Yes, Wells Fargo offers Roth IRAs through its brokerage division

Wells Fargo does let you open a Roth IRA, but not through a regular Wells Fargo checking or savings account. You need to open it through Wells Fargo Advisors, which is the bank's investment and brokerage arm. This is a separate account from your everyday banking, and it works differently — you're buying and selling investments rather than depositing money into a savings product.

The process starts by visiting a Wells Fargo branch or going online to Wells Fargo Advisors' website. You'll provide personal information, choose what investments you want to hold in the account (stocks, mutual funds, bonds, or a mix), and fund the account with your first contribution. Wells Fargo doesn't charge a fee to open the account itself, though you may pay fees depending on which investments you choose and how often you trade.

One thing to know upfront: Wells Fargo Advisors is designed for people who want to actively manage their investments or work with an advisor. If you're looking for a straightforward, low-cost Roth IRA with automatic investing, you might find better options elsewhere — but if you already bank with Wells Fargo and want everything in one place, this route works.

Key Takeaways

  • Wells Fargo Roth IRAs are opened through Wells Fargo Advisors, not through regular Wells Fargo banking.
  • You choose your own investments when you open the account, so you need to decide what stocks, funds, or bonds you want to hold.
  • There is no account opening fee, but you may pay trading fees or advisory fees depending on how you invest.
  • Wells Fargo Advisors works best if you want hands-on control or plan to work with a financial advisor.

What you need to open the account

To open a Roth IRA at Wells Fargo Advisors, have your Social Security number, a valid ID, and your current address ready. You'll also need a funding source — a bank account to transfer money from, or a check you can mail in. If you're rolling over money from another retirement account, you'll need the account details from that provider.

Wells Fargo will ask you about your investment experience and goals. This isn't a test you can fail, but the bank uses your answers to suggest which investments might suit you. If you're not sure what to invest in, you can ask to speak with an advisor, though that conversation may lead to recommendations for managed accounts or advisory services that come with additional fees.

How Wells Fargo Roth IRAs differ from other providers

Wells Fargo Advisors charges differently than many online brokers. If you open a self-directed account and pick your own investments, you typically pay per trade — the cost varies by investment type. If you want a robo-advisor (an automated portfolio that rebalances itself), Wells Fargo offers that too, but it comes with an annual advisory fee on top of any underlying fund expenses.

Competitors like Fidelity, Vanguard, and Charles Schwab often charge no trading fees for stocks and many mutual funds, and their robo-advisor options are sometimes cheaper. Wells Fargo's advantage is convenience if you're already a customer and want one login for banking and investing. The disadvantage is that you'll likely pay more in fees unless you're working with an advisor who's actively managing your account.

Contribution limits and annual rules

The contribution limit for a Roth IRA in 2024 is $7,000 per year if you're under 50, or $8,000 if you're 50 or older. Wells Fargo doesn't set these limits — they're federal rules that explore to every Roth IRA, no matter where you open it. You can contribute that amount once per calendar year, and you can't exceed it across all Roth IRAs you own.

There's also an income limit for who can contribute to a Roth IRA. If your income is above a certain threshold, you may not be able to contribute the full amount or contribute at all. The threshold depends on your filing status and changes each year. Wells Fargo will ask about your income when you open the account, and they'll let you know if you're within range.

Moving money into your Wells Fargo Roth IRA

Once your account is open, you can fund it by transferring money from a bank account, mailing a check, or rolling over money from another retirement account. A rollover is when you move money from a 401(k), traditional IRA, or similar account directly into the Roth IRA. Wells Fargo can walk you through the rollover paperwork, but the process takes time — usually one to two weeks for the money to arrive.

If you're rolling over from a traditional IRA or 401(k), be aware that you may owe taxes on the amount you move. A Roth IRA holds after-tax money, so converting pre-tax retirement savings means paying income tax on that conversion in the year you do it. This is a tax decision, not just a paperwork one, so consider talking to a tax professional before you roll over a large amount.

Choosing investments in your account

After you fund your Roth IRA, you need to decide what to invest in. Wells Fargo Advisors offers stocks, mutual funds, exchange-traded funds (ETFs), bonds, and other securities. You can pick individual stocks if you want, or you can choose a mutual fund or ETF that holds a basket of stocks for you. If you're not sure what to pick, Wells Fargo offers target-date funds — these automatically shift from stocks to bonds as you get closer to retirement.

The investments you choose matter because they determine how your money grows. If you pick conservative investments like bonds, your money grows slowly but with less risk. If you pick growth stocks, your money could grow faster but could also drop in value. Wells Fargo's advisors can make recommendations, but remember that advisory services come with fees.

Fees you might pay

Wells Fargo doesn't charge to open a Roth IRA, but you may pay fees once the account is open. If you trade individual stocks, you typically pay a per-trade commission. If you buy mutual funds, some funds charge an expense ratio — a yearly percentage that comes out of your account automatically. If you use Wells Fargo's robo-advisor service, you pay an annual advisory fee, usually between 0.25% and 0.50% of your account balance per year.

The total cost depends on how you invest. A straightforward approach — buying a few low-cost index funds and holding them — might cost you less than 0.20% per year. An approach that involves frequent trading or active advisory services could cost significantly more. Before you open the account, ask Wells Fargo to show you the fees for the specific investments you're considering.

Frequently Asked Questions

Can I open a Wells Fargo Roth IRA online?

Yes, you can start the process online through Wells Fargo Advisors' website. You'll provide your personal information and choose your investments, then fund the account by transferring money from a bank account. Some people prefer to visit a branch to talk through their options with someone in person, and Wells Fargo offers that too.

What if I already have a Wells Fargo checking account?

Having a Wells Fargo checking account makes the process slightly easier because you can transfer money between accounts quickly. However, your Roth IRA will still be a separate account managed by Wells Fargo Advisors, not by the regular Wells Fargo banking division. You'll have a different login and different statements.

Can I move my Roth IRA from Wells Fargo to another bank later?

Yes. You can transfer your Roth IRA to another provider at any time without penalty. The process is called a trustee-to-trustee transfer, and it usually takes one to two weeks. Wells Fargo will help you complete the paperwork. Your new provider will receive the money and investments directly, so there's no tax consequence.

Does Wells Fargo offer a Roth IRA match or employer plan?

No. A Roth IRA is an individual account, not an employer plan. If your employer offers a 401(k) or similar plan, that's separate from a Roth IRA. You can have both — a workplace retirement plan and a Roth IRA — as long as you meet income limits for the Roth contribution.

What happens if I contribute more than the annual limit?

If you contribute more than the federal limit, you'll owe a penalty tax on the excess amount. Wells Fargo will track your contributions, but it's your responsibility to make sure you don't go over. If you realize you've over-contributed, you can withdraw the excess and the earnings on it before your tax important date to avoid the penalty.