Best Free (No-Fee) IRA Accounts


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


No Fee
IRA
Investing
Fees
IRA
Types
IRA
Review

Charles Schwab rating

Charles Schwab


Stocks, ETFs: $0

Mutual Funds: $49.95 to buy, $0 to sell

Options: $0.65 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
Charles Schwab
IRA Review


Firstrade rating

Firstrade

Stocks, ETFs: $0

Mutual Funds: $0

Options: $0
  • Traditional IRA
  • ROTH IRA
  • SEP IRA
  • SIMPLE IRA
  • Rollover IRA
  • Profit Sharing Plan
  • Money Purchase Plan
Firstrade
IRA Review


Robinhood Trading rating

Robinhood

Stocks, ETFs: $0

Mutual Funds: na

Options: $0
  • Roth IRA
  • Traditional IRA
  • Rollover IRA
Robinhood
IRA Review


Webull rating

Webull

Stocks, ETFs: $0

Mutual Funds: na

Options: $0
  • Traditional IRA
  • ROTH IRA
  • Rollover IRA
  • SEP IRA
  • SIMPLE IRA
Webull
IRA Review



Free IRA Accounts


In 2024 there is no need to pay maintenance and inactivity fees for an IRA account. The two big players in the "no-fee IRA marketplace" are Webull and Charles Schwab. Both have easy and fast online account opening process. Their commissions for stocks and ETFs are $0, and they have no minimum initial deposit requirement.


Free IRA Account


Webull


Webull does not offer branches nationwide, so it’s geared to the strictly online user. The stock trading fee is $0. The minimum deposit is $0 for taxable accounts and for IRAs. You can trade options and crypto-currencies with the same $0 commission.

At Webull, there is no cost for trading exchange traded funds. Your IRA will also have no fees if you remove an excess contribution, recharacterize a contribution or take an early distribution -- that is, before age 59 1/2.

With Webull no fee IRA, you have access to over 5,000 stocks. The broker offers a high-tech trading platform and an excellent mobile app that will please even an active trader.


Webull Free IRA Offer



Visit Webull Website






Charles Schwab


Charles Schwab is another popular retirement accounts provider and offers 100% no fee IRAs. There are no fees for opening or closing an individual retirement account (ROTH, traditional, or self-employed IRAs) as well as no annual or monthly maintenance or inactivity charges.

Charles Schwab has 450 retail branches - that's by far the highest number among online brokers. You can place stock and ETF online trades for $0. Charles Schwab doesn’t require a minimum deposit unless you are trading options or on margin, in which case the ante is $2,000.


Charles Schwab ROTH IRA


Charles Schwab lets you access more than 4,200 mutual funds. You don’t pay a commission unless the mutual fund is not part of the NTF universe, in which case you’ll pay a $49.99 fee to buy but $0 to sell. Charles Schwab devotes a section of its website to comprehensive retirement planning.


Charles Schwab Free IRA Offer



Visit Schwab Website






Annual IRA Fees Charged by Brokerage Firms


Brokerage Setup IRA Fee Inactivity Fee Annual IRA Fee
Ally Invest$0NoNo
Charles Schwab$0NoNo
Choicetrade$25$15 quarterly fee if customer makes less than five trades in a calendar quarter$50 annual IRA fee, $25 IRA setup fee
Etrade$0NoNo
Fidelity$0NoSimple IRA: $350 per plan collected annually from the employer; or $25 per participant collected annually from participants' accounts. HSA: $48, waived in some instances. $12 annual Low Balance Fee for each noncore Fidelity mutual fund if balance is under $2,000.
Firstrade$0NoNo
Interactive Brokers$0No$30 annual IRA fee
JP Morgan$0NoNo
Lightspeed Trading$25Minimum monthly commission for accounts under $5,000 is $25$30 annual IRA fee
Merrill Edge$0NoNo
Robinhoodnanana
Sogotrade$0No$35 annual IRA fee
TradeStation$0No$35 annual IRA fee
Vanguard$0No$20 annual maintenance fee for regular accounts with balance less than $50,000. Annual IRA fees: $25 for SIMPLE IRA, $15 for 403(b)(7), $20 for Individual 401(k)/Roth 401(k) plans, $20 for 529 plan
Wellstrade$0No$25 Minimum Balance Fee, if account is less than $5,000; $30 monthly service fee if PMA Package has less than $50,000 in all accounts


Brokerage Maintenance, Setup, and Annual IRA Fees


Every yea,r IRA setup fees at discount brokerage companies are becoming more and more rare. Only a few brokers now charge these — a dramatic drop from 10 years ago. With that trend, in a few years, IRA setup fees will become completely extinct.

Getting a no-fee IRA account (no annual and setup fees), while important, should not be the only factor when choosing a company where to open an individual retirement account. Other parameters, such as commissions, other fees, products offered, retirement education and calculators, investment research and customer support are at least as important.


Updated on 7/9/2024.


About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.