Best Rollover IRA Providers for 2024

In the past, job-hopping was a bit of a taboo. But times have changed, and most millennials aren’t afraid to change jobs—or even careers when it makes sense. In fact, some millennials are now even taking mini-retirements in their 20s or 30s to achieve greater work-life balance and shift their focus.

Wherever life takes you, your retirement plan should follow. If you have a 401(k) through an employer, it’s easy to transfer your money into another account (e.g., to a rollover IRA) when you switch jobs.

This process is called a 401(k) rollover. It might sound complicated, but keep reading and you’ll learn it’s really not that difficult at all.

Best IRA Accounts for Rollovers

Here are some of the top online brokers to look into when considering a new account.

  1. Charles Schwab
  2. TD Ameritrade
  3. Vanguard
  4. Ally Invest
  5. Fidelity
  6. Betterment
  7. Merrill Edge

INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

1. Charles Schwab

Account minimum: $0 IRA, $5,000 for Schwab Intelligent Portfolios Commissions: $0 per trade (IRA), 0% management fee (Intelligent Portfolios) Schwab is one of the most widely used brokers on the market, offering a simple rollover service. With Schwab, you’ll get access to a low-cost IRA with the option to benefit from a robo-advisor-assisted managed service if you need a little help. Schwab offers a powerful mobile app and excellent research tools that provide easy access to data. If you’re looking to sweeten the pot a bit, Schwab offers up to $500 in bonuses for opening an account.

2. TD Ameritrade

Account minimum: $0 Commission: $0 per trade TD Ameritrade makes it fast and easy to open a rollover IRA in just a few minutes. You can choose from a variety of investment products and benefit from free investment tools and financial calculators. For example, check out their free 401(k) analyzer tool to see how much you can save. TD Ameritrade offers up to $2,500 in bonuses for opening an IRA or brokerage account. Like most major providers, the company offers no-transaction-fee trades, letting you stretch your retirement funds a bit further.

3. Vanguard

Account minimum: $0 Commission: $0 per trade Vanguard offers high quality funds at ultra-affordable prices. In fact, they are especially known for offering affordable index funds, mutual funds, and exchange-traded funds (ETFs). Check out Vanguard’s three-step rollover process here to learn more.

4. Ally Invest

5. Fidelity

6. Betterment

7. Merrill Edge

What happens to your 401(k) when you switch jobs?

Keep your 401(k) open

Transfer your 401(k) to another employer-sponsored plan

Transfer your 401(k) to a rollover IRA

Can you cash out a 401(k)?

How a rollover IRA works

Indirect transfer

Direct transfer

Tips for a successful rollover

Read the fine print

Look for incentives

Use your head

Consult with a tax professional

Frequently Asked Questions

Are mutual funds good for retirement accounts?

Can you roll a traditional 401(k) into a Roth IRA?

Should I cash out my 401(k) or do a rollover?

The Bottom Line

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