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Decide on a type of investment account

It's easy to figure out the right type of account—just start with what you're saving for.

Saving for retirement?

Enjoy tax benefits with an IRA

As long as you (or your spouse) are employed and earning income, you can invest in an IRA to help prepare for a financially comfortable retirement.

You can open an IRA with as little as $1,000.* It's also a great way to complement a 401(k) or 403(b) plan you're investing in at work.

Choose between a Roth IRA and a traditional IRA based on your income**, age, and preference for how you want to pay taxes.

If you're self-employed or own a small company

We can help simplify your retirement plan so you can stay focused on running your business. Choose between:

  • An individual 401(k).
  • A SEP-IRA.

Saving for something other than retirement?

Open an individual or joint account

With as little as $1,000,* you can open an account on your own or jointly with someone else.

These types of accounts are useful if:

  • You've maxed out your retirement contributions for the year and want to save even more.
  • You want to put away money in a money market or short-term bond fund that you'll have easy access to. For example, you may want to build an emergency fund or have a big vacation or event coming up.

Set aside money for a child

529 college savings plans let you reduce your taxes when you're saving for a child's education.†

UGMA/UTMA accounts are useful if you don't want to earmark the money specifically for college.

Other types of accounts and designations

Open a trust account to hold investments that are tied to an existing personal trust.

Name an attorney-in-fact to identify another person—like your lawyer or someone you've named as power of attorney—to act on your account on your behalf.

Set up an account for an organization—including corporations, partnerships, limited liability corporations, and sole proprietorships; endowments and foundations; estates; professional associations; or unincorporated enterprises.