How to Open a Roth IRA in 20 Minutes

Open a Roth IRA account quickly by choosing a brokerage, gathering your info, and funding your account online.

1. Check if you qualify for Roth IRA contributions. Your modified adjusted gross income must be under certain limits to contribute the full amount. For 2026, you can contribute the full $7,000 ($8,000 if you're 50+) if you earn under $138,000 as a single filer or $218,000 filing jointly. Contributions phase out completely at $153,000 single or $228,000 joint.
2. Choose between a discount brokerage or robo-advisor. Discount brokerages let you pick your own investments with no account minimums and commission-free trades on most funds. Robo-advisors automatically invest your money in diversified portfolios for a 0.25-0.50% annual fee. Both types offer Roth IRAs — pick based on whether you want control or automation.
3. Gather your personal and financial information. You'll need your Social Security number, driver's license, employment details, and bank account information for funding transfers. Have your bank's routing number and your account number ready. Some brokerages also ask for your employer's name and address.
4. Complete the online application. Fill out the new account form on your chosen platform's website. Select 'Roth IRA' as the account type, enter your personal details, and choose your funding method. Most platforms let you link a bank account for electronic transfers, which typically take 1-3 business days to process.
5. Fund your account and choose investments. Transfer money from your bank account up to the annual contribution limit. Once funded, you'll need to actually invest the cash — it doesn't happen automatically. Many beginners start with broad market index funds that track the overall stock market, though your choice depends on your timeline and risk comfort.