Fees

Obviously, you want to make sure that your precious retirement savings aren’t gradually eaten away by excessive fees and charges.  Every financial account provider will charge you to manage your rollover IRA, but the extent to which these charges vary is astonishing.

For example, some people prefer to use a broker (rather than a bank) and allow the broker to shop around and find the lowest fees possible for their rollover IRA accounts.  However, you must be aware that your broker will charge you a premium for this convenience.  Instead, check out the many comparison tables available online to find the institution that will charge you the lowest maintenance fees for your IRA direct rollover on your own.

Once you’ve identified a few low cost IRA rollover account providers, you’ll want to read through the actual terms and conditions of each proposed account to familiarize yourself with any other fees or charges you may encounter.

Ease of Banking

Convenience and ease of banking are very important when selecting your new IRA direct rollover account provider.  Does your new account offer online banking, phone banking and in-house service?  Does your bank offer a wide range of investment options, including stocks, bonds, mutual funds, and overseas investments?  Can you set up an automatic deduction so that your contributions occur easily and regularly?  How hard is it to adjust or alter a standing order?  Ideally, the bank you choose will offer excellent online and phone service so that you won’t have to spend hours standing in line at the bank to deposit funds into your rollover IRA.

Reliability and Security

Sometimes the highest rate of return isn’t necessarily the best choice.  In the current economic climate, it’s become more important than ever to find a safe and secure account provider for your IRA direct rollover.  Consider financial institutions that are well established and that have a strong track record of growth and prosperity.  Do your research and consider recommendations from friends and family who have been happy with the performance of their IRA direct rollover providers.

Customer Service

Customer service is an extremely important factor to consider when choosing the account provider to manage your rollover IRA account.  Good customer service will be highly evident when you first approach the bank, broker or credit union and enquire about the features and options available to you.  Look at the brochures and information on the financial institutions website – is it easy to understand, user-friendly and informative?  Consider the reception you receive if you go and visit the actual premises.  Finally, listen to word of mouth and online forum reviews to be sure you’re choosing an institution that will treat you and your money with equal respect.