4 comments so far...

• v b Said on April 15th, 2010 at 10:05 pm:
  

  For small amounts, your local bank would be happy to help you. They let you set up the account, you deposit anywhere from $500 to the maximum you can contribute (subject to having the income) and you start with a CD.

• efflandt Said on April 15th, 2010 at 10:52 pm:
  

  It depends where you open your account. A bank Roth IRA CD might be any amount. Scottrade only requires $500 to open an account. Other brokers are typically $2500-3500, but sometimes are lower for IRA’s.

• Britt Said on April 15th, 2010 at 11:01 pm:
  

  Here’s an article which explains how to open a Roth IRA:

  http://www.your-roth-ira.com/open-a-roth-ira.html

  And here’s an article comparing a Roth IRA vs. Traditional IRA:

  http://cashmoneylife.com/2008/02/06/traditional-ira-vs-roth-ira/

  If you use a online discount broker, such as TradeKing, Firstrade, or Sharebuilder, to set up your Roth IRA, it shouldn’t cost a lot to trade, you should have zero set-up/maintenance fees, and a very low minimum required balance (if any). So take a look at some of the online brokers and see what they’re offering…

  Good luck!

• Michelle Said on April 19th, 2010 at 7:53 pm:
  

  It depends where you open your account. A bank Roth IRA CD might be any amount. Scottrade only requires $500 to open an account. Other brokers are typically $2500-3500, but sometimes are lower for IRA’s.