since you have IRA LLC I'm assuming you wish to invest in alternative assets, otherwise you could simply open Fidelity IRA to invest in stocks/funds. Depending on what your investment strategy you may need to be able to write checks, send wire transfers, get cashier's check, pay expenses using VISA or MC debit card, etc. You won't get all of that with brokerage account (although some may offer check-writing ability) so business checking account would be the way to go.
Solera National Bank has dedicated team/department working with IRA clients, they have superior online system and mobile app with standard mobile deposit up to $50,000 (you can request higher limit if needed), their checking account has no fees, they give you free checks and more. I worked with several banks for this over the years and they are simply the best. If you have any questions you can reach out to @Kreighton Reed, VP of the bank, who is also BiggerPockets member here.
It all depends on what your cash handling needs will be. A brokerage is fine if your non-traditional investments will not be overly interactive - such as the occasional note, syndicated deal, crowdfund, etc. If the LLC will be directly investing in something more likely to create a lot of transactions, then a true bank/credit union checking account will be better. It is nice to have a debit card for any online payments.
Our experience of late is that Fidelity and E*Trade are not opening accounts for IRA owned LLC entities. They have apparently made a decision there is a risk of them being viewed as a fiduciary to the IRA - which is a real stretch. TD Ameritrade and Shwab will open such accounts.
We have many clients just operating out of either a bank or brokerage, and some that have both types of accounts within the LLC.
since you have IRA LLC I'm assuming you wish to invest in alternative assets, otherwise you could simply open Fidelity IRA to invest in stocks/funds. Depending on what your investment strategy you may need to be able to write checks, send wire transfers, get cashier's check, pay expenses using VISA or MC debit card, etc. You won't get all of that with brokerage account (although some may offer check-writing ability) so business checking account would be the way to go.
Solera National Bank has dedicated team/department working with IRA clients, they have superior online system and mobile app with standard mobile deposit up to $50,000 (you can request higher limit if needed), their checking account has no fees, they give you free checks and more. I worked with several banks for this over the years and they are simply the best. If you have any questions you can reach out to @Kreighton Reed, VP of the bank, who is also BiggerPockets member here.
My thought process is buying Tax Liens and if they are paid off quickly, maintain the ability to invest in stocks until the next Tax lien sale. I should've included more detail-was looking at a Fidelity business checking account so I would have the option. Thoughts? Thanks all!