Money Matters
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roth IRA question

This is kind of a dumb question but...

What would happen to my roth IRA if I were to switch banks? Do you generally just keep it in the old bank or is it easy to roll over to a new bank? I'm just curious because I love my current bank but I may move away from the area where this particular branch is located in the near future.

Thanks!

 

Anniversary

Re: roth IRA question

  • You should be able to keep it and continue contributing to it, if it's working for you. If you're planning on opening a new Roth at the new bank, I'd probably roll it over just to keep everything in the account that you have decided is best for you. I doubt it's all that hard to roll over, though I've never done it. You can call your bank to find out.

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  • Clarifying question based on what you wrote:

    Are you in love with your bank (the overall company) or your branch (specific building at a specific address)?

    If it's the first, you can go to any location of the bank/company and they can access your accounts. Therefore, you wouldn't have to move your IRA since it would already be accessible by any branch location anywhere that the bank/company has an office.

    If you're talking about the overall bank/company, then you can do whatever you want. It might be easier to leave where it is if you will be fairly close, but if you're moving out of state, where your bank/company does not exist or more than 1 hour away from any of your bank's branch locations, I might move it.

     

     

     

  • I love the company as a whole. However, it only has branches in a few towns, most of which are far from where I am considering moving to. Same state though. I'll probably end up staying with the bank, for at least any long term accounts like IRA or mortgage. Just wondering what my options were. Thanks!
    Anniversary
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