SDIRA banking questions

[Jeremy Buckley]

I own a property inside my SDIRA. All of the rental income goes into the bank that was recommended by my SDIRA facilitator. The bank is great. It's been recommended here many times for SDIRA and Solo 401K accounts. I have had no problems whatsoever. I do have a big chunk of money sitting in there that will be uninvested for a while. The checkbook IRA account does not pay any interest though. This bank does not have any interest bearing account that I can move it into within my SDIRA temporarily. Is this the norm? What do you all do with your rental income? Do you move it out of the checkbook IRA to another account or brokerage? If so, how did you set this up? Can you recommend one that is SDIRA friendly? I tried Fidelity and got nowhere. They claim it can't be done. What do you all do with your money that isn't put to work immediately? Thanks!

[Kaaren Hall]

@Wayne C. - Your current IRA custodian will most likely have a "partial termination fee" for moving funds out of your IRA to another custodian so it may not be worth it to do this monthly. Funds in your IRA-Owned LLC (Checkbook IRA) need to first go to your IRA custodian and from there can be transferred out. Do not move funds directly from the LLC's checking account to another custodian. Always happy to answer any other SDIRA questions you may have!