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Chase IRA Review and ROTH IRA Fees

Chase ROTH IRA fees for 2024. Chase IRA review and bank account interest rates. Is Chase IRA good for ROTH, SEP, SIMPLE, Rollover IRA?

JPMorgan Chase IRA

JPMorgan Chase offers Individual Retirement Accounts in some of its departments but not in all. This review will show you which divisions offer IRAs, what they cost, and how to open them.

Chase Bank

JPMorgan Chase no longer offers Individual Retirement Accounts through its banking unit Chase Bank. Old IRAs that were opened before the service was discontinued in March of 2017 can still be held with the bank.

The lack of IRAs at Chase Bank doesn’t mean that FDIC insurance is unavailable for retirement accounts held with the financial conglomerate. As we shall see, both SIPC and FDIC insurance are available through investment IRAs using various techniques.

J.P. Morgan Investing

The first place we find Individual Retirement Accounts with JPMorgan Chase & Co. is through its discount securities arm J.P. Morgan Investing. This is where the lowest prices will be found. Both Roth and Traditional IRAs are available. No other IRA types can be opened, which means this investment unit may not work for everyone.

Chase IRA Review

Both self-directed and robo accounts are available through J.P. Morgan Investing. An IRA of either type (Roth or Traditional) can be opened in either investment mode. Although the self-directed option has no annual fee and no commissions, a robo account costs 35 basis points annually. Either account version carries an IRA termination fee of $75.

Robo accounts can only invest in JPMorgan ETFs. Self-managed accounts can invest in a much wider range of financial products, including certificates of deposit. These brokered CDs will come with FDIC insurance. Other securities, like stocks and mutual funds, will receive SIPC protection.

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A J.P. Morgan Investing account can easily be opened online. It takes just a few minutes to open a self-directed account; the robo program requires a questionnaire that will tack on a few more minutes.

Learn more about J.P. Morgan Investing »

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Personal Advisors

Although there are no human investment advisors available at J.P. Morgan Investing, there are some at J.P. Morgan Personal Advisors. This is an investment-advisory firm that is a step above the robo service available at J.P. Morgan Investing. It comes with some additional services that the robo program doesn’t offer, such as periodic account reviews with actual human advisors online or over the phone.

The Personal Advisors program, not surprisingly, is a little more expensive. The cost is either 60, 50, or 40 basis points per year, depending on account value. It takes $25,000 to open a Personal Advisors account.

Opening an IRA under the Personal Advisors program requires more than a simple online application. A phone call has to be made with a financial planner, and it will probably take more than one to get the account fully open and funded.

The Personal Advisors department is open during the week. Its phone number is (833) 930-4504.

Private Client Advisor

The third place to open an Individual Retirement Account with JPMorgan Chase is with the company’s Private Client Advisor division. A high level of services (and increased fees) will be found here.

There are two account modes available through the Private Client Advisor channel: self-directed and investment-advisory. A self-managed IRA carries a $30 annual fee plus commissions, although equity commissions are $0 when placed online.

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Advisory IRAs will be subject to the company’s annual management fee (1.45% for most setups), which is in addition to any management fees underlying funds may charge.

The Private Client Advisor program has a steeper minimum ($50,000) but delivers more IRA types, including SEP and SIMPLE plans that are good options for small businesses. Once again, there is a $75 fee for closing an IRA.

Then there is the one-on-one relationship with a dedicated financial advisor, which isn’t available with the other programs through JPMorgan we have seen thus far. This financial planner will be able to help with all sorts of issues, including some that will be of particular interest to retirement savers. These include:

- Wealth planning and transfer
- Charitable giving
- Personalized financial plan
- Estate planning
- Annuities
- Retirement planning
- And more

Private Client Advisor accounts also have access to the widest variety of financial products. These include life insurance, structured investments, and private equity funds.

Because the Private Client Advisors program is a full-service investment setup, a visit with a local financial advisor is required to get an account open.

Learn more about Chase Private Client »

J.P. Morgan Wealth Management

Fourth and final on our list is J.P. Morgan’s Wealth Management department. There are only a few cities in the United States to have a Wealth Management office. Examples include:

- Boston, MA
- Atlanta, GA
- Houston, TX
- Newport Beach, CA

Because the Wealth Management program is a traditional, full-service program for high-net-worth clients, an account will need to be opened through a local office with a financial advisor.

An IRA opened through the Wealth Management division will be subject to a $75 annual fee and a $95 closeout fee.

Digital Tools and Research

IRA investors with any JPMorgan division can place trades and manage their accounts through Chase.com. Bank accounts with Chase Bank are automatically linked, so a single login is all it takes to manage both investment and bank accounts. The Chase mobile app is also available.

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The website (but not the mobile app) has a mutual fund screener that has predefined searches for specific types of funds. One of these categories is target-date mutual funds, which are designed for retirement planning and saving. The screener will be found by clicking on the Investments tab in the top menu and then selecting the “Find investments” link in the Research category. On the next page, be sure to select the mutual fund screener and not the screener for stocks or ETFs.

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Under the same Research section within the Investments tab is a collection of educational and research materials that both advisory and brokerage customers will benefit from. During our snooping, we found financial news articles with thumbnails, an economic calendar, and market commentary from JPMorgan.

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Rolling Over a Qualified Retirement Plan (QRP)

A retirement account with a previous employer can be rolled over into a JPMorgan IRA with any of the departments discussed above. The first step is to open the IRA; the second step is to contact the previous employer and request a rollover.

More information about rolling over a 401k or other employer-sponsored account can be found clicking on the “Transfer securities” link underneath the Investments tab (look in the Portfolio section).

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