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The myRA program ended on September 17, 2018. This site is no longer being updated.

Step 2: Open your new account & move funds

Opening an account

Once you’ve selected a new Roth IRA provider, the next step is opening your replacement Roth IRA account. Just like when you opened your myRA®, financial institutions are required to take steps to verify your identify during the application process. This helps protect against the misuse of your identity by others. Make sure you have your social security number (or individual taxpayer number), government-issued identification, and beneficiary information available when you’re ready to apply.

Funding your account

Many providers will give you the opportunity during the account-opening process to fund your Roth IRA with a transfer directly from another Roth IRA, such as your myRA. Make sure you have your myRA account information handy when you open your new account as this is the easiest way to move your money. Another option is a 60 day rollover, but this can have some drawbacks that you can read about below.

Choose how to move funds

Trustee-to-trustee transfer

This is the best method for moving your money to another Roth IRA account because of both its simplicity and because it helps you avoid potential adverse tax consequences. A payment is made from your myRA directly to your new Roth IRA provider without the funds going to you first. The payment can be made either electronically or via a check made out to the financial institution where your new account will be. You will need to contact your new financial institution to request this action. No taxes will be withheld on the amount you transfer.

60-day rollover

This method involves a payment from your myRA that is paid directly to you. Then, within 60 days from receiving the funds, you deposit the full amount distributed from your myRA (the amount distributed to you plus any tax withholding) into your new Roth IRA. By completing a 60-day rollover, you can avoid adverse tax consequences on the distribution (ordinary income tax on earnings and a possible 10% additional tax). However, unless you elect out of federal tax withholding, federal tax withholding on earnings distributed from the Roth IRA distribution at a rate of 10% will typically apply. As a result of tax withholding, you may receive a payment smaller than your account balance and, to avoid adverse tax consequences, you may need to use additional funds to supplement the payment sent to you to complete a rollover of the entire account balance.

Additional rollover rules

A trustee-to-trustee transfer or 60-day rollover from a Roth IRA account (such as myRA), can only be made to another Roth IRA account. While there is no limit on trustee-to-trustee transfers, you can make only one 60-day rollover from an IRA to another IRA (including Roth IRAs) in any 12-month period. Learn more about these rules at

Complete your move

Determine if you will do a trustee-to-trustee transfer (preferred), or a 60-day rollover.  Then complete the relevant steps below for the approach you've selected.

Trustee-to-trustee transfer

  1. Collect your myRA account information (routing number, account number, account balance).
  2. Complete the transfer request process provided by your new Roth IRA provider (myRA customer support may contact you to verify your request).
  3. If needed, give them the information for the myRA customer support center:
    Comerica Bank myRA
    P.O. Box 71282
    Philadelphia, PA 19176-6282
  4. Upon receipt and confirmation of your request, myRA customer support will process your request within approximately 14 business days. Your new provider may require additional time to deposit the funds into your account.

60-day rollover

  1. Contact myRA customer support to request a distribution form. You will then receive this form by mail.
  2. Determine if you will receive your funds via check or electronic deposit to a linked bank account.
  3. Complete distribution request form and submit to myRA customer support:
    Comerica Bank myRA
    P.O. Box 71282
    Philadelphia, PA 19176-6282
  4. Upon receipt of the distribution request, myRA will process the request within approximately 14 business days.
  5. Once you receive payment, deposit your myRA account balance (including any amount you decide to supplement) into your new account within 60 days.
Important note - automatic account closure: Once your account balance reaches $0, we will automatically close your account within a few business days. Upon transfer of your myRA balance to another Roth IRA or a full distribution of your myRA balance, Comerica Bank1 will no longer be custodian to your myRA.

1 Comerica Bank is the financial agent that services and administers your myRA account on behalf of the U.S. Department of the Treasury.