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They are charging me a 5.01% sales charge on each deposit I make into my IRA fund.

Is this with "Class A" shares of a fund? Are you being charged custodial fees (usually annually) in addition to this?

My Roth IRA is at Vanguard; they don't charge a sales charge. However, there are custodial fees and, for index funds, a fee for balances under $10,000. But if you are contributing $3,000 in a year, the fees at Vanguard would probably turn out to be far less than the sales charge you are paying.

Vanguard's web site: http://www.vanguard.com
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