<prompt> Human: Im located in the US and I heard my through my local bank, I can open an IRA. What do I need to know about opening an IRA and what questions should I bring to the table when I go for my appointment on details and setting one up? Is it a good option? This would be through Bank of Americas IRA programMerrill Edge. Heads up, I never opened an IRA before and I dont even know how much I should contribute. Im 25 and Ive only been working for about 2 years and half now. I already have a 401k plan though.  <response>: The places you should be considering opening an IRA with are Vanguard, Fidelity, or Schwab. All offer a variety of low cost index funds to invest in. Bank IRAs typically do not, or charge excessive fees.Please read the information found in the FAQ particularly I Have X ... What Do I Do With It?! You may find Your IRA and You: Basic Information and Your 401k and You: Basic Information worth a read as well. 