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TD Ameritrade IRA: Start saving for retirement in 15 minutes
Apply quickly to get started on your retirement, with no minimum deposit or maintenance fees.
Think it’s too early to start saving for retirement? Planning for retirement early can help sow the seeds for a successful future beyond your working years.
An individual retirement account (IRA) is an indispensable tool to help you save for retirement. Make contributions to your IRA, and invest the money to grow your account.
When looking into brokerages, consider Nebraska-based TD Ameritrade. Though it’s not the cheapest IRA provider out there, it offers competitive fees and a wide array of investments.
Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order and expertly navigate the cutting-edge financial tools available -- including credit cards, apps and budgeting software.
A closer look at TD Ameritrade
Here are a few good reasons to consider opening your IRA with TD Ameritrade.
Low commissions. As a discount brokerage, TD Ameritrade offers competitive investment fees. You can invest in stocks and ETFs online starting at $6.95.
Wide variety of investments. Choose from more than 100 commission-free ETFs, thousands of no-fee mutual funds and over 70 currency pairs.
Customize your investments. With the help of TD Ameritrade‘s trading tools, curate and manage your investment portfolio.
Online account setup. Apply online in 15 minutes. Established, long-running brokerage. In business for more than 35 years, TD Ameritrade is among the largest brokerages in the United States.
Depending on your deposit, you may get a bonus
If you open your TD Ameritrade IRA with at least $3,000 within 60 days, you’ll receive a cash bonus:
Fund your account with $25,000 to $99,999 for a $100 bonus.
Fund your account with $100,000 to $249,999 for a $300 bonus.
Fund your account with $250,000 or more for a $600 bonus.
Setup and maintenance fees
Don’t have much to deposit into your IRA? That’s OK: TD Ameritrade requires no minimum initial deposit for any of its IRAs.
Also, you won’t have to worry about high-pressure maintenance fees.
Traditional IRA
Roth IRA
Rollover IRA
Minimum initial deposit
None
None
None
Maintenance fees
None
None
None
Trading fees
TD Ameritrade isn’t the cheapest investment platform. Stock trades, for example, cost $6.95 each. In contrast, platforms like Ally Invest, Charles Schwab and Fidelity charge $4.95 per trade. If you plan to use your IRA to trade regularly, consider a platform with lower fees.
Fees for stocks, ETFs, options and futures
Stocks and ETFs
Stock options
Futures
$6.95 per trade; noncommision ETFs available
$6.95 + $0.75 per contract
$2.25 per contract
Fees for mutual funds
No-fee mutual funds
No-load mutual funds
Load mutual funds
No commission
$49.99 per purchase
No commission
Fees for bonds, CDs and UITs
Bonds
CDs
UITs
Treasuries at auction available commission free; net yield for all other bonds
Net yield for new issue and secondary
Net yield for new issue and secondary
Fees for forex currency
FX noncommission
FX commision
FX margin
Cost reflected in wider spreads
$0.10 per 1,000 units ($1 minimum)
50:1 leverage on major pairs ($200 margin requirement);
20:1 leverage ($500 margin requirement)
What are the benefits of a TD Ameritrade IRA?
Access to TD Ameritrade retirement consultants. They’ll help you move your assets to TD Ameritrade and plan for retirement.
Retirement resources. An online retirement calculator can show you how much you need to invest to retire like you want to. Get access to resources like complimentary goal-planning sessions and the IRA Selection Tool.
Access to investment research. Make informed investment decisions with third-party research.
What to watch out for
You’ll find lower trading fees elsewhere. If you’re an active trader who’s concerned about fees, other brokerages could better serve your needs.
No access to stocks on international markets. Not many brokers allow trading in overseas markets.
Not a full-service brokerage. You can plan goals with TD Ameritrade‘s financial consultants, but you won’t get the highly personalized attention of a full-service brokerage.
Case study: Jennifer’s experience
Jennifer Gimbel Loans Editor
I first opened up a TD Ameritrade IRA Account a few years ago, when I had my first full-time job and wanted to begin saving for retirement — albeit slowly. I decided to go with this provider for a few reasons:
My dad had used them for years and had a positive experience.
It didn’t require a minimum deposit to open an account.
There weren’t any monthly maintenance fees.
Overall, I’d say I’m happy with my decision. I was able to open an account online and deposit my money in less than 30 minutes. And when I first logged in, their online account platform was intuitive and easy to navigate.
While I didn’t take their financial advice into account when selecting the stocks I wanted to invest in, the process for purchasing them was painless — I simply searched for the stock in its dashboard, selected how many shares I wanted to invest in and the trade was done right then and there. I was charged a small fee to execute these trades, but because I plan to sit on these funds and let them grow, it didn’t really faze me.
Compare to other trading platforms
How do I get started?
According to TD Ameritrade, it takes just 15 minutes to open an IRA. Go to the TD Ameritrade website and click Open new account to begin the application.
Personal details. Name, date of birth, marital status, citizenship status, mother’s maiden name and number of dependents.
Contact information. Email address, phone number and mailing address.
Financial information. Employment status, annual income, net worth and liquid net worth.
Personal affiliations. Personal ties to political figures, individuals in the financial sector or investors in publicly traded companies.
After you’ve completed the application, review your details and then agree to TD Ameritrade‘s terms to create your login details.
What you’ll need before you start
To get started, you’ll need your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN).
If you’re not a US citizen or permanent resident, you’ll need your foreign tax ID, visa number or passport.
In all cases, you’ll need your employer’s name and address.
I’ve signed up. Now what?
Take advantage of your deposit promotion. Qualify for a cash bonus with a $25,000 deposit.
Manage your account on the go. Manage your portfolio online or through TD Ameritrade‘s app, which users rate highly for convenience.
Contact customer service. Reach customer support at 1-800-669-3900 or by email. The brokerage doesn’t offer live chat, but users say customer support is great overall.
Bottom line
TD Ameritrade isn’t the cheapest brokerage. However, you’ll like that its IRAs require no minimum deposits or maintenance fees.
If you don’t have time for research or you want to build your portfolio on professional advice, invest in TD Ameritrade‘s wide selection of mutual funds and ETFs. Or build your own portfolio through the brokerage’s third-party research.
Frequently asked questions
Yes. You can start trading after you open and fund your account.
Yes. TD Ameritrade is a member of the Securities Investor Protection Corporation, which protects securities up to $500,000. You’re also protected by TD Ameritrade‘s Asset Protection Guarantee. Read more about these safeguards online.
Yes. TD Ameritrade operates more than 100 branches nationwide. Search for one near your city or ZIP code through TD Ameritrade‘s site.
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