Keep your money moving in the right direction.

It's easy to do and you won't incur any fees or tax penalties. Consolidating your retirement accounts can save you time and money and makes your assets easier to manage.

What is the difference between a transfer and a rollover?

Both are ways to move funds from one retirement account to another without incurring tax penalties. The main difference between the two is the way the funds are handled:

Rollover

With a rollover your money is moved from a qualified retirement account (such as a 401(k)) to an IRA but the funds are distributed to you and must be redeposited within 60 days to avoid tax penalties. Rollover funds are not counted toward your yearly contribution limit but you can only make one rollover per year.

Types of qualified retirement accounts

Transfer

With a transfer your money is moved directly from one IRA to another. The funds are exchanged between the financial institutions without the consumer ever handling them. Transfer funds are not counted towards your yearly contribution limit and there is no limit on the number of transfers you can make.

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It's easy to make a rollover or transfer online

You can open a rollover or an IRA online in less than 10 minutes. Once we have your information, we'll send you pre-filled forms with clear instructions on what to do next. Usually, only your signature is required.

As always, if you have any questions or would like someone to walk you through the process, you can call and talk to a Banking Specialist 24 hours a day.

 

Types of Qualified Retirement Accounts

  • Qualified Employee Plan (ex., Traditional or Roth 401(k))
  • Qualified Annuity
  • Tax-Sheltered Annuity Plan
  • 457 Deferred Compensation Plan
  • Roth IRA
  • Tax-Sheltered Annuity Plan
  • Traditional IRA