10 Best Places to Open a Roth IRA in 2023

Investing in a Roth IRA is one of the best ways to build a retirement nest egg. With tax-free growth and withdrawals, Roth IRAs offer a unique opportunity to save for your future. Learn more.

But with so many investment options available, it can be challenging to decide where to put your money. That’s why we’ve put together this ultimate guide to Roth IRA investing. 

In this post, we’ll cover the top 10 best places to invest in 2023, based on expert analysis and market trends. We’ll also explore the pros and cons of each investment option, so you can make an informed decision about where to put your money. Whether you’re new to investing or a seasoned pro, this guide will help you make the most of your Roth IRA and plan for a secure financial future.

1. Vanguard

Vanguard is considered one of the top choices for Roth IRA investments for several reasons. One of the main reasons is its reputation for offering low-cost investment options. This can be crucial for investors who want to maximize their returns by minimizing their investment expenses. Vanguard has a wide range of index funds and ETFs that are popular among investors, including the Vanguard Total Stock Market Index Fund and the Vanguard 500 Index Fund.

• Low Cost 
• $0 Vanguard funds
• Annual Fee: $0 
• Minimum: Depends on the account you prefer

Vanguard funds have consistently outperformed the market over the long term, making them a reliable option for investors who want to see their money grow over time.

2. Fidelity Investments 

Fidelity Investments is a great option for investing in a Roth IRA. It is a well-known and respected financial services provider that offers a wide range of investment options to its customers. Fidelity has a strong reputation for providing excellent customer service and offering low fees for its investment products. 

One of the best things about Fidelity is that it offers a wide range of investment options, including mutual funds, exchange-traded funds (ETFs), stocks, bonds, and other investment vehicles. This means that you can create a diversified portfolio that is tailored to your specific investment goals and risk tolerance.

• Low Cost
• $0 For Fidelity funds
• Annual Fee: $0
• Minimum: $0

3. Charles Schwab 

Charles Schwab is a well-known investment firm and a great place to consider investing your Roth IRA. With over 50 years of experience and more than $6.7 trillion in assets under management, Charles Schwab offers a wide range of investment options for all types of investors. They offer low-cost index funds, ETFs, mutual funds, individual stocks, and bonds. 

Moreover, Charles Schwab has a range of tools and resources designed to help you plan for retirement. Their Retirement Planning Calculator helps you determine how much you need to save to reach your retirement goals, and they offer a variety of educational resources to help you make informed investment decisions.

• Low Cost
• $0 trades for online stock and option trades 
• Annual Fee: $0 
• Minimum: $1,000 (High)

4. TD Ameritrade 

If you’re looking for a brokerage firm that offers a wide range of investment options and great customer support, TD Ameritrade is definitely one of the best places to invest in your Roth IRA. With over 4,000 no-transaction-fee mutual funds and more than 300 commission-free ETFs, there are plenty of options for you to choose from. 

One of the key benefits of TD Ameritrade is its user-friendly platform. The brokerage firm’s website and mobile app are easy to navigate, and you can easily access your account information and make trades.

• ETF Trading 
• $0 per trade 
• $49.99 for mutual fund 
• Annual Fee: $0 
• Minimum: $0

5. E*TRADE

E*TRADE is a well-known online broker that offers a wide range of investment options, including Roth IRAs. With E*TRADE, you can invest in individual stocks, mutual funds, ETFs, bonds, and more. They also offer a variety of tools and resources to help you make informed investment decisions.

Another benefit of using E*TRADE for a Roth IRA is their low fees. They charge $0 commission for online US-listed stock, ETF, and options trades, and their mutual fund commissions are also relatively low.

• Best for Overall 
• $0 per trade 
• $19.99 mutual fund 
• Annual Fee: $0 
• Minimum: $0

6. Ally Invest 

Ally Invest is a great platform for those looking to invest in a Roth IRA. With no account minimums and low fees, it’s a great option for beginners and experienced investors alike. The platform offers a wide range of investment options including stocks, bonds, ETFs, mutual funds, and options. 

One of the standout features of Ally Invest is its user-friendly interface, making it easy for investors to navigate and execute trades. The platform also offers a range of research tools and educational resources, helping investors to make informed decisions about their investments.

• Low Cost
• Annual Fee: $0 
• Minimum: Varies

7. Interactive Brokers 

Interactive Brokers, also known as IB, is a well-known online broker that offers a wide range of investment options including stocks, bonds, mutual funds, and options. One of the best things about Interactive Brokers is their low fees. They have some of the lowest fees in the industry, making it an excellent option for Roth IRA investors who are looking to minimize costs.

Another great feature of Interactive Brokers is that they offer a wide range of investment products, including international stocks, which can be a great way to diversify your portfolio. They also offer access to alternative investments such as futures and forex, which can be a good option for experienced traders who are looking to take on more risk.

• Best for Overall 
• $0.5% per trade 
• Annual Fee: $0 
• Minimum: $100

8. Robinhood 

Robinhood is a popular app-based investment platform that has gained a lot of attention in recent years. With no account minimums and commission-free trading, it allows investors to trade stocks, options, and cryptocurrencies with ease. It’s a great option for those who are just starting out with investing or who want to save money on fees.

While Robinhood is a great option for those looking to invest in Roth IRA accounts, there are some downsides to consider. One of the biggest concerns is the lack of access to customer service. The platform doesn’t offer phone support, which can be frustrating for investors who have questions or need assistance.

• Low cost
• $5 for premium account 
• Annual Fee: $0 
• Minimum: $0

9. Betterment 

Betterment is an online investment platform that offers a variety of investment options, including Roth IRA accounts. Betterment takes a unique approach to investing, using a combination of technology and human advisors to create customized portfolios for each individual investor. 

With Betterment, you can choose from a range of investment strategies, from conservative to aggressive, and you can easily adjust your investment portfolio as your financial goals change over time.

• Perfect for beginners
• $0 per trade 
• Annual Fee: 0.25 – 0.40% of the account balance 
• Minimum: $100 per month

10. Stash

Stash is an excellent choice for those who are looking to start investing and saving for their retirement. It is one of the best places to open a Roth IRA, as it offers low fees, a user-friendly platform and a wide range of investment options. With Stash, you can start investing with as little as $5, and its easy-to-use interface makes it simple for even the most novice investor to get started. Additionally, Stash offers a wide range of investment options, allowing you to invest in stocks, bonds, ETFs, and more.

• Offers low Fees 
• $0 per trade
• Annual Fee: $0 
• Minimum: $0

Final thoughts

Planning your financial future can be overwhelming, but with a Roth IRA, you can invest in your retirement with ease and confidence. With the list of investment options, we provided in this article, you can make informed decisions that align with your financial goals.

Ultimately, the key is to do your research, understand your investment options, and choose a platform that is in line with your investment goals. With the right Roth IRA investment strategy in place, you can set yourself up for a comfortable retirement and financial security in the future.