Solo 401K Trust Bank Account
3 Replies
Jaganath Dabbi
posted about 1 month ago
I would like to open the trust bank account with ETrade for my self directed solo 401K plan. Has anyone successfully done so. If so, can you share tips, exact forms you filled.
Thanks in advance
Dmitriy Fomichenko
Solo 401k Expert from Anaheim Hills, CA
replied about 1 month ago
You can open a brokerage account for your Solo 401K trust. You will need a special account application for the established plan:
https://us.etrade.com/what-we-...
Jaganath Dabbi
replied about 1 month ago
Dmitriy - Thanks for the response. I am looking for not the investment account that you so rightly pointed out but the bank account. Etrade has a business checking and a trust account. I need to open the bank account in the name of the trust with its EIN. Have your clients used one of them successfully. If so, which one.
Thanks again.
Dmitriy Fomichenko
Solo 401k Expert from Anaheim Hills, CA
replied about 1 month ago
Technically you can open a checking account for a trust at any financial institution. The account must be in the name of the trust, use trust EIN.
We direct all of our clients to one of our preferred banks for checking accounts so that they can work someone experienced with the Solo 401K. The reason for that is because other banks had messed it up too many times.
What is your reason for going with E*Trade?