Accidentally opened 2 Roth IRAs
Here’s a summary of the main problem and solutions discussed in the conversation:
- Main Problem: The user accidentally opened two Roth IRAs instead of one and wants to know if they can close one without incurring fees or penalties.
- Solution: The user can close the duplicate account through Fidelity’s Virtual Assistant, provided the account has a zero balance, with no fees or penalties involved.
- Steps to Close Account: Use the Virtual Assistant and type “Close my account” to initiate the closure.
- Additional Tip: After closing the account, the user can hide it from view by changing the account display preferences on the Fidelity website.
The conversation concluded with the user expressing appreciation for the assistance and resources provided.
Here’s the full thread
As the title mentions, I accidentally opened two roth IRAs with the intention of only opening one. They’re both unfunded, so my question is if I can close just one without any fees/penalty?
I am happy to help out here, @SpaceSloth. We appreciate you opening a new account with us and can provide the steps to close the duplicate.
If the extra account you don’t intend on using has a zero balance, you can close it through our Virtual Assistant using the link below and typing “Close my account.” Keep in mind, that there are no fees or penalties for closing out the account.
Virtual Assistant: https://www.fidelity.com/customer-service/chat
Once the account is closed, you can hide it from view by following the steps below. On the Fidelity website:
1. On your portfolio page, select the gear icon and then “Account Display Preferences”
2. Select the account you wish to hide and the “Save”
Now, since we’ve taken care of the duplicate account, I want to mention that you have a wealth of resources to help get you started with your Roth IRA. I have linked a few below.
Our newly redesigned Learning Center is a great place to start. Select a topic to access hundreds of articles, videos, and more. You can even bookmark items that you want to come back to later! Since you are working on your IRA, I will link the “Saving for retirement” section for you to check out.
Check out these articles Fidelity Learn:
Investing ideas for your IRA: https://www.fidelity.com/viewpoints/retirement/ira-portfolio
Saving for retirement: https://www.fidelity.com/learning-center/personal-finance/retirement/saving-for-retirement
We are always around if you need us. Reach out anytime if anything else comes up!
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Thank you so much! Appreciate the resources as well
Glad I could help!