Can Individual Retirement Accounts be moved from one financial institution to another without penalty?
by 
jr1guy
ANSWERS: 2
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Absolutely. There is no penalty. However, there is time limit (60 days) so it's best to transfer the securities rather than liquidate the first account and fund the new account with the proceeds. You should ask your new financial institution for a "full ACAT" transfer. Also, keep in mind that your first financial institution may not refund your management fees (if any) and your new financial institution may charge you a management fee.
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Just to add to John's answer, not all financial institutions will accept ACAT transfers. So you'll need to find that out ahead of time. They will generally want cost basis information as well.
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