Chase Bank Cd

I have a financial adviser at Chase Bank where I put my IRA I inherited from my mother who died last year. I must make annual distributions, as it would have taken based on my age. I am not satisfied with the performance and fees and want to simply transfer the entire amount on a CD to the Bank for an IRA at another bank without brokerage fees ... and I would like to see a definite growth instead of how I lose with stocks ... Any ideas on how I can do? Thank you!

Just do a barrel to another IRA

If you are aged over 59 1 / 2, you can close the entire account and put money into any account you choose.

Keep in mind that bank CDs is not a retirement account (like a 401k, 403b, IRA, Roth IRA or profit sharing plan).

What does this mean for you?

When you take money from the IRA, the CD will be considered "income" to you at this point. As if you were to close the IRA and put the money in your own personal savings accoung.

If you are aged over 59 1 / 2, you must pay tax on income at this point. And if any money from the IRA to your mother was deployed from a 401K or 403b you may have to pay tax on that money as well.

If you're willing to pay your taxes on income all at the front (for 2008) instead of a little every year you draw the money, then you can close the account.

If you are not 59 1 / 2, then you can close the account, but in addition to paying the tax you may also incur a penalty of 10%.

I hope this information is useful!

You can transfer an IRA from one custodian to another very easily. Establish a new account with the custodian of your choice and let them make a direct transfer of custody to the depositary.

bud68 is correct about the procedure. And banks do not offer IRA CDs.