How to Transfer a Traditional IRA from Fidelity to SoFi Invest

Your retirement savings should grow with you—and sometimes that means making a change. Maybe you opened your IRA with Fidelity years ago and now feel that SoFi Invest is a better fit for your current goals or investing style.

The good news? Transferring your traditional IRA between providers is often a simple, tax-free process, as long as it’s done as a direct 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.

This guide walks you through the steps to help you make the move smoothly, without triggering penalties or tax consequences.

Step 1: Understand Your IRA Transfer Landscape

Transferring your traditional IRA from Fidelity to SoFi Invest takes a bit of preparation, but it’s a fairly straightforward process when you know what to expect. The key is to use a direct transfer, so your retirement funds move between providers without triggering taxes or penalties.

Most transfers like this take around 5–7 business days, depending on the types of investments involved. Your goal? A smooth move that keeps your savings growing without disruption.

What You’ll Need

✅ Fidelity Traditional IRA account number

✅ Social Security Number

✅ Government-issued photo ID

✅ SoFi Invest account information

✅ Recent IRA statement from Fidelity

Step 2: Open Your SoFi Invest Traditional IRA

Before anything moves, you’ll need to open a new traditional IRA with SoFi Invest. Just make sure it matches the account type you currently have at Fidelity.

✏️ Hypothetical Example: If your Fidelity IRA is a traditional, pre-tax retirement account, your SoFi account should also be a traditional pre-tax IRA to keep everything tax-compliant.

When setting up your new SoFi Invest account:

✅Provide accurate personal information

✅Complete all required identification verification steps

✅Confirm the account type matches your current Fidelity IRA

Step 3: Initiate the Transfer Process

Once your SoFi account is ready, reach out to SoFi’s customer support to begin the Automated Customer Account Transfer (ACAT) process. This system allows them to communicate directly with Fidelity and initiate the transfer.

Here’s what to do:

✅ Double-check that your personal info matches on both accounts

✅ Have your Fidelity account details handy

✅ Be ready to sign a digital transfer authorization

📝 Quick Tip: Double-check that your investments are transferable. Some specialized funds might require liquidation before transfer.

Step 4: Check Investment Compatibility 

Not all investments transfer identically between providers. Some assets might need to be sold and transferred as cash, particularly:

✏️ Real Example: If you hold a Fidelity-exclusive fund, SoFi may not support it. You might need to sell it and transfer the cash instead.

Step 5: Understand Potential Transfer Fees

​When transferring a Traditional IRA from Fidelity to SoFi Invest, it’s important to be aware of potential fees associated with the process.​

✅ Fidelity

✅ SoFi Invest

It’s advisable to consult with both institutions to understand any potential fees that may apply to your specific situation.

Step 6: Tax Considerations

A direct transfer between traditional IRAs doesn’t trigger taxable events if executed correctly. But it’s always wise to be cautious.

Key tax protection strategies:

📝 Reminder: A quick call with a tax advisor can help you feel confident everything’s being handled correctly.

Step 7: Timeline and Tracking

Most IRA transfers take 5–7 business days, but some can take longer depending on the institutions and assets involved. During that time:

✅Monitor both your Fidelity and SoFi Invest accounts to track progress

✅Confirm the transfer’s progress through online platforms

✅Contact customer support if the transfer takes longer than expected

Step 8: Final Verification

Once your funds have arrived at SoFi Invest, take a moment to make sure everything looks right:

✅Confirm the total transferred amount matches your original balance

✅Review your new investment allocation in SoFi Invest

✅Update any automatic contributions or investment instructions

📌 Related Resources:

Final Thoughts on Your IRA Transfer Journey

Transferring your traditional IRA from Fidelity to SoFi Invest is a smart move when you’re looking to better align your retirement savings with your current goals. Just make sure you take the right steps to keep things smooth and penalty-free.

The key takeaways:

✅ Use a direct, trustee-to-trustee transfer to avoid taxes and penalties

✅ Double-check that both accounts are the same type and set up correctly

✅ Keep clear records of everything along the way

Here’s what to do next:

✅ Verify your new SoFi Invest account details

✅ Gather all necessary personal and account information

✅ Initiate the transfer through SoFi’s customer support

Remember that while the transfer process is typically straightforward, each individual’s financial situation is unique. Take your time, double-check all information, and don’t hesitate to seek professional guidance if you have any uncertainties.

📌 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/).