ForumsSolo 401k Bank AccountCan I Use E-Trade as my bank my solo 401k?

Forums Solo 401k Solo 401k Bank Account Can I Use E-Trade as my bank my solo 401k?

  • Can I Use E-Trade as my bank my solo 401k?

    1 Reply
  • Top SubjectSolo 401k Bank Account
    Top ForumsSolo 401k Bank Account

    Neil B
    Top SubjectSolo 401k Bank Account

    March 24, 2022 at 9:06 am

    I currently have my 401k with E-Trade however would like to do a restatement to access opportunities outside of E-Trade’s portfolio of investments. My goal is to keep my 401k stocks with E-Trade but use the cash for outside investments.

    My question is this: if I keep my stocks and cash with E-Trade after the restatement by opening a non-custodial account with them (transferring from my 401k to the non-custodial retirement), can I access that cash to invest in other instruments outside of E-Trade?

    I initially thought I would have to open a new checkbook bank account elsewhere under the restatement, while leaving my equities at E-Trade. However I saw a form recently from E-Trade which made it seem as though they offer checkbook abilities on a non-custodial account thereby eliminating the need for me to go to an outside bank just for the checkbook capabilities.

    I did call E-Trade and they confirmed this was correct, but given that I don’t want to go strictly by what someone on the phone says (and that I don’t want to screw anything up if I end up doing this), can anyone confirm whether this is in fact possible so that I don’t have to move things around unnecessarily to various banks once I go through this process of doing a restatement??

    Neil B
  • Mark Nolan

    Top SubjectSolo 401k,Solo 401k Contributions
    Top ForumsSolo 401k, Solo 401k Contributions

    Mark Nolan

    Mark Nolan

    Top SubjectSolo 401k,Solo 401k Contributions

    March 25, 2022 at 5:25 am

    Yes, the E-Trade custodial brokerage account allows for a checkbook. See the following: https://www.mysolo401k.net/solo-401k/e-trade-solo-401k/

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