BEST OF

14 Best IRA Accounts of October 2022

Sep 1, 2022

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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. And, spoiler alert: 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 (that adds up to the annual maximum of $6,000). The stock market’s 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 IRAs that score the highest in our assessment are below.

Best IRA Accounts

Our pick for

Hands-On Investors

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

Get $100

when you open a new, eligible Fidelity account with $50 or more. Use code FIDELITY100. Limited time offer. Terms apply.

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 

4.5

/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 

4.5

/5
E*TRADE IRA
Learn more

on E*TRADE's website

Fees

$0

Account minimum

$0

Promotion

None

no promotion available at this time

Our pick for

Hands-Off Investors

NerdWallet rating 

5.0

/5
SoFi Automated Investing
Learn more

on SoFi Invest's website

Fees

0%

management fee

Account minimum

$0

Promotion

Free

career counseling plus loan discounts with qualifying deposit

NerdWallet rating 

5.0

/5
Wealthfront IRA
Learn more

on Wealthfront's website

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

Fees

0.25%

management fee

Account minimum

$10

Promotion

Up to 1 year

of free management with a qualifying deposit

NerdWallet rating 

4.0

/5
E*TRADE Core Portfolios
Learn more

on E*TRADE's website

Fees

0.30%

management fee

Account minimum

$500

Promotion

None

no promotion available at this time

NerdWallet rating 

4.5

/5
Ally Invest Robo Portfolios
Learn more

on Ally Invest's website

Fees

0.0%

with Cash-Enhanced Managed Portfolio; 0.3% otherwise

Account minimum

$100

Promotion

None

no promotion available at this time

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. We’ve included promotions with low deposit requirements where available.

Disclosure: The author held no positions in the aforementioned securities at the time of publication.

Last updated on September 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

2.50%

With $0 min. balance for APY

Bonus

$300

Earn up to $300 with direct deposit. Terms apply.

at SoFi, Member FDIC

Varo Savings Account

5.0

NerdWallet rating 
Varo Savings Account

APY

5.00%

With $1.25 min. balance for APY

at Varo Bank, Member FDIC

LendingClub High-Yield Savings

5.0

NerdWallet rating 
LendingClub High-Yield Savings

APY

2.65%

With $0 min. balance for APY

at LendingClub 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). Ratings are rounded to the nearest half-star.

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 October 2022

Frequently asked questions