Can you have (start) more than one IRA account? Ex, could you put $1,500 into a bank's CD-type IRA and $1,500 into a mutual fund?
John G
Jan 21 2003, 02:45 AM
Yes. There is not limit on the number of IRAs. From a practical perspective, you might not like paying extra annual fees. These IRAs can be with the same custodian or with various custodians at different types of institutions.
You can not increase the contributions by having more than one IRA custodian. The $3,000 is for all IRAs combined for one taxpayer.
You may find that some mutual fund families will charge just one annual fee even if you have money in two types of funds (such as a money market and a growth fund). Of course, zero is a very fine number for fees.