No. of Recommendations: 0
Greetings,

I want to open an IRA with Vanguard, but don't have the $10,000 minimum to open an account.

Last time I checked, Vanguard's minimum for IRAs was $1,000 which isn't that high, IMO. I think most discount brokers would require at least $500 at a minimum for an IRA account.

You do realize that if you bought say, the Vanguard Total Stock Market that there are $20/year in fees until you get up to $10,000 right? There is a custodial and an account maintainence fee. Some people find these really annoying and may be enough to make the discount broker option worthwhile if the transaction costs are low enough.

I know it makes sense to open an IRA with that particular fund family, but I also want to have an IRA that is invested in CD's, stocks. I assume it would be better to open such an IRA with a discount broker?

Possibly. There is a question for how small of a CD do you want to allow and how much would the broker charge for such a transaction? Would the IRA get hit with inactivity fees and what custodial charges are there are also worth investigating, IMO.

Regards,
JB
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement