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What is the best bank or brokerage to open accounts for my self-directed 401k?
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1 Reply
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Please check out this question from our daily live zoom:
Daily Solo 401k FAQ – What is the best bank or brokerage to open accounts for my self-directed 401k?
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Please see the response to the question posted on our YouTube Channel:
QUESTION:
Setting up the checking accounts at a bank. The checking accounts are currently setup at a bank in the name of the trust and with the trust’s EIN, using the banks ‘personal checking account’ option. I am the trustee of the account.
But the bank called me today and asks if these accounts should be opened as personal checking accounts (which are free) in the name of the trust, or as business checking accounts (which cost $25/month) in the name of the trust. How do i answer?
RESPONSE:
Ultimately, what is most important is that the account is opened under the name and EIN of the Solo 401k. Regardless whether the bank internally labels the bank as a personal or business account is acceptable from a Solo 401k perspective.
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