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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.

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Try the Discount Brokers Board. You'll find discussions on all of the various brokers.

Phil
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"Try the Discount Brokers Board. You'll find discussions on all of the various brokers.

Phil "

Thanks Phil, but that was the first place I went. I posted the same question over there and had no responses. There is info there on the annual fees for IRA's, but nothing on minimums. I've also looked on several web sites that compare brokers, but they ignore IRA accounts.

I thought I might have better luck over here since the topic is retirement funds, and I figured someone would have investigated this before me.

I did e-mail Waterhouse directly, and found they have no minimum balance and no annual fees for IRA's. Sounds good, but you'd never know it from their website. I guess I'll just have to e-mail all the other low-fee brokers to do a thorough comparison. Hey, maybe I should post what I find out since no one seems to have done it before!


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