How to open a Roth IRA at Fidelity

You can open a Roth IRA at Fidelity online in about 15 minutes, by phone, or in person at a Fidelity branch. The online route is fastest: go to fidelity.com, select "Open an Account," choose "Roth IRA," and answer questions about your employment, income, and citizenship. Fidelity will verify your identity using your Social Security number and date of birth. Once approved, you fund the account and choose how to invest the money.

You do not need to have an existing Fidelity account to open a Roth IRA there. If you prefer to speak with someone, call 1-800-343-3548 (Fidelity's main line) and ask for the IRA department, or visit a local Fidelity branch. The phone and in-person routes take longer but let you ask questions as you go.

Before you start, confirm that you meet Fidelity's basic requirements: you must be a U.S. citizen or resident alien with a valid Social Security number, and you must have earned income in the year you are opening the account (from a job, self-employment, or alimony). Fidelity does not charge an account opening fee.

Key Takeaways

  • The online application at fidelity.com takes about 15 minutes and requires your Social Security number, date of birth, and income information.
  • You must have earned income in the current year to open a Roth IRA, whether from employment, self-employment, or alimony.
  • After your account is approved, you must fund it with your own money before you can invest — Fidelity does not contribute on your behalf.
  • Fidelity offers multiple investment options inside the Roth IRA, from money market funds to individual stocks, but you choose what to buy after the account opens.
  • There is no account opening fee, but Fidelity charges transaction fees or expense ratios depending on what investments you choose.

What documents and information you need before you start

Gather these items before you begin the application, whether online or by phone. You will need your Social Security number, date of birth, current address, and employment information (employer name and the dates you worked there). If you are self-employed, have your business name and structure type ready (sole proprietorship, LLC, S-corp, etc.).

Fidelity will also ask about your annual income and whether you have other retirement accounts. If you have a 401(k), traditional IRA, or SEP-IRA elsewhere, write down the approximate balance and the institution's name. You do not need to close those accounts, but Fidelity needs to know they exist for tax reporting purposes.

Have a funding method ready: a bank account for a transfer, a check to mail, or a wire transfer. Fidelity accepts all three. If you are funding by bank transfer, you will need your bank's routing number and your account number.

The online application process step by step

Start at fidelity.com and click "Open an Account." Select "Roth IRA" from the account type menu. Fidelity will ask you to choose between a standard Roth IRA or a Roth IRA with a brokerage option (which lets you buy individual stocks and bonds). Most people choose the standard option; the brokerage option is for experienced investors.

Fill in your personal information: full name, date of birth, Social Security number, address, phone number, and email. Fidelity will verify your identity by asking security questions based on your credit history. This step usually takes two to three minutes.

Next, answer employment questions: your current job title, employer name, industry, and annual income. If you are self-employed, enter your business name and type of business structure. Fidelity will also ask whether you have other retirement accounts and, if so, their approximate balances.

Review the account agreement and disclosures, then sign electronically. Fidelity will tell you immediately whether your account is approved. Most applications are approved within minutes, though some require manual review and may take up to one business day.

Funding your account after approval

Once your account is open, you must fund it before you can invest. Fidelity does not put money in for you — you transfer or deposit your own funds. You can fund the account in three ways: electronic transfer from a bank account, wire transfer, or by mailing a check.

Electronic transfer is the most common and usually the fastest. After your account opens, log in to your Fidelity account, go to "Transfers & Payments," and select "Move Money In." Choose your bank, and Fidelity will guide you through linking it. The transfer usually takes one to three business days.

For a wire transfer, call Fidelity at 1-800-343-3548 and ask for wire instructions. You will provide your bank with Fidelity's routing number and your new Roth IRA account number. Wire transfers usually settle the same day or the next business day, but your bank may charge a fee.

If you mail a check, write it to "Fidelity Investments" and include a deposit slip with your account number. Mail it to the address Fidelity provides in your account confirmation email. Checks take five to seven business days to clear.

Choosing investments inside your Roth IRA

After your account is funded, you choose what to invest in. Fidelity offers thousands of options: mutual funds, exchange-traded funds (ETFs), individual stocks, bonds, and money market funds. If you are new to investing, Fidelity's target-date funds are a common starting point — you pick the year you plan to retire, and the fund automatically adjusts its mix of stocks and bonds as you age.

You can also let Fidelity manage the account for you through its robo-advisor service, called Fidelity Go. You answer questions about your age and risk tolerance, and Fidelity Go builds and rebalances a portfolio automatically. There is no fee for Fidelity Go if your account balance is under $25,000.

You do not have to invest all your money at once. Many people fund their Roth IRA and then invest gradually over time, or keep some money in a money market fund while they decide. There is no penalty for holding cash inside the account.

Contribution limits and annual funding rules

For 2024, you can contribute up to $7,000 to a Roth IRA if you are under 50 years old, or $8,000 if you are 50 or older. These limits reset on January 1 each year. You can contribute only if you have earned income in that year, and your contribution cannot exceed your total earned income.

If your income is above a certain threshold, your contribution limit phases out or disappears entirely. For 2024, the phase-out begins at $146,000 for single filers and $230,000 for married filing jointly. These income limits change each year. Fidelity will tell you during the application whether your income allows you to contribute the full amount.

You can contribute to your Roth IRA anytime during the year, but you have until the tax filing deadline (usually April 15 of the following year) to make a contribution and have it count toward the previous year's limit. For example, you can contribute to your 2024 Roth IRA anytime between January 1, 2024, and April 15, 2025.

Fees and costs to know about

Fidelity does not charge a monthly account fee or an account opening fee for a Roth IRA. However, you will pay costs depending on what you invest in. Mutual funds and ETFs charge expense ratios — annual fees expressed as a percentage of your balance. Fidelity's own funds often have low expense ratios; for example, some Fidelity index funds charge 0.03% per year.

If you buy individual stocks or bonds, Fidelity charges no commission. If you trade frequently, those trades are free. Some mutual funds charge a transaction fee if you buy or sell them through Fidelity, but Fidelity's own funds do not.

If you use Fidelity Go (the robo-advisor), there is no advisory fee if your balance is under $25,000. Above that, the fee is 0.35% per year. Money market funds held inside your Roth IRA have their own expense ratios, usually between 0.01% and 0.50% per year.

Frequently Asked Questions

Can I open a Roth IRA at Fidelity if I already have a Roth IRA somewhere else?

Yes. You can have multiple Roth IRAs at different institutions. However, your total contributions across all Roth IRAs cannot exceed the annual limit ($7,000 or $8,000 in 2024). If you contribute to both accounts, you must track the total and make sure you do not go over. Fidelity cannot see your other accounts, so the responsibility is yours.

How long does it take to open a Roth IRA at Fidelity?

The online application takes about 15 minutes to complete. Most accounts are approved immediately, though some require manual review and may take up to one business day. After approval, you can fund the account right away. If you apply by phone or in person, the process may take longer depending on how busy Fidelity is.

What if my income is too high to contribute to a Roth IRA?

If your income exceeds the phase-out range, you cannot contribute directly to a Roth IRA. However, you may be able to use a strategy called a "backdoor Roth" — you contribute to a traditional IRA and then convert it to a Roth IRA. This strategy has tax implications and is complex; consider speaking with a tax professional before attempting it.

Do I have to invest the money right away after I fund my account?

No. You can hold cash in your Roth IRA in a money market fund or sweep account while you decide what to invest in. There is no penalty for holding cash, and you can invest whenever you are ready. Many people fund their account and invest gradually over time.

Can I transfer a Roth IRA from another bank to Fidelity?

Yes. This is called a rollover or transfer. Contact your current institution and ask them to transfer your Roth IRA to Fidelity. Fidelity will provide you with the paperwork and instructions. The transfer usually takes one to two weeks. Make sure the receiving institution is Fidelity (not you personally), or you may face tax penalties.