Best IRA Offers: Brokerage IRA Account Promotions, Bank IRA Bonuses and Deals


2017 list of best IRA promotions, incentive offers, and cash bonuses for new clients for opening new online broker/bank retirement account or for IRA rollover. Current best companies deals on traditional IRA, ROTH, SEP, SIMPLE, 401(k): cash, free trades, and account transfer offer codes.




Ally Invest rating

Ally Invest


Ally Invest IRA Promotion


Switch to Ally Invest and get up to $150 in transfer fees reimbursed.

Details: Ally Invest IRA promotion conditions.

Ally Invest IRA Review

Read Ally Invest IRA Review.



TD Ameritrade rating

TD Ameritrade


TD Ameritrade IRA Promotion


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

Details: TD Ameritrade IRA promotion conditions.

TD Ameritrade IRA Review

Read TD Ameritrade IRA Review.



Scottrade rating

Scottrade


Scottrade IRA Promotion


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

Details: Scottrade IRA promotion conditions.

Scottrade IRA Review

Read Scottrade IRA Review.





Firstrade rating

Firstrade




Firstrade IRA Incentive


Up to $1,000 in free trade commissions for 60 days.

Details: click for details

Firstrade IRA Review

Read Firstrade IRA review





Charles Schwab rating

Charles Schwab




Charles Schwab


Link: Make $100,000 deposit and get 500 commission-free online equity and options trades.

Details: click for details

Charles Schwab IRA Review

Read Charles Schwab IRA review





Best IRA Promotion Offers


Competition among discount brokerages is intense, so companies frequently offer IRA promotions to open new retirement accounts or transfer an account from a competitor. Each promotion discussed below applies to all Individual Retirement Accounts (IRAs) including traditional, Roth, SEP, SIMPLE, and 401k Rollover IRAs unless otherwise noted.


Ally Invest


Ally Invest will reimburse another firm's transfer fee, up to $150, when a client moves an account worth at least $2,500. There is no promo code required for this offer. The special only refunds transfer fees. It does not cover closeout or termination charges.


TD Ameritrade


TD Ameritrade offers a sliding scale promotion for new accounts based on the amount deposited into a new account. For a minimum deposit of $3,000, an investor receives 60 days of commission-free trading. Depending on the investor's trading activity, the savings can be enormous because no limit is placed on the number of free trades that can be made. With a deposit of at least $25,000, a trader receives 60 days of commission free trades plus $100. For deposits of at least $100,000, the investor receives 60 days of free trades plus $300. And for deposits of at least $250,000, the investor receives 60 days of free trades plus $600.

This is one of the best IRA promotions we have ever seen. The minimum deposit (minus trading losses) must remain in the account for 12 months to avoid retroactive commission charges. Offer link: Trade free for 60 days + get up to $600.


E*Trade


E*Trade offers yet another variation on the TD Ameritrade/Scottrade IRA promotional model ( At E*TRADE, active traders get $4.95 trades + 50₵ per options contract.) Free trades for 60 days after the date of account funding are offered for minimum initial deposits into new accounts of $10,000. Eligible trades are stocks and options. Trades must be made within 60 days of account funding. E*Trade limits the number of commission-free trades to 500.

Cash bonuses are offered for larger initial deposits in addition to the free trades for 60 days. The breakpoints are: $25,000+ earns $200; $100,000+ earns $300; $250,000+ earns $600; $500,000+ earns $1,200; $1,000,000+ earns $2,500.






Brokerage Companies IRA Fees Comparison


Brokerage Broker
Rating
IRA
Inactivity Fees
IRA
Annual Fee
IRA
Closing Fee
Ally Invest Ally Invest rating

$0 $0 $50
TD Ameritrade TD Ameritrade rating

$0 $0 $0
Etrade Etrade rating

$0 $0 $0
Tradestation Tradestation rating

$0 $0 $0
Charles Schwab Charles Schwab rating

$0 $0 $0
Fidelity Fidelity Investments rating

$0 $0 $50
USAA Brokerage USAA rating

$0 $0 $20
Firstrade Firstrade rating

$0 $0 $50
Motif Investing Motif Investing rating

$0 $0 $95
Capital One Investing Capital One Investing rating

$0 $0 $0
Interactive Brokers Interactive Brokers rating

$3601 $30 $0
Merrill Edge Merrill Edge rating

$0 $0 $75
Vanguard Vanguard rating

$201 see $0
WellsTrade Wellstarde rating

$601 $30 $95
Muriel Siebert Muriel Siebert rating

$551 $301 $50
1 - fees charged in some cases; see broker reviews for details.



Individual Retirement Accounts often have various fees associated with them. Different brokerage houses assess different amounts for various activities in an IRA. It's important to know these charges before opening a retirement account, so let's take a look at some of the more common IRA fees and who assesses them.


IRA Setup Fee


This fee is for creating a brokerage account. Few companies now charge it - mostly it's online brokers for active traders.


IRA Closeout Fee


Sometimes brokers charge a fee to close an account. In particular, closing an IRA often comes with a charge of some amount. Although this fee isn't frequently publicized by brokers, many of them do assess the fee. In fact, sometimes a retirement account might be advertised as having no fees, but will nevertheless have a closeout fee. This advertising simply means that the account has no on-going fees to maintain. But once you close the IRA, you see your first fee.

Many well-known brokers have this fee. Fidelity charges $50, and so does Firstrade. OptionsHouse clients are assessed $60 to close a retirement account. Merrill Edge customers pay $49.95 to close an IRA, while WellsTrade clients are charged a very steep $95. On the other hand, TD Ameritrade, Schwab, and Vanguard charge nothing to close an IRA.


IRA Transfer Fee


Many brokerage houses also assess a charge to transfer an IRA to another firm. Capital One Investing, for example, charges $75 to move a full account to another broker, as does OptionsHouse. Merrill Edge customers pay $49.95, although the fee is not in addition to the closeout fee. Some brokers, however, do charge both fees. Ally Invest, for instance, assesses both a $50 closeout fee and a $50 transfer fee for moving an IRA to another financial institution. On the other end of the spectrum is Interactive Brokers, which charges nothing to transfer an account.


IRA Annual Fee


Although less common today, some financial companies do still charge an annual IRA fee. This charge is assessed once per year just for having the retirement account open with the firm. Vanguard charges a $20 annual fee for an IRA, although customers can avoid the charge by signing up for electronic delivery of account documents.

A WellsTrade IRA carries a $25 annual fee. The broker waives the charge for accounts with balances above $5,000. Wells Fargo Bank customers with a premier relationship with the financial institution also have the fee waived.


IRA Inactivity Fee


Some brokers want to earn a minimum amount of commissions from activity in an IRA, so they have an inactivity fee. Brokerage firms must make money off an account somehow, and this fee is one way they attempt to do so.


Fees for Early Withdrawals


Under IRS regulations, withdrawals cannot be made from an IRA until the age of 59½. Taking money out of an IRA before this age will incur IRS-imposed penalties, although Uncle Sam does provide some exceptions. However, some brokers might impose a separate fee for making a withdrawal from a retirement account before 59½. E*Trade does just this. Each withdrawal from an IRA before 59½ costs $25 at the firm. This charge is in addition to anything the government charges.


Fees for Paper Statements


As more brokerage firms move towards a lower-cost model, some of them are cutting costs wherever they can. Eliminating hard-copy communications is one way financial institutions are able to reduce overhead. Several financial companies now charge for mailing out paper statements and other documents. Merrill Edge, for example, charges $5 for every paper statement that it mails and $3 for each trade confirmation. TD Ameritrade offers free paper statements for accounts above $10,000, while Vanguard requires a higher $50,000. Fidelity, by comparison, offers paper statements free for all clients.


Fees for Excess Contributions


Under government regulations, the maximum annual contribution for an IRA is either $5,500 or $6,500, depending on age and filing status. Sometimes retirement savers make a mistake and contribute too much to an IRA. When this happens, they must withdraw the excess amount. A broker can charge for this, and E*Trade does. The firm charges $25 for making this type of withdraw.


IRA Recharacterization Fee


An IRA recharacterization occurs when a Roth conversion is converted back to a Traditional account, or whenever a contribution needs to be changed from a Roth account to a Traditional IRA. E*Trade customers must pay $25 for each occurrence.


Companies IRA Fees Recap


All brokers have fees in order to make a profit, which is their ultimate goal. But the brokerage industry is currently very competitive, so many good deals can be found. Be sure you know what specific fees a particular company charges before opening an IRA with the firm. If you do your homework, you may find an unbeatable deal.


Updated on 9/13/2017.





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