Quote:
Originally posted by Rudey
Better rates for what?
An IRA is just an account. You shouldn't be charged to open one up. Everything you do from there is the same that you would do with any broker - basically the fee you pay to buy or sell a stock/bond/option/whatever. There are a lot of websites comparing broker fees - I recommend Brownco.com.
-Rudey
|
Okay, I confused myself. When I went to my credit union's website to look at information on how I would open up an IRA, etc., they had this chart of interest rates for all their accounts. Under IRAs, they have interest rates listed. (pretty much, it looks exactly like when you go to the bank to open up a checking account and you compare the interest rates b/w the different types of accounts). Apparently that's for their IRA
certificates, which wasn't immediately clear to me. That's why I was asking about the rates (interest rates).
I guess I'm asking if it's better to open up an IRA through a bank or through an investment firm, such as some of the ones listed in this thread. Or does it even matter? Since brokers make $$$ off the trades you make in your account, do banks do the same? Do you even have the power to make trades if you go through a bank, or do banks automatically do it for you?
Am I making any sense? Sorry if this is making me sound like a complete idiot.
My next question is this: as I understand it, once I've rolled over my account, if I make any contributions to this new IRA account, that can no longer be combined with any IRAs in the future, is that correct?