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Question: Can you have both an account at Schwab or E*TRADE as well as an account a bank account certified check-writing for your Solo 401k? Or do you have to choose between the two?
Great questions! You certainly can have both bank and brokerage accounts for your solo 401(k) through us and we will prepare the paperwork to open up those accounts at the bank or brokerage of your choice.
We have helped our clients open accounts for their solo 401k at 100s of different banks and many different brokerages including Fidelity, Schwab, TD Ameritrade, etc.
Moreover, you can start out with both bank and brokerage accounts, or later on you to choose to add the other one – for example, if you started out with a Schwab brokerage account and later on wished to add a bank account.
We provide our clients with an online form that clients can us 24/7 to direct us to prepare the paperwork to open up those accounts and which clients can submit multiple times.
This setup is very common with our clients who wish to take advantage of the many different investment options. For example, let’s say you want to make that real estate investment via a bank account (so that you can have access to certified bank checks, debit card, etc.). If and when you sell that real estate investment, and then while you’re waiting for your next real estate investment opportunity, you may wish to invest your Solo 401k funds in a mutual fund over at Schwab. You can simply move the money from the bank account for your solo 401(k) over to the brokerage account at Schwab to make that other investment while you wait for your next real estate investment opportunity (and such a move is not taxable or event reportable as it is simply moving between Solo 401k sub-accounts).