BEST OF

16 Best IRA Accounts of December 2022

An individual retirement account, or IRA, is one of the best places to save for retirement. Here are the best IRA accounts available right now.

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The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

An individual retirement account, or IRA, is a tax-advantaged investment account that can help you save for retirement. It typically takes just 15 minutes to open an account. We’re here to help you find the best IRA account for your situation. (Note: The star ratings on this page are for the provider overall. Some brokers with a lower overall rating are included here because IRAs are where they excel.)

How (and why) to open an IRA account

To open an IRA, you’ll need to provide some personal information, including your birthdate and Social Security number.

Even if you have a 401(k) or other workplace plan, it can make sense to save in an IRA — as long as you also make sure to get any company 401(k) match you may be offered — because IRAs often offer more investment choices. This is important, because your investment returns will have a big impact on your savings over time.

Say you put $500 every month into an IRA. An annual average return of 8% would get you more than $475,000 after 25 years. Even if you earned a more conservative 6%, you’d end up with more than $345,000 after 25 years.

Every year, we evaluate a broad swath of major U.S. online brokers and robo-advisors for the best IRA account offerings. The online brokers below are ideal for hands-on investors who want to pick and choose their investments. The robo-advisors are best suited to hands-off investors — a robo-advisor will build and manage an investment portfolio for you within your IRA, so you don't have to do the work. The IRAs that score the highest in our assessment are below.

Best IRA Accounts

Our pick for

Hands-On Investors

For people who want to pick their own investments, opening an IRA at an online broker makes a lot of sense. At the best brokers, you’ll find a large list of low-cost investments to choose from, including index mutual funds and exchange-traded funds. Here are the favorites from this year's analysis:

NerdWallet rating 

5.0

/5
Fidelity IRA
Learn more

on Fidelity's website

Fees

$0

no account fees to open a Fidelity retail IRA

Account minimum

$0

Promotion

None

no promotion available at this time

NerdWallet rating 

5.0

/5
Charles Schwab IRA

Fees

$0

per trade

Account minimum

$0

Promotion

None

no promotion available at this time

NerdWallet rating 

4.5

/5
E*TRADE IRA
Learn more

on E*TRADE's website

Fees

$0

Account minimum

$0

Promotion

None

no promotion available at this time

NerdWallet rating 

5.0

/5
TD Ameritrade IRA

Fees

$0

per trade

Account minimum

$0

Promotion

None

no promotion available at this time

NerdWallet rating 

5.0

/5
Interactive Brokers IBKR Lite
Learn more

on Interactive Brokers' website

Fees

$0

per trade

Account minimum

$0

Promotion

None

no promotion available at this time

NerdWallet rating 

4.7

/5
Merrill Edge IRA
Learn more

on Merrill Edge's website

Fees

$0

per trade

Account minimum

$0

Promotion

Up to $600

when you invest in a new Merrill Edge® Self-Directed account.

NerdWallet rating 

4.7

/5
J.P. Morgan Self-Directed Investing
Learn more

on J.P. Morgan's website

Fees

$0

per trade

Account minimum

$0

Promotion

Get up to $625

when you open and fund a J.P. Morgan Self-Directed Investing account with qualifying new money

Our pick for

Hands-Off Investors

For people who want to pick their own investments, opening a Roth IRA at an online broker makes a lot of sense. At the best brokers, you’ll find a large list of low-cost investments to choose from, including index mutual funds and exchange-traded funds. Here are the favorites from this year's analysis:

NerdWallet rating 

4.9

/5
Schwab Intelligent Portfolios®

Unpaid non-client promotion

Fees

0%

management fee

Account minimum

$5,000

Promotion

None

no promotion available at this time

NerdWallet rating 

5.0

/5
Wealthfront IRA
Learn more

on Wealthfront's website

AD

Paid non-client promotion

Fees

0.25%

management fee

Account minimum

$500

Promotion

Get $50 customer bonus

when you fund your first taxable Investment Account

NerdWallet rating 

5.0

/5
Betterment IRA
Learn more

on Betterment's website

AD

Paid non-client promotion

Fees

0.25%

management fee

Account minimum

$10

Promotion

Up to 1 Year

of free management for new clients. Terms apply.

NerdWallet rating 

4.6

/5
Fidelity Go

Unpaid non-advisory client promotion

Fees

0% - 0.35%

management fee

Account minimum

$0

Promotion

None

no promotion available at this time

NerdWallet rating 

4.7

/5
Vanguard Digital Advisor
Learn more

on Vanguard's website

AD

Paid non-client promotion

Fees

0.15%

per year (approximately)

Account minimum

$3,000

Promotion

No advisory fees

your first 90 days of Vanguard Digital Advisor investment management (Enrollment requires a Vanguard account with a minimum of $3,000)

NerdWallet rating 

4.7

/5
Firstrade

Fees

$0

per trade

Account minimum

$0

Promotion

Up to $200

in Transfer Fee Rebates

NerdWallet rating 

4.9

/5
Ellevest

Unpaid non-client promotion

Fees

$5 - $9

per month

Account minimum

$0

Promotion

2 months free

with promo code "nerdwallet"

NerdWallet rating 

4.9

/5
SoFi Automated Investing
Learn more

on SoFi Invest's website

AD

Paid non-client promotion

Fees

0%

management fee

Account minimum

$0

Promotion

Free

career counseling plus loan discounts with qualifying deposit

Want to compare more options? Here are our other top picks:

Note: Some of these promotions won’t apply for first-time depositors, due to IRA contribution limits of $6,000 per year in 2022 and $6,500 in 2023. We’ve included promotions with low deposit requirements where available.

Last updated on December 1, 2022

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People often identify opening a savings account as their next money move.

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

APY

3.25%

With $0 min. balance for APY

Bonus

$250

Earn up to $250 with direct deposit. Terms apply.

at SoFi, Member FDIC

LendingClub High-Yield Savings

4.5

NerdWallet rating 
LendingClub High-Yield Savings

APY

3.25%

With $0 min. balance for APY

at LendingClub Bank, Member FDIC

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

3.00%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

Methodology

NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. brokers and robo-advisors. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars).

For more details about the categories considered when rating providers and our processes, read our full broker ratings methodology and our full robo-advisor ratings methodology

To recap our selections...

NerdWallet's Best IRA Accounts of December 2022

Frequently asked questions