What is the minimum amount to open an IRA?

The minimum amount to open an IRA varies significantly depending on the type of IRA and the provider. Standard IRAs at major brokerages often have no minimum, while specialized self-directed IRAs for precious metals or crypto typically require larger initial investments.
At traditional brokerages like Fidelity, Schwab, and Vanguard, you can usually open a traditional or Roth IRA with no minimum balance. You can contribute any amount up to the IRS annual limit, which is $7,000 for 2025 or $8,000 if you are 50 or older. Some brokerages do have minimums for specific investment products within the IRA, such as certain mutual funds requiring a $1,000 or $3,000 initial purchase, but the account itself can typically be opened with nothing.
For self-directed IRAs at precious metals providers, minimums are much higher. Most precious metals IRA companies require a minimum initial investment ranging from $5,000 to $25,000. This is because the fee structures and operational costs of running a self-directed IRA do not make economic sense for smaller balances. The custodial and storage fees would eat up too large a percentage of a small account.
Higher-end providers sometimes have minimums of $25,000 or $50,000 for precious metals IRAs. These minimums often come with better service levels, dedicated account representatives, and sometimes waived setup or first-year fees. For larger rollovers, providers may offer promotional benefits like covered fees for the first year or more.
For crypto IRAs, minimums vary more widely. Some platforms like iTrustCapital have relatively low minimums of $1,000 or less, while others require $5,000 or more to open.
If you are considering a precious metals IRA but do not yet have the full minimum required, one approach is to start with a standard Roth IRA at a brokerage, contribute to it over time to build up the balance, and then roll over into a precious metals IRA once you meet the minimum. You could also fund the precious metals IRA initially through a rollover from an existing 401k or IRA, which often exceeds typical minimums even if you have not saved enough to hit the minimum through annual contributions alone.