SD IRA LLC open checking with Local bank or Fidelity/Schwab?

[Lance Marshall]

Thoughts on SD IRA LLC checking with local bank vs. Fidelity/Schwab? Thanks!

[Dmitriy Fomichenko]

@Lance Marshall

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.