If you want to find the best Roth IRA providers that will give you the best IRA rates, you need to examine your investment needs first. If you don’t know what you’re doing or what you’re getting into, then what are the chances you will be getting a successful retirement plan?

Banks, mutual fund companies, and brokerage firms are financial institutions that can act as a custodian for your IRA. There are banks that offer investment options but most usually offer certificate of deposits (CD) as well as money market accounts. Unlike mutual fund companies and brokerage firms, their expense ratios and commissions are higher. It might be better to choose a discount brokerage or a mutual fund company unless reasonable costs and a full service brokerage are offered in your bank.

The best options for most people are either brokerage firms or mutual fund companies. Why? Because besides offering a wide variety of investments, they also offer a low expense ratio as well as low commissions. The discount brokerage firm is also a better option for the more experienced investor. But keep in mind that the needs of each investor are different. This fact may be helpful when it comes to the deciding which Roth IRA provider is the best for your needs and your lifestyle.

Cost per transaction will be one of your main concerns if investing in individual stocks is what you are planning. Scottrade offers a features local branches and this is something that none of the other major discount brokerages offers. It also features $7 stock trades and has no custodial fee no minimum balance for Roth IRA accounts.

With ShareBuilder, inexpensive trades are offered. These are about $4 or less for the automatic stock trades and $9.95 is the real time trade costs. ING Direct owns ShareBuilder so linking your savings account to your brokerage account is a piece of cake. This feature is great especially if you want to transfer money quickly in order to make a trade. There is also no minimum balance for Roth IRA accounts as well as no custodial fees. Also, there is free automatic DRIPs.