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

Transferring a Roth IRA between financial institutions is a common step for investors seeking platforms that better align with their evolving financial goals. Whether you’re looking for different investment options, a new account management experience, or personalized service, understanding the transfer process can help you move your retirement savings securely and efficiently.

This guide walks you through how to move your Roth IRA from Fidelity to Bank of America while maintaining your account’s tax-advantaged status and avoiding unnecessary complications

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 Fundamentals

Moving your Roth IRA from Fidelity to Bank of America requires careful planning. Direct transfers between Roth IRAs are typically tax-free and penalty-free when properly executed.

A direct transfer means your funds move directly from one custodian to another without you taking possession of the money. This helps preserve your account’s tax-advantaged status and minimizes potential complications.

Step 2: Prepare Your Account Information

Before initiating the transfer, gather the following documents:

✅ Your current Fidelity Roth IRA account number

✅ Government-issued photo ID

✅ Most recent Roth IRA statement from Fidelity

✅ Bank of America Roth IRA account details

✅ Social Security Number

📝 Tip: Having accurate and up-to-date documentation can help avoid delays during the transfer process.

Step 3: Choose Your Transfer Method

Bank of America typically recommends initiating the transfer through their platform. This method ensures a smoother transition and reduces potential errors.

Your transfer options include:

✏️ Hypothetical Example: If you hold proprietary mutual funds at Fidelity, you may need to liquidate these before transferring, as some funds cannot move in-kind.

Step 4: Initiate the Transfer Process

Contact Bank of America’s investment services to start the transfer. Steps generally include:

📝 Important: Request a direct trustee-to-trustee transfer to maintain tax advantages and avoid a potential taxable distribution.

Step 5: Understand Potential Transfer Timelines

Most Roth IRA transfers via the Automated Customer Account Transfer Service (ACATS) take approximately 5–7 business days. However, more complex accounts may require additional time.

Factors that may affect the transfer speed:

✏️ Hypothetical Example: A straightforward cash transfer may complete within 3 business days, while a transfer involving multiple assets could take up to two weeks.

Step 6: Confirm Transfer Costs

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

Fidelity: No fee to transfer assets out, but a $50 fee may apply if you fully close your IRA.

Bank of America: Charges a $50 processing fee for each IRA direct custodian transfer but does not impose annual or monthly maintenance fees for IRA accounts. 

Other potential fees:

📝 Reminder: Always confirm current fee structures with both Fidelity and Bank of America.

Step 7: Consider Tax Implications

A properly executed direct trustee-to-trustee Roth IRA transfer should not create any taxable events. Your earnings and contributions remain within the tax-advantaged structure.

📝 Important: If you have unique investment holdings or complex situations, consider consulting a tax professional before proceeding.

Step 8: Verify and Complete Transfer

Once your transfer is underway:

📝 Tip: Retain copies of your transfer confirmation and account statements for your financial records

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

Final Thoughts on Your Roth IRA Transfer Journey

Transferring your Roth IRA from Fidelity to Bank of America can generally be a smooth process when handled carefully. The key takeaways are that a direct trustee-to-trustee transfer helps maintain your account’s tax-advantaged status and avoids triggering taxes or penalties.

Preparation is important—gather all required documents, understand your available transfer options, and double-check information throughout the process.

Your next steps include:

✅ Initiating the transfer request through Bank of America’s platform
✅ Verifying that all account details match accurately
✅ Monitoring both accounts until the transfer is fully completed

📝 Reminder: While most transfers complete within 5–7 business days, complex situations may require additional time. Patience and thorough documentation review can help prevent potential issues.

📌 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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