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Is it bad to open an IRA through your bank..
Posted on 2/13/13 at 9:16 am
Posted on 2/13/13 at 9:16 am
as opposed to a firm like Vanguard? Full disclosure, I am a TOTAL novice when it comes to this type of thing. I meant to open a Roth IRA a few months ago but got tied up with work and other stuff, but am planning on going ahead with that now. I've been looking around at some places (Vanguard seems to be the best place for beginners), but I don't think I have a brick and mortar one anywhere close and would have to do everything online.
Being as that I'm a complete beginner, I'd like the peace of mind of sitting down and talking with someone. I saw that my bank (WF) offers Roth IRAs. Would there be any major difference between going through the bank rather than one of those big 3 investment companies?
Being as that I'm a complete beginner, I'd like the peace of mind of sitting down and talking with someone. I saw that my bank (WF) offers Roth IRAs. Would there be any major difference between going through the bank rather than one of those big 3 investment companies?
4
Posted on 2/13/13 at 9:35 am to WG_Dawg
I'm guessing Wells Fargo is WF.
They say you can have 100 commission free trades if you link with their PMA package. 100 free trades for someone like you would be effectively free, so that all sounds good until you see what the PMA Package entails:
PMA Package Monthly Service Fee
The PMA Package is free of the $30 monthly service fee for each month that one of the requirements in statement-ending balances is met:
$25,000 or more in qualifying linked bank deposit accounts (checking, savings, time accounts (CDs), FDIC-insured IRAs)
OR
$50,000 or more in any combination of qualifying linked banking, brokerage (available through Wells Fargo Advisors, LLC) and credit balances (including 10% of mortgage balances, certain mortgages not eligible).
Seems like a pain in the arse for a non-Baller. If you know you are going with Vanguard ETFs/Funds, you can't do any better than going with Vanguard. Its easy to set up. If think you will invest in other options, from what I've read there are tons better options than WF.
They say you can have 100 commission free trades if you link with their PMA package. 100 free trades for someone like you would be effectively free, so that all sounds good until you see what the PMA Package entails:
PMA Package Monthly Service Fee
The PMA Package is free of the $30 monthly service fee for each month that one of the requirements in statement-ending balances is met:
$25,000 or more in qualifying linked bank deposit accounts (checking, savings, time accounts (CDs), FDIC-insured IRAs)
OR
$50,000 or more in any combination of qualifying linked banking, brokerage (available through Wells Fargo Advisors, LLC) and credit balances (including 10% of mortgage balances, certain mortgages not eligible).
Seems like a pain in the arse for a non-Baller. If you know you are going with Vanguard ETFs/Funds, you can't do any better than going with Vanguard. Its easy to set up. If think you will invest in other options, from what I've read there are tons better options than WF.
This post was edited on 2/13/13 at 9:35 am
Posted on 2/13/13 at 9:38 am to WG_Dawg
It really doesn't get any easier than an ETF through Vanguard.
Sign up, pick fund, dump money, live life.
I cant remember the fees vanguard charges but it's pretty minimal. Give me a sec and I'll look into it.
Sign up, pick fund, dump money, live life.
I cant remember the fees vanguard charges but it's pretty minimal. Give me a sec and I'll look into it. This post was edited on 2/13/13 at 9:39 am
Posted on 2/13/13 at 10:54 am to WG_Dawg
quote:
Is it bad to open an IRA through your bank
My wife opened her Traditional IRA through her bank. Her APY has been .45% (take notice of the period there) through Neighbors FCU. Our checking account gets 3% on the first 10k then at least .46% after that.
LINK
So yea going through local banks can be horrific with their returns.
This post was edited on 2/13/13 at 10:55 am
Posted on 2/13/13 at 11:28 am to WG_Dawg
I think all banks have IRA's, but they are congruent with CD Rates. Which are pathetic. I think most people that do these IRA's are older folks who are already retired and move it to their local bank for easier access. The returns are horrible.
Of course most banks also have investment divisions who can get you a much better return than you would get in a branch.
Of course most banks also have investment divisions who can get you a much better return than you would get in a branch.
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