I'd like to transfer funds from an old workplace 401k to a personal account which I still need to open. Is there a difference between a Rollover IRA and a Traditional IRA?

Are you able to roll over into a new 401k? Rolling into an IRA can create some complications.

i can wait a bit to roll over into a new 401k but why? theyll have to go into my personal account at some point

Who says?

would i be taxed if i transfer to an IRA?

@crooked-dream-36425 does your new employer (if you have one) have a 401k plan? If so, if you can roll into that, it would be more ideal. The reason is, because if you have a traditional IRA it makes doing a backdoor Roth conversion complicated, in case that ever becomes relevant. So keeping the funds in a 401k rather than an IRA will keep your options more open (You would not be taxed if you transfer to an IRA, as long as you execute the process correctly. I believe there are some timeframes that need to be adhered to )

Can't you put it into a 401k from an IRA at a later date?

yep. But why don't you just leave in your old workplace 401k for now? Is there urgency to get it out?

I had an employer that was covering the fees, I don't think it would apply once I left

@thankful-angle-58448 thanks for explaining. I technically could leave it there but I think there's fees

Without numbers it's hard to say if the fees are worth it but if you can wait to do a 401k rollover instead of an IRA rollover I would do that unless the fees are unreasonable

I'm assuming this all applies to traditional 401k funds and not Roth?

ususally, unless you are > 55 years old or you are within 5 years of pulling out