All major providers charge fees on these accounts. Opening a Roth IRA usually doesn't cost anything, although every provider is different. You may need to make a minimum deposit when you open a Roth IRA. Be sure to check with your provider.
No account fees for opening a Fidelity retail IRA. With a Roth IRA, you won't pay taxes as your money grows, and you can make tax-free withdrawals during retirement. However, if your tax rate is the same when you contribute to the account as when you withdraw the money, then a Roth IRA and a traditional IRA offer basically the same benefit. If, despite the much lower rate of return, you decide to choose a bank for your Roth IRA account, be sure to choose between the accounts with the best IRA CD interest rates to know that you are getting the best possible rate of return for that type of account.
While Roth IRA withdrawals can be made at any time, regardless of your age, your income is only exempt from taxes or penalties if you are at least 59 and a half years old and have had your Roth IRA open for at least five years. Converting to a Roth IRA allows you to transfer part or all of your retirement savings from a traditional IRA, a SEP IRA, a SIMPLE IRA, or a 401 (k) to a Roth IRA. However, the balance of the Roth IRA is included in your taxable estate for tax purposes, just like a traditional IRA would.