Fidelity Boosts IRA Minimums Including Rollovers

December 31, 2002 ( - Individual retirement account customers at Fidelity Investments - including those rolling over a balance from a company retirement plan - will now need to meet a higher balance threshold.

The Boston investment giant announced that it was raising its minimum balances for IRAs to invest in a fund from $500 to $2,500 – in line with existing minimums in non-retirement accounts, Reuters reported. The increase applies to traditional IRAs, as well as to Roth and rollover IRAs.

New investors unable to meet the threshold immediately can contribute at least $200 per month until they reach $2,500, Fidelity said.

Fidelity already charges a $12 annual fee for retail fund accounts with balances below $2,000. It waives the fee in certain circumstances, including for households with assets at Fidelity of at least $30,000, the company said.  

The increase won’t affect small-business or self-employed retirement savings plans, such as SEP-IRAs, Fidelity said.