I'd like to open a self-directed Roth IRA, putting the money into the Foolish 4 Dow stocks. Presently I have a 403b account, but my employer puts the same amount in it for me no matter how much or how little I contribute. The investment choices are the usual mutual funds and money-market accounts (most of what I have is in S&P 500 index funds). I want to cut my voluntary contributions to the 403b and instead put the money into a Roth. However, I am having trouble extracting information from various broker websites on their minimums to open an IRA (versus a regular account). None of them say much about their criteria for IRA's. I'd like to be able to deposit $165/month in the brokerage account, keeping it in a money-market sweep account (hopefully getting more than the 1.5% my stingy bank gives for savings accounts) until I have $2000, then pay the commissions to buy the stocks. Does anyone know of a discount online broker that would let me do this? Of course,the lower the commissions, the better. Thanks for any help or advice.A.
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