How do I set up a Roth IRA account and what is the minimum that I need to do so?

Answer 1

You can set up an Roth IRA with virtually no minimum, and a max of $4000.

I recommend u use TDAmeritrade cause you can get free trades if you deposit $2,000.

I recommend that you do that because depositing anything less will mean you have to pay commision fees which are costly if you want to diversify.

Opening the account itself is very easy. Once you set everything up, it will give you an option for which fiscal year to open the account. You will be able to choose if you want to deposit for 2006 or 2007 for tax purposes. You have until April 15th to set up the 06 account.

Hope this helps

Answer 2

You might find a bank that would open a Roth for as little as $100. initial investment.
I like Scottrade and E-trade myself, cuz I can invest in mutual funds for free and get cheap stock trades.
I like Janus funds for mutual funds, but Vanguard and T Rowe Price are also good companies.
Just find a company that doesn't charge you to set up your IRA and doesn't charge a yearly fee to maintain it.

Answer 3

Each bank/investment firm has its own minimums--and many will lower their minimums if you sign up for monthly automatic investments from a checking/savings account.

I highly recommend Vanguard--they have a wide variety of index and mutual funds that are consistently high rated and very low cost. Their minimum is $3000, but I think they drop it to $1000 if you set up auto investments (which have to be $50/month or more).