Can I transfer a Roth IRA from one institution to another?

Question

If I create a Roth IRA at one bank or institution, and later decide due to fees or opportunities or whatever that I would rather have the account at a different bank, how easy is it to switch it?

Answer 1

Actually it's pretty easy.

I use Fidelity, so I'll use it as an example.

I start a Roth IRA with, say, eTrade. After a while, I decide I'm not happy and want to move to Fidelity.

1) Have a copy of your most recent statement.

2) Call Fidelity's Retirement department.

That's it. The receiving brokerage (Fidelity, in this case), will ask you some questions, send a form, and then take care of the transfer.

Most brokerages will do the same. Just make sure that the money goes from one firm directly to another.

Answer 2

Sure you can A couple of signatures maybe a fax and your done

Answer 3

The ease of the transfer depends on how cooperative each side is.  Usually the receiving side is more cooperative.  Legally, though, your old institution is required to let you roll it over to someone else.

And don't be discouraged if it takes a few months.  It is worth the hassle.

Answer 4

Use Fidelity, or some other very well-known, national institution.  The reason is because that such an institution is very unlikely to mess-up the paper work.  This is very important, because a mess-up in paper work could result in taxes and penalties to you.  Even though the bank, brokerage or other financial institution made the mistake, you get the bill.  And given the tough economic times today, try getting covered or reimbursed for the taxes and penalties -- it likely won't happen!!

Answer 5

Very easy.  Just set up the new IRA where you want it and request them to do a direct transfer.

Answer 6

very easy, it's just paperwork

Answer 7

yes, Just open an account wherever you want and do a transfer. No taxes due. It is very easy and should not take more than 10 days to transfer.