Recommendations for Banks that offer Solo 401k Checking Account

[Jeffrey Jewitt]

Hi,

I've been having a difficult time finding a bank that will open up a checking account under my plan name and EIN number associated with my Solo 401k plan. Most banks either want me to open up a brokerage account or business account with high monthly fees, which I'm not trying to do. This would essentially be a checkbook account for my Solo 401k to purchase real estate and cryptocurrency. I'm located in Fort Myers in southwest Florida. I would prefer to use a local bank where I can have an in-person relationship if possible. All recommendations and advice would be greatly appreciated.

Kind Regards,
Jeff Jewitt

[David Orr]

Finding a local bank would probably be challenging.  There seems to be very few banks who have someone on staff who actually understands what this type of truly self-directed 401k account is.  If anything, when you ask about it you're best off not mentioning "401k" at all and just ask if you can open an account in the name of a trust, since that's what it is.  

Usually the company that provided your solo 401k documents can offer advice on setting on the bank account.  I set up mine with Solera National Bank.  I had also used Wells Fargo previously, but you have to contact someone who specifically knows what you're talking about or else you'll end up with a 401k account, which is not what you want. 

David Orr
Tax Modern - Tax prep/advising for rental real estate owners