How to Transfer a Traditional IRA from Fidelity to Bank of America

Managing your retirement savings sometimes means switching platforms to better match your financial goals. Maybe you’re exploring different investment tools, or you’re looking at consolidating accounts under one provider for simplicity.

Transferring your Traditional IRA from Fidelity to Bank of America is usually a straightforward process—especially when done as a direct transfer. It allows you to move your funds without triggering taxes or penalties, while keeping your savings on track. This guide walks you through each step to help you transfer your IRA smoothly and confidently. 

At Carry, we want to make financial decisions feel more manageable, even if you’re handling them outside our platform. Please note that while we try to provide the most up-to-date information, these processes are subject to change without notice, so be sure to check with your provider before moving forward. 

Step 1: Understand Your Transfer Goal

Transferring your Traditional IRA from Fidelity to Bank of America is all about keeping your retirement savings on track without triggering tax issues or penalties. The easiest and safest way to do this is through a direct transfer.

What makes this transfer straightforward is that you’re moving between two reputable institutions and keeping the same account type (Traditional IRA). This means the transfer should be relatively smooth and uncomplicated.

What You’ll Need

✅ Fidelity Traditional IRA account number

✅ Bank of America Traditional IRA account details

✅ Government-issued photo ID

✅ Most recent IRA statement from Fidelity

✅ Social Security Number

✅ Contact details for both providers

Step 2: Open Your Bank of America IRA

Before you can transfer funds, you’ll need to open a Traditional IRA with Bank of America. This step is usually quick and can be done online.

You’ll be asked to:

✅ Complete an online application

✅ Provide personal and tax identification

✅ Choose your investment preferences

✅ Verify your account info

✏️ Hypothetical Example: John spent about 15–20 minutes opening his Bank of America IRA, using his driver’s license and Social Security Number (SSN) for identity verification.

Step 3: Initiate the Transfer Request

Once your Bank of America Traditional IRA is set up, contact them to begin the transfer request. They will provide the necessary transfer forms and guide you through the process. 

Here’s what to do:

✅Request a direct (trustee-to-trustee) transfer 

✅Provide your Fidelity account details and the exact transfer amount

✅Submit the completed transfer request form

📝 Pro Tip: Stick with a direct transfer to avoid potential tax withholding or early withdrawal penalties.

Step 4: Complete the Paperwork

Bank of America requires a Trustee Transfer Request Form to get things moving. This form gives Fidelity the green light to move your funds.

Here’s what you’ll need to do:

✅ Download and fill out the transfer form

✅ Include account numbers for both Fidelity and Bank of America

✅ Sign and submit the form 

Step 5: Check for Transfer Fees

In most cases, you won’t be charged for transferring a Traditional IRA, but it’s always smart to double-check.

Step 6: Know the Timeline and Expectations

A standard IRA transfer typically takes 5-10 business days from start to finish. Factors affecting timeline include:

📝 Reminder:  Save a copy of everything—forms, confirmations, and emails.

Step 7: Keep It Tax-Free

Since you’re transferring between Traditional IRAs, this transaction should not trigger any taxable events. The key is maintaining the “direct transfer” status, which preserves your tax-deferred growth.

Step 8: Final Check After the Transfer

After initiating the transfer:

Wrapping Up Your Traditional IRA Transfer

Transferring a Traditional IRA from Fidelity to Bank of America is a simple but important financial move. When done properly, it preserves your tax-deferred savings and gives you flexibility to manage your retirement funds in a way that works for you.

Key takeaways:

✅ Use a direct transfer to avoid taxes and penalties
✅ Ensure all forms and account details are accurate
✅ Expect the process to take around 5–10 business days

Remember that while the process is straightforward, precision matters when handling retirement funds.

📌 Want to dive deeper? Here are some other helpful resources:

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Disclaimer:

The Carry Learning Center is operated by The Vibes Company Inc. (“Vibes”) and contains generalized educational content about personal finance topics. While Vibes provides educational content and technology services, all investment advisory services discussed on this website are provided exclusively through its wholly-owned subsidiary, Carry Advisors LLC (“Carry Advisors”), an SEC registered investment adviser. The information contained on the Carry Learning Center should not be construed as personalized investment advice and should not be considered as a solicitation to buy or sell any security or engage in a particular investment, accounting, tax or legal strategy. Vibes is not providing tax, legal, accounting, or investment advice. You should consult with qualified tax, legal, accounting, and investment professionals regarding your specific situation.

The accounts, strategies and/or investments discussed in this material may not be suitable for all investors. All investments involve the risk of loss, and past performance does not guarantee future results. Investment growth or profit is never a guarantee. All statements and opinions included on the Carry Learning Center are intended to be current as of the date of publication but are subject to change without notice.

To access investment advisory services through Carry Advisors, you must be a client of Vibes on an eligible membership plan. For more information about Carry Advisors’ investment advisory services, please see our Form [ADV Part 2A] (https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=916200) brochure and [Form CRS] (https://reports.adviserinfo.sec.gov/crs/crs_323620.pdf) or through the SEC’s website at [www.adviserinfo.sec.gov] (http://www.adviserinfo.sec.gov/).