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Started By
Message
Yearly fee for IRA
Posted on 5/24/16 at 4:50 pm
Posted on 5/24/16 at 4:50 pm
I'm new to this. Is this standard practice? I opened up 2 IRA's recently at Regions(not my regular bank). I have rental property income that I want to set back for retirement. I would like an account that I could contribute to monthly and let sit with some sort of return. I get paid in cash from the renter monthly. Regions says there is a $40 charge per account per year. The wife and I are planning on being able to contribute the $5500 max for each of us every year, but I would be better off using a basic savings account right? TIA
8
Posted on 5/24/16 at 5:03 pm to JBM210
Open one at Vanguard instead
/thread
/thread
Posted on 5/24/16 at 5:29 pm to JBM210
Are you with their brokerage firm or just in CD's?
Posted on 5/24/16 at 5:36 pm to JBM210
Yeah what geauxbear said.
Posted on 5/24/16 at 6:40 pm to JBM210
Regions is probably one of the worst banks from a customer service perspective. Like others have said move it to vanguard.
Posted on 5/24/16 at 6:48 pm to lsufan1971
I can't think of a single positive thing to say about Regions. I guess if you're one of the guys that convinces them to do a loan with really bad structure, that is cool.
Posted on 5/24/16 at 7:43 pm to JBM210
I'd move it to a Merrill Edge account. Lower transaction fees, far superior research available, and you're not limited to certain fund families. Merrill has them all.
Posted on 5/24/16 at 7:43 pm to JBM210
I'd move it to a Merrill Edge account. Lower transaction fees, far superior research available, and you're not limited to certain fund families. Merrill has them all.
Posted on 5/24/16 at 8:15 pm to JBM210
Why did you open two IRA's instead of one?
IRA spells Individual Retirement Account. Individual as in one.
IRA spells Individual Retirement Account. Individual as in one.
Posted on 5/24/16 at 8:19 pm to foshizzle
quote:
Why did you open two IRA's instead of one?
quote:
The wife and I are planning on being able to contribute the $5500 max for each of us every year
Posted on 5/25/16 at 7:09 am to yellowhammer2098
quote:
The wife and I are planning on being able to contribute
quote:
I opened up 2 IRA's
Posted on 5/25/16 at 11:24 am to JBM210
Yes. Everyone that I have found will charge you a yearly or monthly fee for a personal IRA. Usually it is based on a percentage of your holdings.
Posted on 5/25/16 at 11:25 am to foshizzle
You can open an IRA in your spouse's name.
Posted on 5/25/16 at 11:42 am to notsince98
No, you can definitely find no-contract-fee IRAs.
Posted on 5/25/16 at 1:48 pm to foshizzle
Spousal IRA, baw.
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