Yes, Wells Fargo offers Roth IRAs through its brokerage division
Wells Fargo does offer Roth IRA accounts through Wells Fargo Advisors and Wells Fargo Investments. You can open a Roth IRA directly with Wells Fargo if you have an existing relationship with the bank, or you can open one as a new customer. The account structure and contribution limits are the same as any other Roth IRA — what differs is the investment options available to you and the fees Wells Fargo charges.
Wells Fargo's Roth IRA is a brokerage account, which means you can invest the money in stocks, bonds, mutual funds, and exchange-traded funds (ETFs) rather than holding it in a savings account. This is different from a Roth IRA held at a bank, which would typically offer only savings products like certificates of deposit (CDs) or money market accounts.
Key Takeaways
- Wells Fargo offers Roth IRAs through its brokerage arm, allowing you to invest in stocks, bonds, mutual funds, and ETFs.
- You can open a Wells Fargo Roth IRA online or at a branch if you are a new or existing customer.
- Wells Fargo charges account maintenance fees and transaction fees that vary depending on the type of investments you hold.
- You may find lower fees or more investment options at discount brokers like Fidelity, Charles Schwab, or Vanguard.
How to open a Roth IRA at Wells Fargo
To open a Roth IRA at Wells Fargo, you can start online through the Wells Fargo website or visit a local branch. You will need to provide your Social Security number, date of birth, employment information, and funding source. Wells Fargo will verify your identity before the account opens.
Once your account is open, you can fund it by transferring money from a bank account or by rolling over an existing IRA from another institution. If you are rolling over an existing Roth IRA from another provider, Wells Fargo can handle the transfer directly — you do not need to withdraw the money yourself and risk missing the 60-day window.
Wells Fargo Roth IRA fees and costs
Wells Fargo charges an account maintenance fee of $0 if you maintain a minimum balance or meet other account requirements, but the specifics vary. You should confirm the current fee structure directly with Wells Fargo, as these terms change. Beyond the account fee, you will pay transaction costs when you buy or sell investments — some mutual funds carry sales charges, and some stocks or ETFs may have trading commissions depending on your account type.
Wells Fargo also offers commission-free trading on stocks and ETFs for most customers, but this does not mean there are no costs. Mutual funds sold through Wells Fargo often carry sales loads (upfront or back-end charges), and the fund expense ratios (the annual cost to hold the fund) still apply. These ongoing costs can add up over decades of saving.
Investment options within a Wells Fargo Roth IRA
Wells Fargo gives you access to a broad range of investments: individual stocks, bonds, mutual funds (including their own proprietary funds), ETFs, and options contracts if you request options trading. This breadth is useful if you want to build a diversified portfolio or if you already have a relationship with Wells Fargo and prefer to keep everything in one place.
However, Wells Fargo's mutual fund lineup includes many funds with higher expense ratios than you would find at a discount broker. If you plan to hold low-cost index funds — the most common choice for long-term retirement saving — you may find better options and lower costs elsewhere.
Comparing Wells Fargo to other Roth IRA providers
Wells Fargo is one option, but it is not the only one. Fidelity, Charles Schwab, and Vanguard are three large brokers that also offer Roth IRAs with no account maintenance fees and commission-free trading on stocks and ETFs. These three tend to have lower expense ratios on their index funds and are known for lower overall costs.
If you want to hold your Roth IRA at a bank rather than a brokerage, you can open one at most major banks, including Bank of America, Chase, and others. A bank Roth IRA typically offers only savings products like high-yield savings accounts or CDs, which means your money earns interest but you cannot invest in stocks or mutual funds. This is a simpler, lower-risk option if you prefer predictable returns.
| Provider | Account Fee | Investment Options | Best For |
|---|---|---|---|
| Wells Fargo | Varies; may be $0 with minimum balance | Stocks, bonds, mutual funds, ETFs | Existing Wells Fargo customers |
| Fidelity | $0 | Stocks, bonds, mutual funds, ETFs | Low-cost index fund investors |
| Charles Schwab | $0 | Stocks, bonds, mutual funds, ETFs | Investors who want research tools |
| Vanguard | $0 | Stocks, bonds, mutual funds, ETFs | Investors focused on Vanguard funds |
| Bank of America | $0 | Savings accounts, CDs | Conservative savers who want bank safety |
Roth IRA contribution limits and rules at Wells Fargo
The contribution limit for a Roth IRA does not change based on which provider you use — it is set by the IRS and applies to all Roth IRAs you own combined. For 2024, the limit is $7,000 per year if you are under 50, and $8,000 if you are 50 or older. Wells Fargo will not let you contribute more than this amount across all your Roth IRAs in a single year.
You can only contribute to a Roth IRA if you have earned income in that year, and your income must be below certain thresholds set by the IRS. These rules apply regardless of where you hold your Roth IRA. Wells Fargo will ask you to confirm your income when you open the account, but the IRS is ultimately responsible for enforcing contribution limits.
Frequently Asked Questions
Can I transfer my existing Roth IRA from another bank to Wells Fargo?
Yes. You can do a direct transfer (also called a trustee-to-trustee transfer) where Wells Fargo contacts your current provider and moves the money without you touching it. This is the safest method because there is no 60-day window to worry about. Contact Wells Fargo to start the process and have your current provider's account information ready.
Does Wells Fargo charge fees to transfer a Roth IRA in?
Wells Fargo itself does not charge a transfer fee, but your current provider might. Some banks and brokers charge an outgoing transfer fee of $25 to $100. Check with your current provider before you initiate the transfer so you know what to expect.
What happens to my Roth IRA if I close my Wells Fargo bank account?
Your Roth IRA and your bank account are separate. Closing your bank account does not close your Roth IRA. However, if you want to close the Roth IRA itself, you can transfer it to another provider or withdraw the money (which may have tax consequences if you do not follow the rules).
Can I invest in individual stocks in a Wells Fargo Roth IRA?
Yes. Wells Fargo allows individual stock purchases in a Roth IRA. You can buy and sell stocks commission-free on most trades, though some stocks may have restrictions depending on your account type. This is useful if you want to pick individual companies, but most long-term savers use index funds or ETFs instead.