No Fee IRA Accounts

Best Free, No Fee IRA Accounts


There are discount online brokerage firms that offer free IRA accounts to their customers. These companies don't charge retirement account setup, annual, maintenance fees but might charge for closing IRA account or account transfer to a different financial institution.

Below we present the list of highly rated, best companies with no fee IRA accounts in 2014. You could also see the types of IRAs they offer, investment commissions they are charging, and products you could invest in. Make sure to read IRA account reviews - they contain much more valuable information to help you in selecting the perfect brokerage firm for your retirement.

No Fee IRA
Firm Rating
Investing
Commissions
IRA Account
Types
Investments
Offered
IRA Account
Review


4.5-star brokerage firm rating

Scottrade Review


Stocks, ETFs: $7

Mutual Funds: $17

Options: $7 plus
$1.25 per contract
  • Traditional IRA
  • ROTH IRA
  • Simple IRA
  • SEP IRA
  • 401K Plans
  • Defined Benefit
  • Money Purchase
  • Keogh DVP
  • Rollover IRA
  • Stocks
  • Options
  • Mutual Funds
  • Bonds
  • CDs
  • Munis
  • ETFs
  • International Stocks
Scottrade
IRA Review


4.5-star brokerage firm rating

OptionsXpress review


Stocks, ETFs: $8.95

Mutual Funds: $9.95

Options: $14.95
(1 - 10 contracts)
  • Traditional IRA
  • Rollover IRA
  • Roth IRA
  • SEP IRA
  • SIMPLE IRA
  • Custodial
  • Coverdell (educational IRA)
  • Minor Roth
  • MinorTraditional
  • Stocks
  • Options
  • Mutual Funds
  • Bonds
  • Futures
  • ETFs
OptionsXpress
IRA Review


4.5-star brokerage firm rating




Stocks, ETFs: $4.95

Mutual Funds: $9.95

Options: $4.95 plus
$0.65 per contract
  • Roth IRA
  • Traditional IRA
  • Rollover IRA
  • SIMPLE IRA
  • SEP IRA
  • Coverdell Education Savings Account (ESA)
  • Stocks
  • Options
  • Mutual Funds
  • Bonds
  • Forex
  • CDs
  • ETFs
TradeKing
IRA Review


4-star brokerage firm rating

Optionshouse Review


Stocks, ETFs: $4.75

Mutual Funds: $9.95

Options: up to five contracts for $5,
each additional contract $1
  • Traditional IRA
  • ROTH IRA
  • SEP IRA
  • Educational IRA
  • Rollover IRA
  • Stocks
  • Options
  • Mutual Funds
  • Bonds
  • ETFs
Optionshouse
IRA Review


4-star brokerage firm rating

TDAmeritrade review


Stocks, ETFs: $9.99

Mutual Funds: $49.99

Options: $9.99 plus
$0.75 per contract
  • Traditional IRA
  • Roth IRA
  • Rollover IRA
  • SEP IRA
  • SIMPLE IRA
  • Individual 401k (for small business)
  • Stocks
  • Options
  • Mutual Funds
  • Bonds
  • ETFs
  • Futures
  • Forex
TD Ameritrade
IRA Review

4-star brokerage firm rating

Charles Schwab review


Stocks, ETFs: $8.95

Mutual Funds: $76 to buy
$0 to sell

Options: $8.95 plus
$0.75 per contract
  • Traditional IRA
  • Roth IRA
  • Rollover IRA
  • Inherited IRA
  • Custodial IRA
  • Individual 401(k)
  • SEP-IRA
  • Personal Defined Benefit Plan
  • Profit-sharing Plan
  • SIMPLE IRA
  • Business 401(k) Plan
  • Company Retirement Account
  • Stocks
  • Options
  • Mutual Funds
  • Bonds
  • CDs
  • Annuities
  • ETFs
  • International Stocks
  • Margin Loans
  • Insurance
Charles Schwab
IRA Review


4-star brokerage firm rating

Etrade Review

Stocks, ETFs: $9.99

Mutual Funds: $19.99

Options: $9.99 plus
$0.75 per contract
  • Rollover IRA
  • Traditional IRA
  • Roth IRA
  • IRA for Minors
  • Complete™ IRA
  • Beneficiary IRA
  • SEP IRA
  • SIMPLE IRA
  • Individual 401(k)
  • Money Purchase
  • Profit Sharing
  • Investment-Only Non Custodial
  • Stocks
  • Options
  • Mutual Funds
  • Bonds
  • Futures
  • ETFs
Etrade
IRA Review


Free IRA Accounts


Why pay maintenance or inactivity fees for an IRA when some brokers don’t charge them? Three big players in the free-IRA marketplace are Scottrade, E*Trade and TD Ameritrade. All have easy online account opening and maintenance facilities. Each gives you FDIC insurance up to $250,000. You must supply your Social Security number (or other tax id) and name a beneficiary when you open an IRA with any of them. Commissions and minimum initial amounts vary by broker.


Scottrade


With over 500 branch offices nationwide, Scottrade is the natural choice for IRA customers who want to have in-person contact with a representative. The minimum opening investment is $500. Commissions are $7 per online trade for stocks and ETFs, though you’ll pay $32 if you make a broker-assisted trade. If you trade options online, tack on an additional $1.25 per contract, and be ready to fork over $17 for exercises and assignments.

There is no charge for no-load, no-transaction fee (NL, NTF) mutual fund purchases, sales or exchanges. Scottrade charges $17 for transactions involving other types of mutual funds, in addition to any charges slapped on by the fund provider. Rates vary for fixed income trades depending on the instrument. For example, the commission on listed corporate bonds is $35 plus $3 per bond, with a minimum $1,000 face value and increment. With other fixed income instruments, Scottrade might charge a markup when it acts as the principal, and it might make you pay for special services. The liquidation fee for a unit investment trust is $50.

Scottrade will pay you $100 when you roll over an existing IRA from another broker and refund any transfer fees charged by your current broker. It offers a nice roster of free services when you open an account, including:

  • Real-time news updates
  • Real-time quotes and charts
  • Third-party research form Morningstar, S&P and Market Edge
  • Interactive retirement calculators
  • Mobile trading
  • Access to extensive Knowledge Center resources
  • Personal education and special events at branch offices
  • Cost-basis reporting
  • Access to more than 14,500 mutual funds

Scottrade Promotion Offer

$100 in Transfer Fees Refunded. No set-up fees. No Annual Fees.




E*Trade


E*Trade has only 28 branches nationwide, so it’s geared to the strictly online user. The basic trading fee is $9.99 per transaction, though if you place more than 150 trades a month, your fee drops to $7.99. Options cost an additional $0.75 per contract. The fee for futures contracts is $2.99 and FOREX trade fees are charged through the bid-ask spread. The minimum deposit is $500. You can trade bonds for a buck each. If you perform a broker-assisted trade, you’ll have to cough up an additional $25. The margin rate for accounts with balances below $25,000 is 8.44 percent, but the rate declines stepwise to 3.89 percent for the largest accounts.

There is no cost for trading NL, NTF mutual funds. Otherwise, the fee is $19.99 plus whatever load or fee the mutual fund provider extracts. Once again, broker assistance will cost you $25. Your IRA will also have to shell out 25 bucks if you remove an excess contribution, recharacterize a contribution or take an early distribution -- that is, before age 59 1/2. E*Trade nickels and dimes you with all sorts of miscellaneous fees, for items such as outgoing account transfers, paper statements, and short-term ETF trades -- up to $19.99 if you round-trip an ETF within 30 days, even if its no-load.

E*Trade offers the same basic service roster as the one provided by Scottrade. You can access about 7,600 mutual funds, of which 1,100 are NL, NTF. They offer several high-tech trading platforms that can be useful for the active trader. E*Trade offers a promotional inducement of $600 to open an IRA account.

Etrade Promotion Offer


Trade free for 60 days + get up to $600.




TD Ameritrade


TD Ameritrade has 126 retail branches. You can place stock and ETF Internet trades with TD Ameritrade for $9.99. If you use their automated phone system, the fee skyrockets to $34.99. But, at $44.99, the fee really explodes for broker-assisted trades. If they fill an order in separate lots over two or more days, you’ll get charged for each lot. So you may want to specify all-or-none trades when dealing with TD Ameritrade. The brokerage offers some commission-free ETFs. Options require an additional $0.75 per contract, and exercises and assignments will cost you $19.99. Bonds trades cost a flat fee of $25, futures are $2.25 per contract and FOREX commissions depend upon the currency pair. TD Ameritrade doesn’t require a minimum deposit unless you are trading options or on margin, in which case the ante is $2,000.

TD Ameritrade lets you access more than 13,000 mutual funds. You don’t pay a commission unless the mutual fund is not part of the NTF universe, in which case you’ll receive a $49.99 haircut. That’s also the amount you’ll hand over if you sell an NTF fund within 180 days. TD Ameritrade devotes a section of its website to retirement planning, but aside from a few tools, the material is the common boilerplate you’ll find at just about any brokerage, free or not.

TD Ameritrade Promotion Offer


Trade free for 60 days + get up to $600.
This article was updated on 10/30/2014.

Please share us with your friends




Related articles

Online broker promotions:
Copyright ©2009-2014 Brokerage-Review.com. All rights reserved.
The stock brokerage firm you select is solely responsible for its services to you, the user. Brokerage-Review.com shall not be liable for any damages or costs of any type arising out of or in any way connected with your use of a brokerage house's services. Brokerage-Review.com has partner relationships with other companies. As a partner, we often provide reviews of products and services based on our personal opinions. We are not compensated for positive reviews. While we strive to make sure that the information we present here is true and accurate upon publication, the rates and offers that we share with you may change without notice, so please visit the sites we reference for more up to date information.