Low minimum to open, mutual funds

[Ima saver]

Does any one know of some low, or no minimum mutual funds? I think it would be nice to have a list here. It might help out some of the younger people on this forum who would like to open a mutual fund account but don't have the necessary $2500 or $3000 that most funds want to open an account.

[Roupey03]

I have a ING Savngs account.

Set up with the automatic savings plan to take out deposit 50 dollars every friday. Would it be better for me to start a mutual fund?

[Ima saver]

Yes, I think everyone should get into mutual funds. I have several with a group call, Vanguard. However they require a minimum of $3000 to open one. We need a list of low mimimum mutual funds to put on this forum. I am sure some one with computer skills (not me) could find some funds to list.

[sweeps]

Funds for $50 or less

[Ima saver]

Thanks sweeps, I see that T. Rowe price mutual funds are on that list. That is the ones I would reccommend, especially Capital apprec. and New Horizons fund. they have both done well.

[gotalkmoney]

Sweepsplayer -

I've been looking for a site like this that allows you screen funds by the min. investment. Thanks!

[Ima saver]

Now my guess is, and I think I am right, they will let you open an account for only $50 if you let them take automatic withdrawals out of your checking account every month. I don't blame them. Mutual fund companies get too many small accounts for $50 and then the account just sits with no money added to it.
You can do it, heck it is only $12.50 a week.
That is how I started in mutual funds. I started with American Century and let them take $50 a month out of my checking! It was painless and I know have over $30,000 in that fund that I started for $50.

Thanks sweeps!!

[sweeps]

You're right, Ima. Most (if not all) of those companies require an automatic investment plan to get that low minimum. Also note that site looks dated (2003), so call the company first (or check their web site) to confirm the deal is still valid.

[Roupey03]

What type of penalties can I expect from these mutual funds. What if I want out? What kind of rate should you be able to expect from them?

[JoyJoy]

Great, great, great idea Ima!! This helps our youngest son with investing as we are teaching him about dollar cost averaging.

Thanks Sweeps for the listing. We will just have to go to the particular website like T. Rowe Price (as Ima suggested) and see if he can start with a $50.00 investment. Wouldn't be a bad thing for us grown-ups to open one as well.

Thanks!!!

[Ima saver]

It would be very smart for grown ups to start one too. All in all, over the years, mutual funds have returned about 9 or 10%. Some years, the fund could be up 30% or down 30% I like T. Rowe Price because I know it is a large company and it is no load. It is your money, so to answer the question, you can get out any time you want, simply by calling. But if you are going to have $50 or more withdrawn and invested every month, you want to stay with them for a while.
I started my first mutual fund with american century on 7-11-88. I started with $2000 and added about $4500 more over the years. The acct is worth $33,000 now.

[Ima saver]

I have sent off for a prospectus for T. Rowe Price. I will report back when I get it. Also, If someone wants to call and ask if you can open a mutual fund account for $50, here is the number 1-800-541-6066.

[Roupey03]

Has anyone looked into INGs Mutual Funds?

[Ima saver]

No I haven't. I don't think they had been doing mutual funds too long. I like a company that has been around a long time like T. Rowe Price.

[JoyJoy]

Here are a few companies that will waive the minimum amount needed to invest when you agree to monthly deductions from your bank account.

[b]MUTUAL FUNDS:[u]

Ariel Mutual Funds 1-312-726-0140

T. Rowe Price 1-800-225-5132

Stein Roe 1-800-338-2550

Janus Funds 1-800-525-3713

American Century/Benham Funds 1-800-345-2021

I found these companies on the web when I typed in $50.00 investing through mutual funds. Ok stick a fork in me....I'm done.

[Ima saver]

Fannie mae and IBM are stocks. I have some stocks, but would rather see the young people invest in mutual funds.

[JoyJoy]

Never hurts for them to know the difference. I told our son about mutual funds and he asked what about stocks?

[JoyJoy]

I listed Mutual Funds too Ima. Sorry this is your topic of discussion so people just ignore the stock section.

[JoyJoy]

Okay I dispensed with the stocks. Mutual Funds only. Sorry!

Very good topic.

[Roupey03]

Great I am gonna start looking into this.

Something like 50 bucks to start and 50 bucks a month would be nice for now.