BEST OF

14 Best Roth IRA Accounts of December 2022

A Roth IRA is a great tool to help you save for retirement. Check out our picks for the best Roth IRA accounts below.

Nov 1, 2022

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A Roth IRA is one of the best places to save for retirement — you put money in after paying income taxes on it, but then your account grows entirely tax-free. In retirement, you don’t have to pay any tax on withdrawals, provided you follow the rules, which can mean more financial freedom for you. And it’s easy to get going: It takes just 15 minutes to open an account.

But what's the best place to open a Roth IRA? We’re here to help you decide. Every year, we evaluate major U.S. online brokers and robo-advisors to select the best Roth IRA accounts. Our current picks for both brokers and robo-advisors are below.

What's the difference? The brokers we've chosen as the best choices for hands-on investors will allow you to choose your own investments once you open your Roth IRA. The robo-advisors we've picked for hands-off investors will build and manage a portfolio for you, so you don't need to do the work of picking and choosing your own investments.

Note: The star ratings on this page are for the provider overall. Some providers with a lower overall rating are included here because IRAs are where they excel.

Best Roth 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 $150

when you open a new, eligible Fidelity account with $50 or more. Use code FIDELITY150. 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 

4.7

/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 

4.5

/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 

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

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 

4.4

/5
E*TRADE Core Portfolios
Learn more

on E*TRADE's website

AD

Paid non-client promotion

Fees

0.30%

management fee

Account minimum

$500

Promotion

None

no promotion available at this time

NerdWallet rating 

4.4

/5
Ally Invest Robo Portfolios
Learn more

on Ally Invest's website

AD

Paid non-client promotion

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 and $6,500 in 2023. We’ve included promotions with low deposit requirements where available.

Last updated on November 1, 2022

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

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

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

APY

3.00%

With $0 min. balance for APY

Bonus

$250

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

at SoFi, 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). 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 Roth IRA Accounts of December 2022

Frequently asked questions