ForumsSolo 401kCan I have Schwab and Wells Fargo

Forums Solo 401k Can I have Schwab and Wells Fargo

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  • Can I have Schwab and Wells Fargo

    George Blower replied 11 months, 4 weeks ago 2 Members · 2 Posts
  • 1 Reply
  • David O.

    Top SubjectSolo 401k
    Top ForumsSolo 401k

    David O.

    David O.

    Top SubjectSolo 401k

    July 17, 2023 at 3:37 pm

    I have a solo 401K here and currently have all funds in a Wells Trust Account. I only use the funds for loaning money to house flippers for a short time period. When I do loan funds the return is good at 10%. However, Wells pays near 0% when the money is not in use. I have the ability to open a Solo 401K account with Schwab and I can invest (currently) in 1 month Treasuries yielding about 4%. Is it possible for me to transfer money back and forth between the two solo 401k accounts? In a perfect world (if it is allowed), I would have the money making 4% at Schwab and then put it back into the Wells account to loan out at 10% when those opportunities are available. Would both accounts be under MySolo401K.net or would the Schwab account be a totally separate solo 401K? Thank you in advance for any advice or help!

    David O.
  • George Blower

    Top SubjectDaily Live Webinar,Solo 401k
    Top ForumsDaily Live Webinar, Solo 401k

    George Blower

    George Blower

    Top SubjectDaily Live Webinar,Solo 401k

    July 17, 2023 at 5:16 pm

    It is certainly acceptable to have both bank and brokerage accounts for the Solo 401k. See more: Can I have both bank and brokerage accounts at the same time for my Solo 401k? – My Solo 401k Financial

    Please note that this would not entail setting up a separate solo 401k plan provided by Schwab but rather a brokerage account opened at Schwab under the existing Solo 401k plan.

    Clients may simply contact us and we will prepare the paperwork to open accounts at Schwab under the name and EIN of the Solo 401k.

    Funds may be transferred between bank and brokerage accounts (e.g. pre-tax to pre-tax, Roth Solo 401k to Roth Solo 401k) and this would neither be taxable no reportable.

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