Should You Rollover Your IRA?

Here’s Why It Might Be a Smart Move 

If you’ve had your IRA sitting with the same financial institution for years, it might be time to take a closer look. Is your current provider offering the best rates? The best investment options? The service you deserve? If not, rolling over your IRA to a new institution—like a credit union or bank that offers a high-yield savings account—can be a strategic financial decision. 

Why Consider Rolling Over Your IRA? 

Rolling over your IRA means moving your retirement account from one financial institution to another without losing existing tax benefits. Here are a few good reasons to consider making the switch: 

Better Investment Options 

Some institutions offer a limited selection of investment products or outdated savings options. By switching to a provider with modern tools and flexibility—like access to high-yield savings accounts—you could better align your retirement funds with your risk tolerance and goals. 

Higher Interest Earnings 

If your current IRA is in a low-yield account, you could be missing out on significant interest over time. Rolling over to a financial institution that offers a high-yield savings option within an IRA can help your money grow more safely and steadily, especially in times of market volatility. 

Lower Fees 

Some investment providers charge unnecessary management or maintenance fees. A rollover to a credit union or fee-conscious institution may reduce or eliminate these costs, keeping more money working for your future. 

Improved Service and Support 

Customer service matters. Working with a financial partner who takes the time to understand your goals and offers personalized support can make a big difference in how confident you feel about your retirement strategy. 

How to Rollover Your IRA: A Simple Step-by-Step Guide 

Rolling over your IRA may sound intimidating, but it’s a straightforward process when done correctly. Follow these steps to ensure a smooth transition. 

1. Research and Compare Institutions 

Look for a reputable financial institution that offers better investment options, including high-yield IRA savings accounts. Compare rates, fees, customer service, and available IRA types (Traditional vs. Roth). 

2. Open a New IRA Account 

Once you've selected the new provider, open an IRA account that matches the type you're rolling over (e.g., Traditional IRA to Traditional IRA). Note, mixing Traditional and Roth assets could have unintentional tax consequences. 

3. Initiate a Direct Rollover 

A Direct Rollover is a type of transaction where the IRA assets are moved directly from the current institution to the receiving institution. To initiate a direct rollover, you will want to work with a financial professional at the receiving institution. They will prepare the paperwork and help facilitate communications with your current institution to move the IRA assets.  

4. Complete the Transfer Paperwork 

Each institution has its own requirements for processing IRA Rollovers. In general, you will be asked to sign a form(s) that will be sent to the current institution. The receiving institution will typically require an account number and mailing address for the current institution. Additionally, some institutions may require signatures be notarized or medallion guarantees. Be prepared to provide recent account statements as well as a copy of a government-issued ID.  

5. Verify the Transfer 

Monitor your account to confirm that the funds have been successfully transferred and deposited. This process typically takes 10-15 business days.  

6. Choose Your Investments 

Once your new IRA is funded, work with your advisor or the institution to choose how you'd like the funds invested—such as placing all or part of the balance into a secure, high-yield IRA savings account. 

A Smart Move for a More Secure Future 

Rolling over your IRA to a new financial institution is more than just a transfer—it’s a strategic decision to take better control of your retirement. Whether you're looking for higher interest, lower fees, or better service, making the switch could be a simple yet impactful move toward a stronger financial future. 

Ready to make the switch? Schedule an appointment with a member service representative or visit our IRA page to learn more about initiating a rollover and start growing your IRA with confidence.