Solo 401k Bank Account - Local Banks in WA?

[Jessica Seifert]

Hi,

Trying to find a local bank (Seattle, WA area) to open a checking account for my Solo 401k.

Went and talked to First Tech Credit Union and BECU and they both stated that they do not (or not anymore) offer checking accounts owned by trusts (the 401k).

Has anybody recently opened an account for that purpose locally?

Fallback is to go with Solera or one of the other remote options - just figured that if possible it'd be great to build a relationship with a local bank.

Thanks

[George Blower]

@Jessica Seifert

Here are some general considerations:

• If you want access to bank checks, a debit card and/or the ability to ACH funds out, you will need a bank, credit union etc. rather than a brokerage.
• There are 100s of banks and credit unions that have opened accounts for a Solo 401k.
• Keep in mind that the bank's role is limited to simply providing the account (i.e. no tax reporting, no recordkeeping, etc.) such you may wish to de-prioritize familiarity with Solo 401k plans and focus on other things that are important to you (i.e. branch locations, fees, etc.).
• If you want the ability to invest in stocks, mutual funds, etc., you will need a brokerage account.
• Many brokerage firms will open "free" accounts (i.e. no setup fee, no maintenance fee), which will also come with checkbook access and the ability to wire funds out such that they function as a "hybrid" between a bank and/or brokerage account.

If you are looking for names of banks that open bank accounts for Solo 401k plans, there are many banks where we have received positive feedback including Wells Fargo, Bank of America, PNC along with local banks and credit unions just to name a few. As I mentioned, the bank's role is limited so you don't need a specialized bank.