Should I Move Money from an IRA Savings Account?

I opened an IRA at CapitalOne about a decade ago and made two contributions. It’s not invested and is only earning a tiny amount of interest. I now have a Vanguard Roth IRA and was wondering if there’s a way to take the funds from my uninvested IRA and move them somewhere where I can buy index funds.

Hi Shelley,
Is your CapitalOne IRA a Roth IRA or a traditional IRA? If it’s a Roth IRA you can simply rollover/transfer it to your Vanguard Roth IRA.

It’s not a Roth. It’s just a savings IRA that was created for tax purposes years ago. It’s not actually invested. Would I have to create a separate traditional IRA to move it?

Hmmmm I’m not familiar with savings IRAs. But assuming it is a traditional IRA and you want to keep the same tax implications when transferring it over, then yes - you would have to create a traditional IRA account in Vanguard.