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Yes some places do have such fees. I would note that the current Roth IRA limits do make these something you could get over in a couple of years if you just use one fund, even if it is a fund of funds.

I understand that in two years I could get around that. I just didn't want the fees to eat up any earnings that I had is all. I don't like bank fees.

Two years? Try one year. You can still put $4000 in your IRA and designate it as a 2005 contribution, and then turn around and put another $1000 in your IRA and designate it a 2006 contribution. Presto, $5000 at Vanguard, and no fee if you keep it in a single fund. Plus you have until April 15, 2007 to come up with another $3000 for the 2006 contribution.

Do note however that if your one fund is an index fund you will still be charged $10/year until your balance in that fund gets above $10,000.
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