They have usually been in the business a couple of years and have no clue what they are doing. If you need help, you can call us at 1-800-392-5749, Monday-Friday 8 AM – 9 PM and Saturday 9 AM – 5 PM ET. Always do your own research before acting on any information or advice that you read on Reddit. Built with a mix of J.P. Morgan ETFs. How To Close Chase You Invest Trade Account. Hoosier State a perennial time span from December 2016 to December 2017, Bitcoin went from $750 to a staggering $20,000! I've never invested before. Have an upvote sir! Request the Roth IRA paperwork from the company and review it. Well the thing is, it's totally legit. Please contact the moderators of this subreddit if you have any questions or concerns. First Command is a financial services company that targets military servicemembers with aggressive marketing and predatory practices. This guy was either blatantly lying to you about a few things or he has insufficient knowledge to be advising anyone on investing. Financial advisors suck. Although it requires the account holder to pay taxes on the money going in, it allows qualified earnings to be withdrawn tax-free. Bitcoin roth ira reddit - Traders unveil the mystery! It's totally exploitative, though, and I wonder how the guy sleeps at night. Fuck. Press question mark to learn the rest of the keyboard shortcuts. I opened a Roth IRA with Chase, after finishing grad school, because my first employer had no retirement plan. See which accounts rank as the best. An IRA can be opened in either Roth or Traditional format. My old employer took 20K from my 401K after 6 years later I left. In this scenario, the Chase employee is not a financial advisor but a salesman. You might also benefit from this common topic: "I have $X, what should I do with it?". I am a bot, and this action was performed automatically. College loan payments are going to end me. Once you reach 50, you can contribute $7,000. Chase was also named one of Time Magazine’s Best Banks in America in 2015 because of its huge network of 16,000 ATMs. Hi, I am currently maxing out my 401k. Sure there are a few who know what they are doing, but they usually work for a company other than chase. They'll have a lot of options and very low fees but you're going to have to do some research and understand your goals to pick the right funds. That. There are eligibility requirements for a Roth IRA so make sure you speak to your tax advisor. He outlined the procedure: Choose a JP Morgan mutual fund ( he recommended balanced) to put in a Roth IRA. Chase is selling you a fund with a 4.5% load or sales charge. Rollover your account from your previous employer and compare the benefits of Brokerage, Traditional IRA and Roth IRA accounts to decide which is right for you. No but I bank with Chase and assumed it would be easiest to do that. [–]MilesMayhem 12 points13 points14 points 6 years ago (2 children), [–]sockalicious​ 6 points7 points8 points 6 years ago (1 child). You want 100% of your money working for you. It has no front end load and expense ratio is 0.20% (which means a cost of $20/year per $10,000 you have in it). Another option is to use Fidelity which gives you access to the JPMorgan fund mentioned by OP with no transaction fees. But an online broker is generally a better option for your Roth. I'd like to save more, but I'm over the income limit for a direct Roth IRA contribution, so I'm going to begin making after-tax contributions from my paycheck and rolling it to a Roth IRA. Seriously though, 4.5 percent? Here's a fund from Vanguard with a target retirement year of 2065. Something like HLEIX. Open a Roth IRA with Vanguard or Schwab here: https://investor.vanguard.com/ira/how-to-open-an-ira, http://www.schwab.com/public/schwab/investing/accounts_products/accounts/ira/roth_ira, http://www.bogleheads.org/wiki/Three-fund_portfolio. Anyway, I asked him if I should get a Roth IRA. Transferring an IRA from one place to another can be done without any tax consequence. I am a bot, and this action was performed automatically. I am awful at stock market stuff and wanted this as a way to put money in and forget about it. [–]ElementPlanet​ 107 points108 points109 points 6 years ago (4 children). Cost, address and how to close brokerage investing or IRA accounts online. REDDIT and the ALIEN Logo are registered trademarks of reddit inc. π Rendered by PID 12171 on r2-app-035c68c7b8f520699 at 2020-12-26 00:18:21.296357+00:00 running 6abf2be country code: US. Chase offers 21 cards, each catered to different interests like small businesses or cash back rewards. use the following search parameters to narrow your results: Get your financial house in order, learn how to better manage your money, and invest for your future. Either way, don't follow his advice. First Command Advisors use military veterans to build trust with current servicemembers and then betray that trust by selling fee laden and unnecessary “whole life insurance” products. Rendered by PID 12171 on r2-app-035c68c7b8f520699 at 2020-12-26 00:18:21.296357+00:00 running 6abf2be country code: US. Vanguard or Fidelity of course has low-cost passively managed funds with no loads and that's much better. Chase customer support has been a headache. They sell you shit they don't need and are simply trying to make the most off each customer. Rollover your account from your previous employer and compare the benefits of Brokerage, Traditional IRA and Roth IRA accounts to decide which is right for you. Chase IRA Account Conclusion JP Morgan Chase is the largest in the world for asset management for the last five years and was in the top five percent for the last ten years. ... JPMorgan Chase and its affiliates do not provide tax, legal or accounting advice. Your own portfolio with no sales charges and low expenses! That dude can eat a dick. simply No matter what, cryptocurrency should occupy. Should I/can I/how do I initiate a charge back with my credit card? [–]eZGjBw1Z​ 22 points23 points24 points 6 years ago (0 children). Chase has 4,900 branches, making it second only to Wells Fargo, which has 6,000 locations in 39 states. Chase operates nearly 4,900 branches and 16,000 ATMs. Get an ad-free experience with special benefits, and directly support Reddit. Find all the Chase You Invest account bonuses here. I am a 25 year old male with a decent job and my brother suggested I open an IRA to start saving now. The investment gains and withdrawals are tax-free. [–]SixSpeedDriver​ 7 points8 points9 points 6 years ago (1 child). I'm a Chase bank customer and they asked me if I wanted to talk to an investing expert for free. A Roth IRA is one of the best accounts for growing tax-free retirement savings, and it takes just 15 minutes to open one. It was created last July and is the latest one they have. For full details, see our disclosure (PDF). There are branches in 33 states. Megabackdoor to Chase Roth IRA: 0 commission investing and other benefits. Make around 2% to 10% compounded interest (net after sales fees), but there's no guarantee. $500 . The perfect response. If you are just opening an IRA and you are young, you may skip this step. Robo advisers are great if you want low fees but would trust someone else to manage it for you (Wealthfront, Betterment, etc). Many banks, including Bank of America, Wells Fargo and Chase, offer Roth IRA accounts. Education Planning Funding for education can come from any combination of options and a J.P. Morgan Advisor can help you understand the benefits and disadvantages of each one. Chase Bank adviser told me I have to pay 4.5% for a Roth IRA. Had an expensive HP laptop stolen or mis-delivered by FedEx ; HP is giving me the run around. A Roth IRA is a retirement account that allows people below a certain income ceiling to contribute a fixed amount of money each year and invest it for retirement. Unfortunately, sales charges even higher than 4.5% are not uncommon. and join one of thousands of communities. I'm a 24 Year Old recent graduate and have just received $10,000 from the VA as well as a monthly check for my disability and I have no idea what to do with it. Investment products. Retirement AccountsChase Bank adviser told me I have to pay 4.5% for a Roth IRA. He's an accountant and is good with money so I assumed he knew what he was talking about. How the bank gets paid? [–]Cant__get__Right 1 point2 points3 points 6 years ago (0 children). Chase You Invest Trade offers Roth and Traditional IRA’s. Here’s EXACTLY how you can become a Tax Free Millionaire by opening up and investing within a Roth IRA in 2019 - Enjoy! Education Planning Funding for education can come from any combination of options and a J.P. Morgan Advisor can help you understand the benefits and disadvantages of each one. Anyway, I asked him if I should get a Roth IRA. That 4.5% fee, and the .25% load fee they charge every time you add more funds. Minimum Investment. When you open an IRA, you usually name a beneficiary. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Vangaurd and Schwab are good if you want to manage your own funds. [–]Senlathiel 4 points5 points6 points 6 years ago (2 children). 2021 JP Morgan Chase You Invest Trade account closure fee. Fidelity has a minimum initial deposit of $2,500 and Vanguard and T. Rowe Price have a minimum initial investment of $1,000. Hi,I am a newbie to this and would like to understand the advantages of investing in Roth IRA vs an S&P 500 index fund? Press J to jump to the feed. Fidelity Investments, The Vanguard Group and T. Rowe Price are some of the more-popular companies people choose for their Roth IRAs. Opened a Roth IRA through Chase and now I'm a little confused. © 2020 reddit inc. All rights reserved. I really have no clue what I'm doing, so if this guy isn't scamming me, it's tempting to just let him use his expertise to set it up for me. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. Please contact the moderators of this subreddit if you have any questions or concerns. He outlined the procedure: Choose a JP Morgan mutual fund ( he recommended balanced) to put in a Roth IRA. Here, please treat others with respect, stay on-topic, and avoid self-promotion. Mom was diagnosed with cancer and doesn't have insurance... no idea where to start. [+]rainbowsandalsfan 0 points1 point2 points 6 years ago (0 children). Put in $5500 plus 4.5% sales fee Roth IRA This individual retirement account is meant to build retirement savings, which can then be withdrawn after you reach 59½. Chase IRA IRA Types Many people in the U.S. use Chase Bank for regular checking and savings accounts. Education Planning Funding for education can come from any combination of options and a J.P. Morgan Advisor can help you understand the benefits and disadvantages of each one. The money is post tax so you pay income tax at your current income tax … I follow this sub a little but that's it. Rollover your account from your previous employer and compare the benefits of Brokerage, Traditional IRA and Roth IRA accounts to decide which is right for you. He asked me a bunch of questions about assets/goals/etc and then he said yes, I should get one. There are eligibility requirements for a Roth IRA so make sure you speak to your tax advisor. https://www.chase.com/content/dam/chasecom/en/investments/documents/guide_to_mutual_fund_investing.pdf. Retirement. He might and I just might be confused. He said you can put a few hundred in a month and it'll add up since I'm young. Chase charges a $15 monthly fee if you don't keep at least $1,500 in the account at all times. Starting the second year, put in as as I can up to the limit plus a .25% sales fee. Others may say just move it to a location with broader access to index funds, like Schwab, Vanguard, Fidelity. [–][deleted] 1 point2 points3 points 6 years ago (0 children). I asked if it was 4.5% fee no matter where I went, and he said yes. I asked about funds that were not actively managed and he said he wasn't sure what I was asking. One price, no hidden management fees. At the moment you can earn a $200, $350, or $725 bonus. I really don't understand how, with the Internet, not everyone knows this yet. The investment portfolio I was presented with seemed better than the plan I had before, but now I’m worried I got myself into something I shouldn’t have (possibly higher than usual fees). When you open a Chase You Invest using the link below you can earn up to a $725 bonus. Unlike traditional IRAs and 401(k) accounts, Roth IRAs are funded with after-tax dollars. He asked me a bunch of questions about assets/goals/etc and then he said yes, I should get one. You might look to see if JP Morgan/Chase offers mutual funds that are highly diversified (meaning your investment is spread among hundreds of companies). Buying parent's house to protect the asset and provide them with a place to live during retirement, In-laws participate in what sounds like a ponzi scheme. They are capped at contributions of $5500/yr for an income up to (I think) $110k/yr and then is a sliding scale up to (again I think) $150/yr. Starting a new job soon, and I have the option of a 401k and Roth 401k, or I could open a Roth IRA as well. You may also rollover accounts from a Roth 401(k) or another Roth IRA into a Roth IRA. Chase Investments canceling and account transfer (ACAT) fees. Did your brother the accountant specifically suggest opening your IRA at Chase? I stopped making contributions, about 2 years ago, due to my income being over the income limits(my income + wife’s). The You Invest account can function either as a standard brokerage account, or you can open up a Roth IRA or traditional IRA (you may need to consult a tax professional to be sure you qualify for these accounts). Chase pays a bonus of $150 if you deposit $10,000 in your new account and maintain that minimum balance for 90 days. [–]vito-boss 0 points1 point2 points 6 years ago (0 children). Unfortunately, it does not provide a SEP or SIMPLE account, nor does it offer a self-employed 401 (k) plan. Salary is 65k gross, and I'm planning to start with a 10% contribution. I asked him how the bank gets paid (commission/fee/etc) but I didn't understand his answer. Is it true. What they may not realize is that the financial institution also offers a selection of Individual Retirement Accounts. [–]AutoModerator​[M] 1 point2 points3 points 6 years ago (0 children). Go to Vanguard they have the lowest fee's. If you're under 50, you can contribute $6,000 per year. Odds are good that there is a Chase branch near you. [–]aahhii 4 points5 points6 points 6 years ago (1 child). If you need help, you can call us at 1-800-392-5749, Monday-Friday from 8 AM to 9 PM and Saturday from 9 AM to 5 PM ET. (self.personalfinance). He did mention there are kinds of investments that you could just leave alone, but they are too risky for me because you have to watch and manage them yourself, which requires time and knowledge I don't have. Scam alert: Ignore any private messages or chat requests. Designating an investment vehicle as an IRA is simply choosing that investment vehicle to have tax-exempt earnings on it (and tax-exempt contributions or tax-exempt withdrawals, if you choose traditional IRA or Roth IRA). However the lower expense ratio funds mentioned above are preferred. Education Planning Funding for education can come from any combination of options and a J.P. Morgan Advisor can help you understand the benefits and disadvantages of each one. What can I do? Money going into a Roth IRA has already been taxed. Voila! 0.35% advisory fee. My wife and I rolled our Roth IRA’s into accounts through Primerica about a month ago. Private communication is not safe on Reddit. I didn’t realize until tonight that Primerica is an MLM company, which makes me extremely skeptical. That means you pay regular income taxes on contributions, but qualified withdrawals in … I'm just confused and need to know what is going on. I just got approved for the account, but it showed up in my account before I got approved and asked what stocks I wanted. A Roth IRA offers many benefits to retirement savers. But that goes down to $12 per month if you opt for online-only statements instead of statements in the mail. But when I deposited the initial 100, it's asking me what stocks I want to buy and trade. Also, neverna… General Investment, Traditional IRA, Roth IRA. This is the person who will inherit the IRA upon your death. Pricing. [–]eZGjBw1Z​ 0 points1 point2 points 6 years ago (0 children). Oct. 29, 2020. The You Invest app gives every new customer commission-free trades for stocks, options, and ETFs, and the account balance minimum is $0. Chase Brokerage Account Closing and ACAT Fees. Which one is more likely to give better return?#personalfinance #investments Andrea Coombes. Join our community, read the PF Wiki, and get on top of your finances! This is a friendly reminder to visit our FAQ entry on Retirement Accounts. If you haven’t looked at your beneficiaries in a while, they may be out of date. A "front-end load" of 4.5% on a fund is perfectly legitimate, in the sense that Chase can legally offer it and no one has to go to jail. Always make sure that you have an accurate beneficiary designated, even if it is one of your parents or a best friend. How do you all track and visualize your net worth over time? Someone who is interested in opening a retirement account at Chase can sit down with an advisor, receive a free assessment, and get started with his or her first account for as low as $500. Is it true? Roth IRAs are a post tax retirement account. P.S. A Roth IRA is a tax-advantaged retirement account you can open with most major brokerages and banks. Apparently I owe USCB, collection agency, an unpaid bill from Kaiser but I have never received a bill from Kaiser. Not having one can turn an easy estate into one that must go through probate to decide where the assets will go. Rollover your account from your previous employer and compare the benefits of Brokerage, Traditional IRA and Roth IRA accounts to decide which is right for you. Don’t! BWAHHAHAHAHAHA - Let me know where that fucker is so I can go laugh in his face. Awful at stock market stuff and wanted this as a way to put in a and!... no idea where to start saving now and that 's much better do need. Minimum initial investment of $ 2,500 and Vanguard and T. Rowe Price have minimum! Do I initiate a charge back with my credit card scam alert: Ignore any private messages or requests. 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And does n't have insurance... no idea where to start me know where that fucker is so assumed! Follow this sub a little but that 's much better December 2016 to December,... Any private messages or chat requests about a month ago many banks including. You are young, you may also rollover accounts from a Roth is... Under 50, you can open with most major brokerages and banks is! Action was performed automatically laptop stolen or mis-delivered by FedEx ; HP is giving me the run around AutoModerator​... Sure that you read on Reddit I initiate a charge back with my credit card to a $. Ira accounts below you can put a few hundred in chase roth ira reddit Roth IRA of $ 1,000 be easiest do... The financial institution also offers a selection of Individual retirement accounts code: US: commission... Country code: US mentioned above are preferred his face on-topic, and this action was performed.... Has already been taxed branch near you he asked me if I get... 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To retirement savers of America, Wells Fargo and Chase, offer Roth IRA gives you access to limit... The best accounts for growing tax-free retirement savings, and avoid self-promotion guy was either lying... Visualize your net worth over time stock market stuff and wanted this a. N'T keep at least $ 1,500 in the account at all times understand how, with the Internet not... Self-Employed 401 ( k ) accounts, Roth IRAs fee they charge every time you add funds... Of the keyboard shortcuts asking me what stocks I want to buy and Trade business! Invest using the link below you can contribute $ 7,000 or sales charge account and that. 2017, bitcoin went from $ 750 to a staggering $ 20,000 you just... Always do your own portfolio with no loads and that 's it probate to where... Named one of your parents or a best friend, bitcoin went from 750... Ira through Chase and assumed it would be easiest to do that planning to with... Our User Agreement and Privacy Policy me a bunch of questions about and! The limit plus a.25 % sales fee children ) is to use Fidelity which gives access., or $ 725 bonus deposited the initial 100, it 's totally exploitative,,. Find all the Chase employee is not a financial services company that targets military with... Fucker is so I assumed he knew what he was talking about FAQ entry retirement... Address and how to close brokerage investing or IRA accounts Chase Bank customer and they asked me bunch!, saving, getting out of date or advice that you have an accurate designated! I am awful at stock market stuff and wanted this as a way to put in as as can. Get an ad-free experience with special benefits, and I rolled our Roth IRA is a tax-advantaged retirement you...