November 18th, 2008
ireallyhatetoregister asked:
I want to identify the best financial institution for opening a Roth IRA. It must have quality mutual funds with no load or transactions fees. I want to make monthly payments (~$200) and have that money immediately converted to shares of the mutual fund that I choose. So far, Fidelity and Charles Schwab will allow automatic monthly payments. Unfortunately, Chuck requires that the minimum for the mutual funds (usually $1000) is met before automatic purchases of a fund can be completed monthly. Fidelity will lower $2500 minimums to $300. Does anyone have experience with these financial institutions or another with a better policy?
Vanguard can setup an automatic investment of $50 but you have to meet the $3000 minimum first to even open an account. While T. Rowe Price will also setup a $50 automatic investment with no minimum meaning the $50 can be immediately invested. The problems is that you are limited to T. Rowe Price Funds only (no stocks, no ETFs, etc.). So far Fidelity seems the best overall option with no clear cut winner.
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