As much as we all wish retirement plans were free of charge, they aren’t. Companies that provide services for retirement plans ALWAYS charge fees in some way, even if it’s not clear how. After all, they have to cover basic business costs to service your account, so they always find a way.
Even so, you’ll sometimes see promotions by big banks where they offer great benefits like making a contribution to your account or promises to match your retirement savings, all while promoting these accounts as free— don’t be fooled. There is no such thing as a free IRA.