How to Open a Fidelity Roth IRA in 7 Steps

Open a Fidelity Roth IRA Online in About 15 Minutes

You can open a Fidelity Roth IRA entirely online without calling anyone. Go to fidelity.com, click "Open an account," select "Retirement accounts," then choose "Roth IRA." You'll answer questions about your employment status, income, and citizenship, link a bank account for your first deposit, and pick your investments. Fidelity will confirm your identity using information from your credit file, and your account opens the same day or the next business day. You can then start contributing money right away.

The whole process takes about 15 minutes if you have your Social Security number, a valid ID, and a bank account ready. Fidelity doesn't charge an account opening fee, and there's no minimum deposit required to start—though you do need to contribute money at some point to use the account.

Key Takeaways

You can open a Fidelity Roth IRA online at fidelity.com without speaking to anyone, and the account opens the same day or next business day.
Fidelity will verify your identity using your credit file, so have your Social Security number and a valid ID ready.
You must link a bank account to fund your IRA, and Fidelity will make a small test deposit to confirm it's yours.
After your account opens, you choose how to invest your money from Fidelity's funds, stocks, bonds, and other options.
You can contribute up to $7,000 per year (or $8,000 if you're 50 or older) for the 2024 tax year, with the deadline to contribute being April 15 of the following year.

What You Need Before You Start

Gather these items before you begin the online application. You'll need your Social Security number, a government-issued ID (driver's license, passport, or state ID), your date of birth, and your current address. Fidelity will use these to verify who you are.

You'll also need a bank account to link for your deposit. This can be a checking or savings account at any U.S. bank. Fidelity will ask for your routing number and account number, which you can find on a check or by logging into your bank's website. Have this information ready before you start the application.

Step-by-Step: The Online Application

Start at fidelity.com and look for "Open an account" near the top of the page. Click it, then select "Retirement accounts" from the menu. Choose "Roth IRA" as your account type. Fidelity will ask whether you want to open just a Roth IRA or combine it with a brokerage account—for most people, just the Roth IRA is the right choice.

Next, you'll answer questions about your employment. Fidelity asks whether you have earned income (wages, self-employment income, or taxable alimony) because you can only contribute to a Roth IRA if you earned money that year. You'll also enter your income range and confirm you're a U.S. citizen or resident alien. These questions help Fidelity comply with tax law; they don't disqualify most people.

Then you'll provide your personal information: full name, Social Security number, date of birth, and address. Fidelity uses this to check your identity against credit bureau records. This is not a credit check that affects your credit score—it's just a verification step. If you've moved recently or your name has changed, make sure the information matches what's on file with the credit bureaus.

Finally, you'll link your bank account. Enter your routing number and account number, and Fidelity will make two small deposits (usually under $1 each) to confirm the account is yours. You'll verify these amounts in your bank account within a few days, then return to Fidelity to confirm them. This step typically takes 3 to 5 business days.

Identity Verification and Account Activation

After you submit your application, Fidelity checks your identity using information from Equifax, Experian, or TransUnion. This usually happens instantly. If the check passes, your account opens the same day. If there's a mismatch—your name or address doesn't line up exactly—Fidelity may ask you to verify your identity by uploading a photo of your ID or by answering security questions based on your credit history.

In rare cases, Fidelity may need to review your application manually, which can add 1 to 2 business days. You'll receive an email once your account is active and ready to use. At that point, you can log in, link your bank account (if you haven't already), and choose your investments.

Choosing Your Investments After Opening

Once your account is open, you'll need to decide how to invest your money. Fidelity offers mutual funds, exchange-traded funds (ETFs), individual stocks, bonds, and money market funds. If you're not sure where to start, Fidelity's target-date funds are a simple option—you pick the year you plan to retire, and the fund automatically adjusts its mix of stocks and bonds as you get closer to that date.

You can also use Fidelity's "Go" portfolio, which asks a few questions about your goals and risk tolerance, then suggests a mix of investments. Many people also choose a simple three-fund portfolio: a total U.S. stock market fund, an international stock fund, and a bond fund. Fidelity has low-cost versions of all of these.

You don't have to decide immediately. Your money can sit in a money market fund (which earns a small amount of interest) while you think about your strategy. But remember: a Roth IRA only grows if you invest the money. Leaving it in cash means you're missing out on potential growth.

Making Your First Deposit

You can fund your Roth IRA in several ways. The easiest is to link your bank account during the application process and make an electronic transfer. You can transfer money from your linked bank account anytime after your account opens. Fidelity also accepts checks mailed to their address (which you'll find in your account settings), wire transfers, and rollovers from other retirement accounts.

Remember the contribution limits: for 2024, you can put in up to $7,000 per year if you're under 50, or $8,000 if you're 50 or older. You can contribute for the current year anytime during that year, and you have until April 15 of the following year to contribute for the previous year. For example, you can contribute for 2024 anytime from January 1, 2024, through April 15, 2025.

If your income is very high, there are income limits that reduce or eliminate your ability to contribute to a Roth IRA. Fidelity will tell you during the application whether you're within the limits for the current year. These limits change each year, so check Fidelity's website or the IRS website if your income is close to the threshold.

What Happens If Your Application Is Denied

Fidelity rarely denies an application for a Roth IRA. The most common reason for a delay or denial is a mismatch in your identity information. If your name, address, or Social Security number doesn't match what's on file with the credit bureaus, Fidelity will ask you to verify your identity by uploading a photo of your ID or answering security questions.

If you're denied, Fidelity will explain why in an email. The most likely reason is that you don't have earned income for that year (which is required to contribute to a Roth IRA). If that's the case, you can still open the account and wait until you have earned income to make your first contribution. You can also contact Fidelity's customer service to discuss your situation—they may be able to help if there's an error in their records.

Frequently Asked Questions

Do I need a minimum deposit to open a Fidelity Roth IRA?

No. Fidelity doesn't require a minimum deposit to open the account. However, you do need to contribute money at some point to use it. Many people open the account first and make their deposit a few days later once their bank account is linked.

How long does it take for my Fidelity Roth IRA to open?

Your account usually opens the same day or the next business day after you submit your application, assuming your identity verifies instantly. If Fidelity needs to verify your identity manually, it may take 1 to 2 additional business days. Linking your bank account takes 3 to 5 business days, but you can start investing before that step is complete.

Can I open a Fidelity Roth IRA if I'm self-employed?

Yes. Self-employment income counts as earned income for Roth IRA purposes. You'll need to report your net self-employment income on your tax return, and you can contribute up to the annual limit (or 100% of your earned income, whichever is less) to your Roth IRA.

What if I don't know what to invest in after I open my account?

Fidelity's target-date funds or "Go" portfolio are good starting points if you're unsure. You can also keep your money in a money market fund temporarily while you learn more. Many people start with a simple mix like 70% stock funds and 30% bond funds, then adjust as they get more comfortable.

Can I open a Fidelity Roth IRA if I already have one at another bank?

Yes. You can have multiple Roth IRAs at different institutions. However, your total contributions across all Roth IRAs cannot exceed the annual limit ($7,000 or $8,000 for 2024). If you want to consolidate, you can roll over your other Roth IRA into Fidelity—Fidelity can walk you through this process.

This guide is for general information only and is not medical, financial, legal, or other professional advice. For decisions specific to your situation, consult a qualified professional. See our Editorial Policy.