BEST OF

Best IRA Providers for a 401(k) Rollover

Alana Benson
Aug 1, 2022

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When leaving a job, many people also leave their most valuable retirement asset behind: their 401(k), which sits where it is until retirement, quietly amassing fees.

But you can — and in most cases should — roll your 401(k) over to an IRA. Depending on your plan and what you'd like to invest in, 401(k) fees can be high. You may save money and find a wider range of investment options by rolling it over to an IRA.

The toughest part is usually choosing an IRA account provider, but that’s where we come in. Here are NerdWallet’s picks for the best IRA providers for your IRA rollover.

Best IRA Providers for a 401(k) Rollover

Our pick for

Hands-On Investors

Fidelity IRA
Learn more

on Fidelity's website

Fidelity IRA

5.0

NerdWallet rating 
Fidelity IRA

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.

Learn more

on Fidelity's website

Promotion

Get $100

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

Why we like it

Fidelity’s lineup of services for investors goes well beyond retirement accounts. The company’s brokerage arm features $0 commissions, a wide investment selection, plenty of research and advanced trading capabilities (including a strong mobile app).

Pros

  • $0 trade commissions.

  • Free research and data.

  • Strong customer support.

  • Quality trading platform.

Cons

  • Relatively high broker-assisted trade fee.

Read Full Review
Merrill Edge IRA
Learn more

on Merrill Edge's website

Merrill Edge IRA

4.5

NerdWallet rating 
Merrill Edge IRA

Fees

$0

per trade

Account minimum

$0

Promotion

Up to $600

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

Learn more

on Merrill Edge's website

Promotion

Up to $600

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

Why we like it

Merrill Edge offers high-quality customer service, robust research and low fees — all with no account minimum. Customers of parent company Bank of America will love the seamless, thoughtful integration, with a single login to access both accounts.

Pros

  • Robust third-party research.

  • Integrated with Bank of America.

Cons

  • Lower number of low-expense-ratio mutual funds than some competitors.

Read Full Review
E*TRADE IRA
Learn more

on E*TRADE's website

E*TRADE IRA

4.5

NerdWallet rating 
E*TRADE IRA

Fees

$0

Account minimum

$0

Promotion

None

no promotion available at this time

Learn more

on E*TRADE's website

Promotion

None

no promotion available at this time

Why we like it

Retirement investors will find a lot to love with E*TRADE’s IRA offering, including a large line-up of no-trading-fee mutual funds and an extensive library of retirement advice and tools. Plus, there’s no minimum account balance and no fee for stock or ETF trades.

Pros

  • No minimum balance.

  • Extensive research and tools.

  • Commission-free stock, ETF and options trades.

  • 4,400+ no-transaction-fee (NTF) mutual funds.

Cons

  • $19.99 cost for trading non-NTF mutual funds.

Read Full Review
Interactive Brokers IBKR Lite
Learn more

on Interactive Brokers' website

Interactive Brokers IBKR Lite

5.0

NerdWallet rating 
Interactive Brokers IBKR Lite

Fees

$0

per trade

Account minimum

$0

Promotion

None

no promotion available at this time

Learn more

on Interactive Brokers' website

Promotion

None

no promotion available at this time

Why we like it

Interactive Brokers' IBKR Lite is a strong option for frequent traders: The broker offers international trade capabilities, no stock-trading commission and a quality trading platform.

Pros

  • Large investment selection.

  • Strong research and tools.

  • Over 17,000 no-transaction-fee mutual funds.

  • NerdWallet users who sign up for IBKR Pro get a 0.25 percentage point discount on margin rates.

Cons

  • Website is difficult to navigate.

Read Full Review

Our pick for

Hands-Off Investors

SoFi Automated Investing
Learn more

on SoFi Invest's website

SoFi Automated Investing

5.0

NerdWallet rating 
SoFi Automated Investing

Fees

0%

management fee

Account minimum

$0

Promotion

Free

career counseling plus loan discounts with qualifying deposit

Learn more

on SoFi Invest's website

Promotion

Free

career counseling plus loan discounts with qualifying deposit

Why we like it

SoFi Automated Investing is great for beginning, cost-conscious investors who favor a hands-off approach. Plus, as a customer, you could be eligible for bonuses on other SoFi products.

Pros

  • Broad range of low-cost investments.

  • Free management.

  • Automatic rebalancing.

  • Customer support.

  • Access to certified financial planners.

Cons

  • Limited account types.

  • No tax-loss harvesting.

Read Full Review
Wealthfront IRA
Learn more

on Wealthfront's website

Wealthfront IRA

5.0

NerdWallet rating 
Wealthfront IRA

Fees

0.25%

management fee

Account minimum

$500

Promotion

Get $50 customer bonus

when you fund your first taxable Investment Account

Learn more

on Wealthfront's website

Promotion

Get $50 customer bonus

when you fund your first taxable Investment Account

Why we like it

Wealthfront takes the hassle out of IRA investing. The robo-advisor manages accounts by constructing portfolios out of low-cost ETFs, with a flat and low-cost fee structure that appeals to investors seeking a hands-off approach. What’s more, the company has built client trust by offering free management on the first $5,000 invested (for NerdWallet readers).

Pros

  • Get $50 customer bonus when you fund your first taxable Investment Account (NerdWallet promotion).

  • Automatic rebalancing.

  • Digital financial planning tools.

  • Low management fee.

Cons

  • No large-balance discounts.

  • No access to human advisors.

  • No fractional shares.

Read Full Review
Betterment IRA
Learn more

on Betterment's website

Betterment IRA

5.0

NerdWallet rating 
Betterment IRA

Fees

0.25%

management fee

Account minimum

$10

Promotion

Up to 1 year

of free management with a qualifying deposit

Learn more

on Betterment's website

Promotion

Up to 1 year

of free management with a qualifying deposit

Why we like it

With its low-cost ETFs, automatic rebalancing, extensive tax strategies and retirement advice, Betterment is a strong bet for retirement investors. Betterment’s planning tools include advice on “asset location” — which types of investments are best for different types of accounts — and investors can sync outside accounts, as well.

Pros

  • Multiple investment options.

  • Robust goal-based tools.

  • Fractional shares mean all your cash is invested.

  • Low management fee.

Cons

  • $100,000 minimum and higher fee for access to financial advisors.

Read Full Review
Ally Invest Robo Portfolios
Learn more

on Ally Invest's website

Ally Invest Robo Portfolios

4.5

NerdWallet rating 
Ally Invest Robo Portfolios

Fees

0.0%

with Cash-Enhanced Managed Portfolio; 0.3% otherwise

Account minimum

$100

Promotion

None

no promotion available at this time

Learn more

on Ally Invest's website

Promotion

None

no promotion available at this time

Why we like it

Ally Invest Robo Portfolios is best suited to retirement accounts or loyal Ally customers who want to house a managed account, a trading account and their bank accounts under one roof. The lack of tax-loss harvesting will be an issue for investors with taxable brokerage accounts.

Pros

  • Solid investment selection.

  • Integration for Ally bank and brokerage clients.

Cons

  • No tax-loss harvesting.

Read Full Review
E*TRADE Core Portfolios
Learn more

on E*TRADE's website

E*TRADE Core Portfolios

4.0

NerdWallet rating 
E*TRADE Core Portfolios

Fees

0.30%

management fee

Account minimum

$500

Promotion

None

no promotion available at this time

Learn more

on E*TRADE's website

Promotion

None

no promotion available at this time

Why we like it

If you’re after a robo-advisor portfolio with actively managed mutual funds, E*TRADE is a strong option. Otherwise, you may be able to get more for less from a competitor, particularly if you hold a high balance in a taxable account.

Pros

  • Extensive investor tools and educational resources.

  • Strong customer service.

  • Low investment-expense ratios.

  • Specialty portfolio options.

Cons

  • No tax-loss harvesting.

Read Full Review

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

Last updated on August 1, 2022

You may also like these

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

Varo Savings Account

5.0

NerdWallet rating 
Varo Savings Account

APY

1.20%

With $5.12 min. balance for APY

at Varo Bank, Member FDIC

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

APY

2.00%

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

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 Providers for a 401(k) Rollover