With the Solo 401k plan, the plan owners serve as the plan trustee and have the ability to make many decisions concerning the plan. One of those decisions is the type of bank account that will be set up for the Solo 401k plan. Watch this Solo 401k Quick Tip video to learn more about the Solo 401k bank account.
Solo 401k Bank Account
Once a Solo 401k is set up, you can go to any local bank, credit union or brokerage firm of your choice to open an account for your Solo 401k. The bank account can be either a saving or checking account. To complete transactions, you simply write a check or make a wire transfer from this account. All income or gains from your investment can also be deposited directly into this account. With the bank account of your choice, as the trustee of the Solo 401k, you will be the only one to have access to your funds.