How to Transfer a Traditional IRA from Fidelity to U.S. Bank

Retirement accounts aren’t static investments — they evolve as your financial goals shift and your preferred investment platforms change. Whether you’re simplifying your finances, exploring different investment options, or rethinking your long-term plan, moving your IRA might make sense.

Transferring your Traditional IRA from Fidelity to U.S. Bank can help you consolidate your retirement savings without tax complications or early withdrawal penalties. This guide walks you through the precise steps to move your traditional IRA safely and efficiently.

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 Situation

Moving your Traditional IRA from Fidelity to U.S. Bank takes a little planning—but it’s a straightforward process when you know what to expect. You’ll be doing a trustee-to-trustee transfer, which means the funds move directly between institutions without triggering potential taxes or penalties.

✏️ Hypothetical Example: You have $50,000 in your Fidelity Traditional IRA and decide to consolidate your retirement savings at U.S. Bank.

What You Might Need

✅ Your current Fidelity Traditional IRA account number

✅ Government-issued photo ID (driver’s license or passport)

✅ Most recent IRA statement

✅ Contact information for both Fidelity and U.S. Bank

✅ Online access to both accounts (recommended)

Step 2: Open Your U.S. Bank IRA

If you don’t have one already, open a new Traditional IRA at U.S. Bank. Make sure it’s set up to accept incoming rollovers or direct transfers.

📝 Tip: Verify that your new U.S. Bank IRA accepts transfers from Traditional IRAs before initiating the process.

Transfer Methods

You have two primary transfer methods:

✅ Direct rollover (recommended)

❌ Indirect rollover (less advisable due to potential tax complications)

For a direct transfer, you’ll request Fidelity to send funds electronically or via check directly to U.S. Bank. This method minimizes potential tax risks and ensures a smoother transition.

Step 3: Initiate the Transfer Request

Begin the transfer process with U.S. Bank by completing their Account Transfer Form and providing a recent Fidelity IRA statement.​ U.S. Bank will handle the coordination with Fidelity to execute a direct trustee-to-trustee transfer, preserving the tax-advantaged status of your IRA.

Step 4: Verify Transfer Details

Before finalizing the transfer, confirm:

📝 Important: Double-check that you’re transferring between Traditional IRAs to avoid unexpected tax consequences.

Step 5: Track Your Transfer

Monitor both your Fidelity and U.S. Bank accounts during the transfer. Most transfers complete within one week, but some might take up to two weeks depending on institutional processing times.

Before you submit anything, double-check:

✅ Transfer amount is accurate
✅ Account holder names match
✅ Both accounts are Traditional IRAs
✅ Timeline for transfer (usually 5–7 business days)

Step 6: Watch Out for Possible Fees

Fidelity

✅ Fidelity does not charge a fee to transfer assets out of your account.

❌ However, a $50 account closeout fee may apply if you fully close your IRA.

U.S. Bank

✅ U.S. Bank does not charge a fee specifically for receiving incoming IRA transfers.

❌ However, U.S. Bank may charge a $15 annual custodial fee for IRA accounts.

📝 Important: It’s advisable to consult directly with both Fidelity and U.S. Bank to confirm the latest fees and policies that may apply to your specific transfer situation.

Step 7: Keep Taxes Out of the Picture

A direct trustee-to-trustee transfer between Traditional IRAs should not trigger any tax events. 

📝 Tip: If you’re unsure about anything (especially if you’re nearing RMD age), check in with a tax professional.

Step 8: Final Verification

After the transfer completes:

📌 If you need any additional guidance, be sure to check out these related articles:

Final Thoughts on Transferring Your Traditional IRA

Moving your Traditional IRA from Fidelity to U.S. Bank could be a solid strategy if you want a fresh start or better alignment with your current investment goals. The process is simple when you stick to a direct transfer and keep track of the details.

Next steps should include:

📌 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.

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