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How to Move an IRA Account

By Business & Finance Last updated Thursday, May/23/2024

1). Find a new IRA custodian with a brokerage firm, bank or self-directed IRA. The choice depends on the type of investments you want the IRA to hold: stocks and bonds, time certificates or real estate. You can find local custodians at your bank or through a tax adviser referral or through an online search of "IRA custodians."
2). Fill out a new IRA application with "IRA transfer" paperwork. Make sure the title of the new IRA matches the title of the old with the proper contact information. Mistakes could result in a transfer rejection. On the transfer paperwork, be sure to note whether the assets should be liquidated and transferred or transferred "in kind." The second option keeps the investments in tact and moves them into a new account, perhaps where there are lower fees.
3). Submit the paperwork with a copy of your existing IRA statement. It may take three to six weeks for the transfer to complete. You do not need to contact your existing IRA custodian to do anything to complete the transfer.

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