DRIP- and DSP-Sponsored IRAs
You may not need to find an independent IRA custodian. Some companies offer DRIP-sponsored IRAs. You may even find Education IRAs and Roth IRA options. Read the prospectus of the company to find out if they have an IRA option.
Here are some companies that do allow you to open IRAs using their DRIP programs:
• American Electric Power Co.
• Atmos Energy
• Connecticut Water
• Ford Motor
• Morton International
You will find that these companies charge an annual fee that ranges from $35 to $50 for maintaining your IRA, but that will probably be less than the amount you’ll pay an independent IRA custodian. But remember, you need to pay that fee to each ...