.99% one-time deposit fee, 2.00% transaction fee, and a 0.08% security fee billed monthly
Traditional IRA, Roth IRA, Solo 401(k), Solo 401(k) Roth, SEP IRA, and Simple IRA
$150 bonus when signing up
- Bitcoin, ethereum, litecoin, and several other cryptocurrencies available
- Supports IRA rollovers, traditional IRAs, Roth IRAs, SEP IRAs, and 401(k)s
- Secure, cold-wallet storage
- Top-not security and encryption technology
- High setup and maintenance fees
- Only offers cryptocurrencies and gold
- Features: 24/7 trading, offline storage, and $250 million insurance
- Better Business Bureau rating: A+
- Awards: Earned the Mobile Web & App of the Year award for the 2022 Globee American Best in Business Awards
$0
0% ($5/month for Robinhood Gold)
- Free stock, option, ETF, and cryptocurrency trades; 0.01% APY on uninvested cash for non-Gold users and 4.00% for Gold members
- IPO investing available
- Cash management accounts available
- Website is easy to navigate; advanced charts for all users
- Lack of investing research and trading tools; can only take advantage of professional research if you're a Robinhood Gold member
- App store rating: 4.2 iOS/4.0 Android
- Consider it if: You want to trade crypto and invest in a wide range of stocks and ETFs.
$0
0%
Traditional IRAs, Roth IRAs, and SEP IRAs
- No minimums or fees
- Certified financial planner access
- No tax-loss harvesting
- Limited investment selection
SoFi is a great choice for traditional IRAs. In addition to other investing, loans and savings options, the advisor provides Roth and SEP IRAs.
SoFi IRA- Consider it if: You're new to investing and want a variety of low-cost retirement, investing, and savings options.
- App store rating: 4.8 iOS/4.3 Android
Charles Schwab IRA: Best Overall
Schwab's traditional IRAs are free to set up and don't include any account or trading fees.
Traditional IRAs include $0 online equity trades, 24/7 customer support, retirement planning resources, and access to the following investments: stocks, bonds, ETFs, mutual funds, and CDs.
The brokerage's traditional IRAs also feature access to investing and market insights from Schwab experts. And – if you're looking for a robo-advisor or professionally managed portfolios – you can take advantage of Schwab Intelligent Portfolios or Schwab Intelligent Portfolios Premium.
Each automated investing account is also compatible with Roth IRAs, SEP IRAs, SIMPLE IRAs, and inherited IRAs.
What to look out for: Though you'll pay $0 for stock and ETF trades, certain transactions will cost you.
For example, you'll likely pay commissions on transactions that require special handling, restricted stock transactions, foreign exchange trades, transaction-fee mutual funds, fixed-income investments, and futures.
Fidelity IRA: Best for Retirement Savings
Fidelity's traditional IRAs come with $0 account minimums and commission-free trades on stocks, ETFs, and options. The brokerage also offers several other retirement accounts, including Roth IRAs, rollover IRAs, small business retirement plans, and Roth IRAs for Kids.
Fidelity offers a wide range of retirement planning resources, including its learning center, which explains complex financial topics. You can access no-transaction-fee funds, commission-free stocks and ETFs, and zero-expense ratio index funds.
Fidelity Fidelity IRA also offers an automated option, Fidelity Go, that provides personalized advice for hands-off investors. There's no minimum for balances under $25,000.
If your account exceeds $25,000, you'll be subject to an annual 0.35% management fee. On the bright side, you'll get unlimited access to one-on-one consultations from Fidelity advisors.
What to look out for: If you choose Fidelity Go, you'll pay $0 if you have an account balance below $25,000. You'll pay a 0.35% fee if you've got more than $25,000.
Ellevest IRA: Best for Financial Advisors
You can set up any retirement or investing accounts at Ellevest without minimum balance requirements. The company offers two membership plans: Plus and Executive. Plus costs $5 per month and Executive includes a $9 monthly fee. Each account includes access to CFPs.
The robo-advisor provides six goal-based investment accounts to meet various savings goals. Ellevest also offers account strategies such as automatic rebalancing and asset allocation.
What to look out for: Ellevest welcomes all clients but specifically focuses on closing the gender pay gap for women and offering gender-specific strategies.
Betterment IRA: Best Robo-Advisor
Besides its annual fees, Betterment Betterment IRA is a free choice for those looking for automated retirement account management. The robo-advisor offers two plans: Digital and Premium.
You can set up the digital plan without an account minimum, but it'll cost you an annual 0.25% account fee and a minimum of $10 to start investing.
Betterment Betterment Investing additionally offers features such as tax-loss harvesting, socially responsible investing, access to CFPs, automatic rebalancing, and more.
What to look out for: You must sign up for the Premium plan to get unlimited financial planner access. But you can still sign up for one-time advisor consultations. Costs for such consultations start at $299.
SoFi IRA: Best for Low Fees
SoFi® SoFi IRA is a great choice for traditional IRAs. In addition to other investing, loans, and savings options, the advisor provides Roth and SEP IRAs.
SoFi offers $0 commissions for stocks and ETFs, and you can set up automated investing with as little as $1. If you're looking for financial resources and tools, SoFi IRA offers several help centers, guides, and calculators.
The company provides certified financial planners, and it even offers Stock Bits, or fractional shares, for account holders looking to buy smaller portions of companies.
What to look out for: SoFi IRA has competitive product offerings, but the company has a limited selection of investments compared to other popular brokerages.
Vanguard IRA: Best for Experienced Investors
Vanguard offers a suite of retirement accounts and financial planning services for beginners and advanced traders. For a $0 minimum, you can open a self-directed traditional, Roth, SEP, SIMPLE, or rollover IRA.
Most Vanguard IRA retirement plans are available through Vanguard's robo-advisor and managed account option, but you'll have to meet higher minimum requirements and fees.
You can access a personalized portfolio of Vanguard ETFs with Vanguard Digital Advisor or combine automated portfolio management with one-on-one financial advisor support with Vanguard Personal Advisor Services.
Vanguard offers retirement planning services and tools, such as tax-loss harvesting, retirement income calculators, worksheets, and informational guides.
What to look out for: Vanguard Digital Advisors requires a $3,000 minimum and a 0.20% advisory fee. Vanguard Personal Advisor Services require a $50,000 account minimum and charge a 0.30% advisory fee for balances under $5 million.
Rosland Capital IRA: Best for Gold and Precious Metals
Rosland Capital is at the top of our list of the best gold IRAs. It is a great option for investors who want to diversify their portfolios with competitively priced gold and silver assets. Investing in gold also helps you hedge against inflation.
Unlike many online gold providers, Rosland Capital is transparent about its pricing and fees of assets on its website (gold sellers often require investors to call). Moreover, its offerings are priced lower then many competitors. Rosland also has a strong reputation for trustworthiness and diligent customer support.
You need at least $2,000 to open a gold IRA with Rosland Capital. Although this minimum is high for IRAs overall, it's on the lower end for gold IRAs, making it a great option for many investors.
What to look out for: Goldco requires a $25,000 minimum to open an account. You can't invest in other assets like stocks or bonds with Goldco.
What is an IRA Account?
IRA accounts are tax-advantaged retirement savings vehicles for people to contribute pre-tax or after-tax dollars toward their golden years. You can open a traditional or Roth IRA at any age, but you won't be able to withdraw penalty-free until you're at least 59 1/2.
Like a 401(k) plan, the money in your IRA grows over time due to compound interest and investment opportunities. An IRA gives you more control and flexibility over how your funds are managed. But you can only contribute up to a certain amount each year.
Types of IRAs
- Traditional IRA: Traditional IRAs are retirement accounts funded by pre-tax dollars to offer the benefit of tax-deferred growth. Investors receive an initial tax break and pay less tax if they are in a lower tax bracket during retirement compared to their working years.
- Roth IRA: Roth IRAs are funded by after-tax dollars for the benefit of tax-free growth and withdrawals. Roth IRAs are best suited for those who believe they will be in a higher retirement tax bracket than their working years.
How to Choose the Best IRA Account
When deciding on the best IRA account, compare different investment choices, fees, customer service, and tools. Not all IRA accounts are created equal.
You may be better off with one IRA provider versus another depending on your experience, preferred investment strategies (passive vs. active), and risk tolerance.
User-friendliness is an essential factor in picking a compatible platform. Before joining, carefully observe the performance history, customer support reputation, and platform trustworthiness.
FAQs About IRA Accounts
The contribution limit for an IRA in 2024 for those under 50 is up to $7,000 of their taxable income to a traditional or Roth IRA in 2024. If you're 50 or older, you can contribute an additional $1,000 catch-up contribution for a maximum of $8,000.
Yes, you can have both a traditional and a Roth IRA. However, your combined contributions cannot exceed the annual limit of up to $7,000 of taxable income in 2024 (plus an additional $1,000 catch-up contribution for investors age 50 or older).
You can start withdrawing from your IRA when you're 59 1/2 years old. If you withdraw before then, you'll be charged a 10% penalty fee on the amount withdrawn.
Why You Should Trust Us: Our Expert Panel on The Best IRA Accounts
We interviewed the following three investing and retirement experts to see what they had to say about traditional IRA accounts:
- Lazetta Rainey Braxton, MBA, CFP, co-founder and co-CEO at 2050 Wealth Partners
- Brian Fry, CFP, founder at Safe Landing Financial
- Charlotte Geletka, CFP, CRPC, managing partner at Silver Penny Financial Planning
Here's what they had to say about traditional IRA accounts. (Some text may be lightly edited for clarity.)
What are the advantages and disadvantages of opening a traditional IRA account?
Lazetta Rainey Braxton:
"Contributions to the traditional IRA are not considered a part of the taxable income for the year that that contribution was made to that traditional IRA.
"As you allow that traditional IRA to grow, you're going to have both tax-deferred contributions and tax-deferred growth and earnings. So when it is time for you to retire and take out those funds, it will be subject to ordinary income tax rates, based on your income during retirement."
Brian Fry:
"A traditional IRA generally offers better flexibility, freedom, and transparency than a 401(k). If you're under income phaseout limits, then there is a tax-deduction for IRA contributions.
"If you're above income phaseout limits, there are still planning considerations for IRA contributions, for example an advanced planning strategy such as a backdoor Roth IRA.
"A disadvantage is that there are no company match opportunities for a traditional IRA. Traditional IRAs also have hefty penalties for withdrawing funds before age of retirement."
Charlotte Geletka:
"A significant advantage of opening an IRA includes an above-the-line tax deduction if you are within the IRS income limitations for 2021 (ask your tax professional or financial advisor to double check based on your income). The IRS website also has good guidance on IRAs. In a traditional IRA, the money grows tax deferred. This is great for long-term growth.
"However, you will pay taxes on the money when it comes out. Also keep in mind that an IRA is what I like to call a "pay now, play later" plan. What I mean by that is that once the money goes into an IRA you will not be able to take the money out until you reach the age of 59 and a half."
Who should consider opening a traditional IRA?
Lazetta Rainey Braxton:
"[If] you want to keep your tax brackets low, a lot of people go traditional because the contributions — at the time you're earning it and making those contributions — are in fact reducing your taxable income."
Brian Fry:
"If uncovered by an employer retirement account, a traditional IRA can be a good fit regardless of income."
Charlotte Geletka:
"A traditional IRA is a great option if you do not have a retirement plan through your employer or if you are self-employed. You must have earned income to contribute each year."
What makes a traditional IRA account good or not good?
Lazetta Rainey Braxton:
"If you are age 50 or older, you are also eligible for the catch-up provision, which is also allowed for a [Roth] IRA as well as an employer-based plan. But the important fact to know about a traditional IRA versus an employer's plan is that traditional IRAs, in terms of its deductibility, aren't based on your adjusted gross income.
"Note that the catch-up provision allows you to contribute an additional $1,000 for IRAs if you're 50 or older. For employer-sponsored retirement plans, you can contribute an additional $7,500 if you're 50 or older.
"And since there is a cap on your income that relates to deductibility, it might make it less attractive as well because you might not just be eligible to make a deductible contribution."
Brian Fry:
"A traditional IRA is good in providing tax advantages. Unlike a brokerage account, investors are not taxed on capital gains. There can be a deduction for contributions. Investments grow tax-deferred until distributions are made.
There are several reasons a traditional IRA could be considered a bad account type. Investors are taxed on withdrawals, which are usually much larger than initial contributions. Tax rates can be potentially higher for investors during retirement."
Charlotte Geletka:
"A traditional IRA is great for retirement savings, tax savings and investing. However, you are just pushing the tax liability down the road since you are required to pay income taxes on distributions.
"The good news is that you are allowed to let the money grow tax-deferred until you begin to take distributions. You may begin at age 59.5 but you must begin by age 72."
Is there any other advice you'd offer someone who's considering opening a traditional IRA?
Lazetta Rainey Braxton:
"Know of all your options related to investments that can help support you in retirement. Think about whether you want to pay taxes now or later. With the traditional IRA, you would be paying taxes later."
Brian Fry:
"Don't open a traditional IRA or rollover your 401(k) without considering all of your options. If you're unsure, make sure to put in the research or ask a financial professional that serves as a fiduciary to have confidence in how to best move forward."
Charlotte Geletka:
"The investments inside an IRA are chosen by the account owner. This makes the options almost endless. Also keep in mind it is designed for you to save money to be used in retirement, so do not put money in an IRA that you might need in the short term. This is not a good place for your emergency fund."
Why You Should Trust Us: How We Reviewed The Best IRA Accounts
We reviewed and compared over a dozen IRA accounts using Business Insider methodology for reviewing investment platforms to determine the top brokerages and robo-advisors with strong retirement account options.
We also cross-referenced our list with popular comparison sites like NerdWallet and Investopedia to ensure we didn't miss anything.
