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Roth IRA
Posted on 6/21/10 at 9:43 am
Posted on 6/21/10 at 9:43 am
Looking to open one soon; where can i get the best rates?
This post was edited on 6/21/10 at 9:44 am
4
Posted on 6/21/10 at 9:44 am to MikeJackon428
quote:
where can i get the best rates?
Rates?
Like for the interest earned on univnested cash or transaction fees?
Posted on 6/21/10 at 9:45 am to TheHiddenFlask
interest
Posted on 6/21/10 at 9:55 am to MikeJackon428
Posted on 6/21/10 at 10:07 am to jmtigers
What's so funny? My credit union offers 7% for the first year then it drops to CD rates. That is how banks do it. I was wondering if there were any banks with anything better.
This post was edited on 6/21/10 at 10:10 am
Posted on 6/21/10 at 10:30 am to MikeJackon428
quote:
My credit union offers 7% for the first year then it drops to CD rates.
Take that, for the first year and then, after a year, make like a Lehman Brothers check and BOUNCE.
quote:
I was wondering if there were any banks with anything better.
I thought this was about Roth IRA's?
Posted on 6/21/10 at 8:31 pm to MikeJackon428
roth fail
Posted on 6/21/10 at 8:48 pm to MikeJackon428
quote:
Looking to open one soon; where can i get the best rates?
Silly Fool.. You should know by now that all TD.com members cannot contribute to one due to that are bringing in $200k minimum. They have to so they can support their supermodel wives.
You will find no Roth IRA or Roth 401k help here.
Posted on 6/22/10 at 11:56 am to Vood
I opened a Roth IRA with Ameritrade last week... People are making fun of you cause you don't have a promised return in an IRA it is based on your investments in the account.
Posted on 6/22/10 at 1:00 pm to Vood
quote:
Silly Fool.. You should know by now that all TD.com members cannot contribute to one due to that are bringing in $200k minimum. They have to so they can support their supermodel wives.
That's only the O/T. The guys here on the money board exist in a place called reality.
Posted on 6/22/10 at 1:27 pm to SouthOfSouth
quote:
People are making fun of you cause you don't have a promised return in an IRA it is based on your investments in the account.
I understand that. I know exactly what a Roth IRA is and how it works. My credit union is offering 7% for the first year. I was wondering if there is anyhting better out there.
Posted on 6/22/10 at 1:28 pm to MikeJackon428
quote:
Fidelity Investments offers a no-fee IRA. There’s a $2,500 minimum initial deposit, but this is waived if you commit to $200/month automatic contributions. They offer 4,500 mutual funds, about a quarter of which have no transaction fee. In short, you can open a no-cost IRA at Fidelity with a $200 starting investment if you invest in mutual funds and you agree to contribute $200/month.
It’s also possible to open a no-cost Roth IRA at The Vanguard Group. To do this, you must elect to receive electronic statements and start with $1000 in the company’s STAR fund. (The STAR fund is an mutual fund of mutual funds, a safe choice for beginners.) Additional contributions require a minimum of $100 unless you use their Automatic Investment Plan, in which case the minimum is $50. There are no fees to purchase the STAR fund.
T. Rowe Price charges $10/year for Roth IRA accounts until you have a balance above $5,000, after which there is no fee. You need $1,000 to open your IRA, but this minimum goes away if you sign up to contribute at least $50/month with the Automatic Asset Builder. There are no sales fees or commissions to invest this money in T. Rowe Price mutual funds.
I started w/ T Rowe Price and I like it. I needed something that would let me contribute $100-$200 a month(I live in the non-OT world obviously).
Posted on 6/22/10 at 2:48 pm to LSUAfro
The Roth IRA serves as a retirement “account” not a retirement investment. Many people have the belief that IRA’s are like a CD and they pay an interest rate. This is most likely true if you invest in an IRA at your local bank. In this case, you are purchasing a CD within the IRA because CD’s are the only investment option that is available (some banks now do have in house brokerage firms that allow you to put money into other investments). So in this case, the best IRA rate you can get on your Roth IRA Account is what the going CD rates are.
ETA: i know IRA stands for Individual Retirement Arrangement
ETA: i know IRA stands for Individual Retirement Arrangement
This post was edited on 6/22/10 at 2:49 pm
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