Low minimum IRA?

[disneysteve]

Where can I open an IRA with less than $1,000?

[Caoineag]

T rowe price, have to contribute $50 per month though.

[disneysteve]

Can't add more until next year. Just a one time deposit for 2009 tax year.

[MonkeyMama]

Open a cash account. Generally low minimums - you can open an IRA at just about any bank. Then, you don't lose the 2009 deduction and can invest it (rollover) later when you have more.

[jIM_Ohio]

Where can I open an IRA with less than $1,000?

Invested in WHAT?

Banks will open a CD with $1000
some brokerages might allow that (for a fee)

[snshijuptr]

I believe that ING accounts have no minimum, but I'm not sure how they compare on other fees.. I've been trying to compare transaction fees on IRAs, but they've made my head spin.

[mommyof4]

ING, that's where mine is. No minimums, no requirements for monthly deposits, etc.

[MonkeyMama]

I'd probably start with your current bank(s), or look at bankrate.com and then see if the banks with high rates offer IRAs. From a quick search, seems like a lot of high yield/internet banks do not offer IRAs. But you just have to look around a bit. Any Credit Union I have belonged to has offered low minimum IRAs.

You don't have to invest in a CD - regular savings IRA will do.

[nck4857]

Scottrade's minimum is $500, I believe.. Sharebuilder has no minimum..

[disneysteve]

Invested in WHAT?

At this point, I don't really care. Nothing that I put $600 or $700 in is going to have a significant impact on our overall financial plan but it will save us some money on our taxes.

Scottrade's minimum is $500, I believe.

I already have a Scottrade account so I will check on this. I'd like to be able to do this at some institution where I already do business so I don't have yet another thing to track.

[disneysteve]

I just wanted to give some more info. My first couple of posts were made on my phone so I was being very brief. In fact, I was sitting in my accountant's office having my taxes done when I started the thread.

In the course of doing my taxes, he suggested that I consider opening a SEP-IRA. With the money I earned from ebay and medical surveys, he said I should be able to contribute between $700 and $800 for 2009. He'll have an exact number for me tomorrow after he finishes my return. Since I only have until April 15 to open and fund the account, I just want to get it done. I can always move it later as I accumulate more money. I checked with Scottrade and their minimum is $500 which will work fine for my needs. Once I know the exact amount I can contribute, I'll open and fund the account. Thanks for the replies.

[skylog]

t rowe price does have the 50.00 per month automatic asset builder service (what they call it), but i know you can open a traditional or roth with a minimum of 1000.00.

they offer sep as well, but i don't know what the requirements are.

hope that helps