[Gemma]

I have an IRA with Bank of America that I took out before I got my green card.

The interest is insultingly low and I would like to transfer it to another IRA is that something I can do without a tax penalty?

[Sean]

Yes, you can move it without penalty. But the money should be invested, did you do that?

If so, you should get the return based on what you invested in.

[Elena]

Yes, you can. I transferred it myself to Fidelity. I had to fill out a transfer request with Fidelity and it took about a week.

Their customer service is helpful and will walk you through.

Your bank may change a fee though, but it’s totally worth it.

[Scott]

I’m very familiar with boa/ Merrill Lynch. When you say “ interest rates” that tells me you don’t have it invested in anything.

So, you’re problem is less about which bank is holding it and more about putting that money to work in an account investment like the s&p 500 for example.

In case you’re new to investing, an Ira is not an investment.

It’s a tax shelter, once you put money inside of an Ira you still have to buy an investment with it.

[Author]

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