Update 8/3/18: Fidelity now has the cheapest fees and NO minimums to start investing. Check out my full write-up!
Also see:
A couple weeks ago, I wrote about Acorns, an app I think is a great place to get started with investing (especially for millennials). Talking about investing is dicey. For one, because it’s personal (duh). For that reason, everyone has an opinion on it. And that’s where the confusion starts.
My view is: it doesn’t matter where you begin, so long as you do. You can always switch things around later. To that end, I feel Acorns has the most approachable interface for a beginner “despite” costing $1 a month. And there’s no minimum to start investing.
The best time to plant a tree was 20 years ago. The second best time is RIGHT THIS SECOND. Start NOW!
That said, it’s an app and doesn’t let you choose your own funds (you pick from their portfolios). Same with Stash, Wealthsimple, and Betterment. Of course, you’ll get the best deal with a self-directed account – but the minimums are dauntingly high for a beginner, with the exception of TD Ameritrade.
I’ll compare these companies for expenses, account and fund minimums, and quirky extras:
I am focusing on IRAs here – although they all have the option to simply be an investment account (which is why I excluded Robinhood – they do NOT have IRAs).
