Saving money for the future is on everyone’s mind. Even if retirement is decades away, placing any amount of money away helps you prepare. An IRA (individual retirement account) provides you with a way to save with its own set of tax advantages. Before you get ready to make your first deposit, be sure to research the companies available. Here are five of the best IRA companies.

Scottrade

With a slogan like “More broker for your money,” Scottrade attracts customers looking to start an IRA or roll their current retirement savings into an IRA. One of the most attractive features of an IRA with Scottrade is that there are no fees. You don’t pay annually and you don’t pay to set up an account. There are trading fees if you choose to pursue that course of action.

This is a great company for someone who is new to retirement savings and new to IRAs. There are plenty of resources to help customers find exactly what they need to get started. With a good reputation and quality customer service, Scottrade is one of the best IRA companies.

TradeKing

TradeKing offers customers a low, flat trading fee. There is a minimum amount required to get started. Customers can easily begin setting up their IRA online with directions guiding them through each step. You can choose to complete a wire transfer, write a check, or transfer from a current account. Without any type of assistance, other than the website, you can set up an account and fund it.

If you have questions about anything involving IRAs or other investment opportunities, the FAQ gets you started. From there, just type in your query and look through the results. According to a broker survey conducted in 2011, TradeKing received a five star rating, the highest achievement possible.

optionsXpress (Charles Schwab)

If you don’t currently have an IRA, you probably have many questions about the process and the decisions to be made. Even if you currently have an IRA account, you still want to learn to become an effective manager of your account. optionsXpress offers classes both online and in person to help customers learn about investing. The classes range from beginning principles to more advanced techniques.

Customer service is available online and there are no fees for broker-assisted trading. You can access your accounts on your home computer, your work computer and even your cell phone. Another unique feature of the optionsXpress account is the ability to try out a virtual trade. Use your own ideas about investing and see how your “virtual” money fares.

Fidelity

After opening up an IRA with Fidelity, you gain access to information to help you choose the right investments. Online tools help you make an informed decision as you make changes to your account. While the minimum amount to open an account is $2,500, you can set up a payment plan of $200 a month, withdrawn from a current account, to get you started. This could help you start the habit of making a monthly deposit to your IRA.

Vanguard

Customers choose Vanguard for their low fees. There are no commissions and no account fees, as long as statements are sent out electronically rather than by mailing. According to their website, Vanguard is averaging an annual expense of $.21% compared to the $1.15% industry average. There are plenty of opportunities for investment and you control your own account. You get personal assistance from new account specialists to get you started.

As you begin to plan for retirement and choose an IRA company, consider looking at other aspects of your finances as well. Using a mortgage calculator, check to see if your home will be paid off by the time you retire. Use the figures to determine whether a refinance would be beneficial.

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