It's one thing to know you need to open an IRA. It's another thing to figure out where to open it. Don't play eeny-meeny-miney-mo — try this.

This is for you: If you want to open an investment account but don't know where to do it.

How long will it take: 10 minutes — really.

What matters:

• Have you chosen investments? An IRA at one brokerage house or fund company isn't that different from any other, except in the investments they offer you and how much you'll pay for them. So choose your investments first, then make sure the brokerage you choose offers the ones you want, ideally without transaction fees (that is, they won't charge you every time you put money in).


• How much money do you have? Some brokerages charge "account maintenance fees" if you have less than a few thousand dollars.


• How's the website? Before you invest with a company, check out the website and make sure you understand how to get around. If it's a navigational nightmare, that doesn't bode well for your ability to monitor your investments or move money around.

If you have less than $1,000 to invest:
T. Rowe Price allows customers to start investing with $50 monthly deposits and a good selection of proprietary funds, so it's a good place if you're starting from ground zero and want to contribute regularly. If you don't want T. Rowe funds, E-Trade offers an IRA with no minimums, but you'll pay $9.99 every time you buy or sell a fund (or stock), which only works out if you invest a chunk of money in once or twice a year.

If you have more than $1,000:
Vanguard's minimums range from $1,000 to $3,000 or more, but once you have enough to get into those funds, the firm's cheap, well-managed funds make it a great place to invest. If you don't want Vanguard funds, check to see if you can find the funds you want on the "no transaction fee" lists at Schwab (minimum: $1,000 or a $100 automatic monthly contribution) or Fidelity (minimum: $2,500, or a regular $200 monthly contribution).

Next: Open that IRA. (Need help choosing between a Roth and a traditional IRA?)

To learn more:

• Everything You'll Ever Need to Know About Investing (LearnVest)
• Morningstar IRA Calculator

Who helped: Sheryl Garrett, financial planner and founder of the Garrett Planning Network


Did you do it? Tell us what worked or share other tips in the comments below.


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Related Links:

How to choose between a traditional and Roth IRA

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