- 1). Go to the website of an online IRA custodian with whom you feel comfortable opening an account. Some of the bigger, more established firms are Scottrade.com, eTrade.com or Schwab.com.
- 2). Fill out the online application. Most firms have toll-free numbers or instant messaging chat to help you with any questions you have in the process. Make sure you distinguish whether it is a contributory IRA or a rollover IRA; contributory is an IRA into which you make annual contributions, whereas a rollover is moved from a former employer retirement plan.
- 3). Fund the account either by cash, transfer or rollover. An IRA account may be established without an initial deposit pending a transfer or rollover, otherwise a minimum deposit may be required by the custodian (this varies from custodian to custodian). For transfers and rollovers, print out the new account information with the rollover paperwork and sign the documents, sending them in with a copy of your existing retirement plan statement. Regular contributions can be made by mailing a check to the address listed or using electronic funds transfer.
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