Yes, you can move your Ally Roth IRA to Fidelity

You can transfer your Roth IRA from Ally Bank to Fidelity without closing the account or paying taxes. The process is called a direct transfer (also called a trustee-to-trustee transfer), and it moves money straight from Ally to Fidelity without the funds passing through your hands. This is the cleanest route because there are no tax consequences and no 60-day important date to worry about.

Ally does not charge a transfer fee, though Fidelity may charge a small fee to receive the transfer — typically $0 to $50 depending on the account type. You will need to start the process at Fidelity, not at Ally, because Fidelity will handle the paperwork on both ends.

The transfer usually takes 5 to 10 business days, though it can stretch to three weeks if Ally is slow to respond. During that time, your money sits in a holding account and does not earn interest or investment gains.

Key Takeaways

  • A direct transfer from Ally to Fidelity avoids taxes and the 60-day rollover important date that applies to indirect transfers.
  • You must start the process at Fidelity by opening a Roth IRA there and requesting the transfer — Ally will not initiate it.
  • Ally does not charge a fee, but Fidelity may charge $0 to $50 to receive the transfer depending on your account type.
  • The transfer takes 5 to 10 business days in most cases, and your money does not earn returns while in transit.
  • If you have multiple Ally Roth IRAs or other retirement accounts at Ally, you can transfer them all to Fidelity in one request.

How to start the transfer at Fidelity

Log into your Fidelity account online or call Fidelity at 1-800-343-3548. If you do not yet have a Fidelity Roth IRA, you will need to open one first — this takes about 10 minutes online and requires your Social Security number, date of birth, and address. You do not need to fund it with money; Fidelity will hold it empty while the transfer processes.

Once your Fidelity Roth IRA is open, tell Fidelity you want to do a direct transfer from Ally. Fidelity will ask for Ally's account number (the one on your Ally statements) and your name and Social Security number as they appear at Ally. Fidelity will then send the transfer request to Ally on your behalf.

You can do this online through Fidelity's website under "Transfers" or "Move Money," or you can call and have a representative handle it over the phone. The online route is faster if you have your Ally account number handy.

What information you need before you call or log in

Gather these details before you start so the process moves quickly. You will need your Ally account number (visible on your Ally statements or in the Ally app), your full name as it appears on the Ally account, and your Social Security number. If you have a Fidelity account already, have your Fidelity account number ready; if not, Fidelity will create one during the call or online session.

If you are transferring from multiple Ally accounts — for example, a Roth IRA and a SEP IRA — list all of them. Fidelity can request them all in one transfer, though they may arrive in separate batches.

Direct transfer versus indirect rollover: why it matters

A direct transfer is what you want. Fidelity requests the money from Ally, and Ally sends it directly to Fidelity. You never touch it, and there are no tax consequences. This is the IRS-approved method for moving retirement accounts between institutions.

An indirect rollover is when Ally sends the money to you, and you then deposit it at Fidelity within 60 days. This method carries risk: if you miss the 60-day window, the IRS treats the withdrawal as a taxable distribution, and you owe income tax on the full amount. You also cannot do more than one indirect rollover per Roth IRA per 12-month period, so if you have already done one this year, a direct transfer is your only option. For these reasons, direct transfer is almost always the better choice.

What happens to your investments during the transfer

When you request the transfer, Fidelity will ask whether you want Ally to sell your investments and send the cash, or whether you want to transfer the investments themselves. If you hold mutual funds or stocks at Ally, you can usually transfer them as-is to Fidelity without selling. This avoids triggering any capital gains inside the IRA (which would not be taxed anyway, but it keeps your positions intact).

If Ally holds your money in a money market fund or savings account, Fidelity will receive it as cash and deposit it into your Fidelity Roth IRA as cash. You can then invest it at Fidelity however you choose — stocks, mutual funds, ETFs, or leave it in a cash sweep account.

During the transfer window, your money earns nothing. If you are in the middle of a market move you wanted to capture, you cannot act until the transfer completes and the money lands at Fidelity.

Fidelity transfer fees and what to expect

Ally does not charge you to leave. Fidelity may charge a transfer fee of $0 to $50 to receive the account, depending on whether you are transferring a brokerage account, an IRA, or a 401(k). For a Roth IRA transfer, Fidelity typically charges $0, but call ahead to confirm. Some Fidelity account types waive the fee if you maintain a minimum balance or set up automatic deposits.

If Fidelity does charge a fee, it will deduct it from your transferred balance, so your Roth IRA will be slightly smaller when it arrives. This is not a tax event — it is straightforward a cost of moving the account.

After the transfer completes: what to do next

Once the money lands at Fidelity, log into your Fidelity account and confirm the balance matches what you expected. If you transferred cash, decide how you want to invest it — Fidelity offers thousands of mutual funds, ETFs, and individual stocks with no trading fees. If you transferred investments, check that they arrived correctly and that Fidelity is holding them in the right account type (Roth IRA).

You can then close your Ally Roth IRA if you want, though there is no rush. Some people keep both accounts open if they like Ally's savings rates for an emergency fund or want to keep investments spread across institutions. If you do close the Ally account, make sure the transfer has fully completed first — do not close it while the transfer is in progress.

Keep your Ally transfer confirmation email or letter for your records. If there is ever a question about whether the transfer happened, you will have proof of the date and amount.

Frequently Asked Questions

Will I owe taxes on the money I transfer?

No. A direct transfer from Ally to Fidelity is not a taxable event. The IRS does not tax money that moves between retirement accounts as long as it goes directly from one institution to the other. You will owe taxes only when you withdraw money from the Roth IRA in retirement, and even then, may have access to withdrawals are tax-free.

What if Ally says they cannot transfer my account?

Ally can transfer Roth IRAs to any other institution. If Ally claims they cannot, ask to speak with a supervisor or contact Fidelity and have Fidelity's transfer team reach out to Ally directly. Fidelity handles these requests regularly and knows how to push through delays. If Ally still refuses, you can do an indirect rollover instead, though that carries the 60-day important date risk.

Can I transfer my Ally Roth IRA if I have not reached retirement age yet?

Yes. You can transfer a Roth IRA at any age. The age restrictions on Roth IRAs explore to withdrawals, not to transfers between institutions. You can move your account as many times as you want without penalty.

How long does the transfer take if I have a large balance?

Transfer speed does not depend on the balance size. Whether you are moving $1,000 or $100,000, the process takes the same 5 to 10 business days. Large transfers may take slightly longer if Ally needs extra time to liquidate investments, but this is rare.

Do I need to close my Ally account to transfer my Roth IRA?

No. Transferring your Roth IRA does not close your Ally account. You can keep the account open if you use Ally for other purposes, or close it separately after the transfer completes. There is no penalty for closing an account after a transfer.