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Before you begin: stop automatic deposits

If you’ve set up contributions from your paycheck, you should cancel the direct deposit to your myRA® through your employer. Employers may ask you to follow their own paper or electronic process to cancel direct deposits.

If you’ve set up contributions from your bank account, you will not need to communicate with your bank to stop any debits of funds from your bank account to your myRA. We will provide account holders with additional information in the coming months that outlines when we’ll stop accepting and processing deposits.

Step 1: Select a Roth IRA provider

Shopping for a Roth IRA is like other types of comparison shopping. Spending time comparing different options will give you more confidence in selecting the right financial product for you. The marketplace for Roth IRA providers has grown over the years, which gives consumers more choice. Below, you’ll find a few things you may want to consider as you look for a new Roth IRA provider.

You can download the Roth IRA Provider Comparison Worksheet to make it easier to compare your choices.

Things to consider when selecting a new provider

An account minimum is a dollar amount someone is required to have in the account. Many providers do not require any account minimum. However, some providers require a minimum opening deposit, or minimum account balance. In choosing your new Roth IRA provider, consider how much is currently in your myRA and whether you will be adding additional funds to your new Roth IRA.

For example, if your new Roth IRA provider requires that your minimum opening deposit be at least $500, and you currently have $400 in your myRA, you may not be able to open an account with that Roth IRA provider unless you add in another $100 to meet the $500 account minimum.

Learn more about Roth IRAs