Roth IRAs are a valuable tool for retirement savings, offering tax-free growth potential when managed carefully. Sometimes, moving your Roth IRA to a different provider can help better align your investments with your financial goals and strategy.
Transferring your Roth IRA from Fidelity to Acorns can be completed through a direct process that protects your account’s tax-advantaged status. This guide outlines the key steps to help ensure a smooth and secure transfer.
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 Roth IRA Transfer Options
Moving your Roth IRA from Fidelity to Acorns requires careful planning. A direct transfer, also known as a trustee-to-trustee transfer, allows you to move your funds without triggering any tax consequences. This method keeps your retirement savings protected during the transition.
What You’ll Need:
✅ Your current Roth IRA balance
✅ Fidelity account number
✅ Personal identification documents
✅ Acorns account information
✅ Recent IRA statement from Fidelity
📝 Important Note: Always confirm your total account balance before initiating the transfer to ensure accuracy.
Step 2: Initiate the Transfer Process
Contact Acorns to start the transfer. They typically handle the process by requesting your funds directly from Fidelity. Using a direct transfer minimizes potential complications and helps ensure a smooth transition.
Step 3: Prepare Necessary Documentation
Gather all required documentation to streamline your transfer. You’ll need to provide:
✅ Government-issued photo ID
✅ Social Security number
✅ Current IRA statement
✅ Completed transfer request form from Acorns
📝 Pro Tip: Uploading digital copies of documents can speed up the verification process.
Step 4: Choose Your Transfer Method
Acorns processes Roth IRA transfers through liquidation and wire/check transfer. This means your current investments will be converted to cash before being moved to the new account. Verify with both Fidelity and Acorns about any specific transfer requirements.
✏️ Hypothetical Example: If your Fidelity Roth IRA holds mutual funds or individual stocks, these investments will be sold and transferred as cash to your Acorns account.
Step 5: Understand Potential Transfer Fees
Most transfers between retirement accounts are free. However, always confirm specific details:
✅ Fidelity may charge a $50 account closeout fee when you fully close your Roth IRA account.
✅ Acorns reserves the right to charge a fee of up to $25 to manually process an incoming transfer or rollover transaction.
✅ Other potential minor processing costs may apply
📝 Reminder: Some investment liquidation might incur small transaction fees.
Step 6: Monitor Transfer Timeline
Roth IRA transfers typically take 5-10 business days. During this period:
✅ Avoid making new contributions or trades
✅ Keep a copy of your Fidelity and Acorns account statements
✅ Monitor both platforms for transfer updates
✏️ Hypothetical Example: A transfer initiated on Monday might complete by the end of the following week.
Step 7: Tax Considerations
A direct Roth IRA transfer is generally a non-taxable event. Make sure you’re transferring from a Roth IRA into another Roth IRA to maintain the account’s tax-advantaged status.
📝 Important: Improper transfers could result in unexpected tax consequences, so double-check all instructions.
Step 8: Final Verification
Once the transfer is complete, review your new Acorns account carefully:
✅ Confirm the total transferred balance
✅ Verify no missing funds
✅ Ensure your account reflects the correct transferred amount
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Bringing It All Together
Transferring your Roth IRA from Fidelity to Acorns is a manageable process when approached with careful planning and attention to detail. The key points to remember are:
✅Use a direct, trustee-to-trustee transfer to avoid tax penalties
✅Ensure all personal and account information matches exactly.
✅Gather the necessary documentation ahead of time.
✅Monitor the transfer closely to confirm smooth completion.
The process typically takes 5–10 business days, depending on account complexity and processing times. Always double-check transfer instructions with both financial institutions to help prevent delays or unexpected issues. With the right steps, you can confidently move your retirement savings and continue working toward your long-term goals.
📌 Want to dive deeper? Here are some other helpful resources:
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/).