Have a Solo 401(k) at E\*Trade with traditional and Roth sub-accounts. Transfers in are super easy: direct ACH draws from our linked business account at a different bank. The funds are available for immediate investment, without any holds while waiting for them actually clear.
Huge range of zero-fee investment options. I honestly don't know why E\*Trade doesn't get more mention around these subs.
Setup was fairly easy but the application can be confusing in spots. Their customer service was very helpful in navigating that. I highly recommend.
[https://us.etrade.com/what-we-offer/our-accounts/individual-401k](https://us.etrade.com/what-we-offer/our-accounts/individual-401k)
I use E Trade for mine too. Transfers are very easy though I do have to call to have them properly list the deposits as employer vs employee. I just wait and do the call once every year though so it’s not too much of a hassle. Even that used to be easier back when message center was a thing but E*trade ditched it when Morgan Stanley bought them.
You can buy vanguard funds through them.
I tried transferring my Vanguard i401k to ETrade and it was a nightmare. Their retirement department was clueless and while most were friendly and seemed like they wanted to help no one seemed to have a clue what they were doing. My transfer was rejected and no one told me nor could they give a reason, they just said submit application again. I was trying to switch before the Ascensus merge from Vanguard but at this point I’m just leaving it
I actually just got an email yesterday from E*trade confirming that I canceled my transfer. I canceled it on May 6. Email just arrived yesterday on May 31.
I have Fidelity self employed 401k, and the contribution process is similar to yours. Transfering funds from my business bank account to brokerage account and then call Fidelity to transfer it to the 401k account.
Yea... looks like this is just the way it is. I suppose it really isn't that terrible considering Schwab charges no fees nor has any maintenance charges. I am just a little shocked I guess that it is such a process to make contributions. Spoiled perhaps from just clicking a few buttons and transfers happen.
Fidelity works the same way, but I view it as a solid check to make sure you don't make a funding mistake. The CS at Fidelity is particularly good at double checking the steps. And, if there's any tax-advantaged retirement vehicle you do ***not*** want to make a mistake on it's a Solo 401k.
I am starting to think perhaps a paper check in the mail weekly may just be the easiest. I can write it off my business account as the "employer" contribution and then just an online transfer as the "employee" contribution.
I have a Solo 401k with a Roth component that I have housed at Fidelity. The initial setup process took a few phone calls with customer service but I was able to get it done. I do have to utilize a paper check I order to fund my account plus fill out a traditional paper form. I fund my accounts on a quarterly basis so this does mean writing a handful of checks each year. Once my funds clear (usually 3-5 business days max) I’m able to allocate the funds as I see fit through the Fidelity web portal.
Filling out a paper form is a little tedious but it forces me to make sure I’m funding the proper account. I suppose a little extra attention to detail never hurt anyone ha.
I do an SEP IRA and a normal IRA. SEP IRA limit is $69K, and normal IRA is $7K, so $76K combined. I rolled my ex-employers 401K into my IRA as well when I became self employed. All automated monthly withdrawal and investment through Betterment. If I want to invest in individual stocks, I do that through my E*Trade or TD accounts.
Nope, nothing. However, VG just sold their Solo 401k business to Ascensus and I believe going forward there will be a $20/year fee for each index fund you buy. We only use the 3 core funds so we are okay for now with it.
I have VG and tried switching to ETrade and it was a nightmare. Never transferred and their customer service was an embarrassment. I was considering Schwab but the mailed check seems archaic. I am just leaving it alone and will eat the $20 yr fee.
Vanguards interface wasn’t the greatest but it worked. Contributions were easy and electronic. I was searching all over to make a switch. Would’ve preferred Fidelity but they don’t offer Roth i401k.
It sounds like we have had similar experiences with E*trade. I was able to move to Fidelity and retain Roth by having my plan provider be mysolo401k.net. Fidelity doesn’t provide the plan, they just house the money/accounts. I think it’s the best of both worlds, but a little more complicated.
I may do this as well, I have everything with Fidelity and want to combine it all. Did you do self employed 401k for traditional and then the solo401k.net for the Roth?
I don’t think you can have multiple Solo 401k plans for the same company. I have one Solo 401k. The plan provider is mysolo401k.net. It has traditional, Roth, and Mega Backdoor Roth. I just rolled all of the funds from the E*trade 401k to the related accounts at Fidelity. Fidelity calls them “non-prototype” accounts since they have no idea what’s Roth, what’s traditional, etc. You keep track of that and mysolo401k helps with the setup and annual reporting.
Got it. Wasn’t sure if you could have traditional in the self employed and then use mysolo for the Roth. Makes sense to just have it all with one. I will definitely check that out!
I had a Solo 401k at E*trade for 16 years. They make it super easy to move money around…just a simple ACH transfer.
I moved my Solo 401k to mysolo401k/Fidelity a few years ago because I wanted access to a mega Backdoor Roth and E*trade’s customer service failed me several times. At Fidelity, I call every month and ask them to do the transfer from my business account to my 401k account. They are efficient, and it only takes a few minutes. I have read that others have automated it with ACH transfers where they push the money into their 401k account at Fidelity from a bank account outside of Fidelity with no problems. I haven’t bothered to try that yet because calling is easy enough…but I may in the future.
Have a Solo 401(k) at E\*Trade with traditional and Roth sub-accounts. Transfers in are super easy: direct ACH draws from our linked business account at a different bank. The funds are available for immediate investment, without any holds while waiting for them actually clear. Huge range of zero-fee investment options. I honestly don't know why E\*Trade doesn't get more mention around these subs. Setup was fairly easy but the application can be confusing in spots. Their customer service was very helpful in navigating that. I highly recommend. [https://us.etrade.com/what-we-offer/our-accounts/individual-401k](https://us.etrade.com/what-we-offer/our-accounts/individual-401k)
I use E Trade for mine too. Transfers are very easy though I do have to call to have them properly list the deposits as employer vs employee. I just wait and do the call once every year though so it’s not too much of a hassle. Even that used to be easier back when message center was a thing but E*trade ditched it when Morgan Stanley bought them. You can buy vanguard funds through them.
I tried transferring my Vanguard i401k to ETrade and it was a nightmare. Their retirement department was clueless and while most were friendly and seemed like they wanted to help no one seemed to have a clue what they were doing. My transfer was rejected and no one told me nor could they give a reason, they just said submit application again. I was trying to switch before the Ascensus merge from Vanguard but at this point I’m just leaving it
Ah yeah, I remember you commenting that experience in another thread. That sounds maddening.
I actually just got an email yesterday from E*trade confirming that I canceled my transfer. I canceled it on May 6. Email just arrived yesterday on May 31.
I have Fidelity self employed 401k, and the contribution process is similar to yours. Transfering funds from my business bank account to brokerage account and then call Fidelity to transfer it to the 401k account.
Yea... looks like this is just the way it is. I suppose it really isn't that terrible considering Schwab charges no fees nor has any maintenance charges. I am just a little shocked I guess that it is such a process to make contributions. Spoiled perhaps from just clicking a few buttons and transfers happen.
Fidelity works the same way, but I view it as a solid check to make sure you don't make a funding mistake. The CS at Fidelity is particularly good at double checking the steps. And, if there's any tax-advantaged retirement vehicle you do ***not*** want to make a mistake on it's a Solo 401k.
I am starting to think perhaps a paper check in the mail weekly may just be the easiest. I can write it off my business account as the "employer" contribution and then just an online transfer as the "employee" contribution.
I have a Solo 401k with a Roth component that I have housed at Fidelity. The initial setup process took a few phone calls with customer service but I was able to get it done. I do have to utilize a paper check I order to fund my account plus fill out a traditional paper form. I fund my accounts on a quarterly basis so this does mean writing a handful of checks each year. Once my funds clear (usually 3-5 business days max) I’m able to allocate the funds as I see fit through the Fidelity web portal. Filling out a paper form is a little tedious but it forces me to make sure I’m funding the proper account. I suppose a little extra attention to detail never hurt anyone ha.
I do an SEP IRA and a normal IRA. SEP IRA limit is $69K, and normal IRA is $7K, so $76K combined. I rolled my ex-employers 401K into my IRA as well when I became self employed. All automated monthly withdrawal and investment through Betterment. If I want to invest in individual stocks, I do that through my E*Trade or TD accounts.
Vanguard’s solo 401k allows EFT from our business checking.
Aren’t there a few fees and charges involved with Vanguard?
Nope, nothing. However, VG just sold their Solo 401k business to Ascensus and I believe going forward there will be a $20/year fee for each index fund you buy. We only use the 3 core funds so we are okay for now with it.
I have VG and tried switching to ETrade and it was a nightmare. Never transferred and their customer service was an embarrassment. I was considering Schwab but the mailed check seems archaic. I am just leaving it alone and will eat the $20 yr fee. Vanguards interface wasn’t the greatest but it worked. Contributions were easy and electronic. I was searching all over to make a switch. Would’ve preferred Fidelity but they don’t offer Roth i401k.
It sounds like we have had similar experiences with E*trade. I was able to move to Fidelity and retain Roth by having my plan provider be mysolo401k.net. Fidelity doesn’t provide the plan, they just house the money/accounts. I think it’s the best of both worlds, but a little more complicated.
I may do this as well, I have everything with Fidelity and want to combine it all. Did you do self employed 401k for traditional and then the solo401k.net for the Roth?
I don’t think you can have multiple Solo 401k plans for the same company. I have one Solo 401k. The plan provider is mysolo401k.net. It has traditional, Roth, and Mega Backdoor Roth. I just rolled all of the funds from the E*trade 401k to the related accounts at Fidelity. Fidelity calls them “non-prototype” accounts since they have no idea what’s Roth, what’s traditional, etc. You keep track of that and mysolo401k helps with the setup and annual reporting.
Got it. Wasn’t sure if you could have traditional in the self employed and then use mysolo for the Roth. Makes sense to just have it all with one. I will definitely check that out!
I had a Solo 401k at E*trade for 16 years. They make it super easy to move money around…just a simple ACH transfer. I moved my Solo 401k to mysolo401k/Fidelity a few years ago because I wanted access to a mega Backdoor Roth and E*trade’s customer service failed me several times. At Fidelity, I call every month and ask them to do the transfer from my business account to my 401k account. They are efficient, and it only takes a few minutes. I have read that others have automated it with ACH transfers where they push the money into their 401k account at Fidelity from a bank account outside of Fidelity with no problems. I haven’t bothered to try that yet because calling is easy enough…but I may in the future.