Retirement accounts aren’t one-size-fits-all, and your current 401k provider may not always keep pace with your financial goals. Whether you’re seeking different investment options, improved digital tools, or a shift in service approach, transferring your 401k can help realign your retirement strategy with your evolving needs.
Moving your funds from Fidelity to Chase You Invest is a process that, when done correctly, preserves the tax-advantaged status of your savings while offering flexibility for the future.
At Carry, we want to make financial decisions feel more manageable, even if you’re handling them outside our platform. This guide breaks down the steps to transfer your 401k from Fidelity to Chase You Invest smoothly and penalty-free. 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 401k Transfer Options
Transferring a 401k from Fidelity to Chase You Invest requires careful planning. Your primary goal is to execute a direct rollover, which helps you avoid potential tax complications. A direct rollover moves your retirement funds between accounts without triggering immediate tax consequences.
✅ Confirm your transfer method
✅ Verify account eligibility
✅ Gather required documentation
✅ Ensure there are no early withdrawal penalties
Step 2: Open a Chase You Invest Account
Before initiating the transfer, you’ll need an active Chase You Invest account. This process typically takes 10-15 minutes online. During account creation, select an IRA as your account type to ensure proper handling of retirement funds.
✏️ Hypothetical Example: John completed his Chase You Invest account setup in just 12 minutes by having his personal information ready.
Step 3: Prepare Transfer Documentation
Gather key financial documents to streamline your transfer process. Chase You Invest will require specific information to process your rollover correctly.
✅ Government-issued photo ID
✅ Fidelity 401k account number
✅ Most recent 401k statement
✅ Personal contact information
✅ Social Security Number
📝 Pro Tip: Double-check all details to prevent potential processing delays.
Step 4: Initiate the Direct Rollover
Contact Fidelity’s rollover department to request a direct transfer to your new Chase You Invest account. Request the send funds electronically to minimize processing time and reduce potential errors.
✏️ Hypothetical Example: A direct rollover means your $50,000 401k balance moves directly between financial institutions without you handling the cash.
Step 5: Select Your Investment Strategy
Once the funds have transferred, choose how to allocate your retirement money within Chase You Invest. Evaluate your risk tolerance and financial goals before selecting investments.
Step 6: Understand Potential Transfer Fees
Most 401k transfers between providers are free. However, always confirm any applicable fees with both Fidelity and Chase You Invest to avoid unexpected charges.
✏️ Hypothetical Example: Chase typically does not charge transfer fees for retirement account rollovers.
Step 7: Tax Considerations
Direct rollovers are not taxable events when executed correctly. Ensure the transfer occurs within 60 days to avoid potential tax penalties. Consult a tax professional if your situation is complex.
Step 8: Verify and Confirm Transfer
After initiating the transfer, monitor both your Fidelity and Chase You Invest accounts. Confirm that:
✅ The full transfer amount has posted
✅ Account details match accurately
✅ No unexpected fees or delays occurred
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Wrapping It Up
Transferring a 401k from Fidelity to Chase You Invest involves several key steps.
✅ The most crucial aspect is initiating a direct rollover to avoid unnecessary tax penalties. You’ll need to set up a Chase You Invest account, contact Fidelity’s plan administrator, and submit the required documentation for a smooth transfer.
✅ Keep in mind that while the transfer itself typically doesn’t involve direct fees, there may be associated costs depending on the new account’s structure and investment options.
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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/).