Traditional IRA

[WoodChips]

This might be way off course but I'm thinking others here might have more experience than I do.

I have a traditional IRA with Discover Bank. They were bought out by capital one and are selling off their IRA division effective Sept 21 to Axos.

Anyone have a traditional IRA account, with whom and are you happy with them?

Maybe more important question is there any bank you recommend staying away from and why?

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[SANZC02]

This might be way off course but I'm thinking others here might have more experience than I do.

I have a traditional IRA with Discover Bank. They were bought out by capital one and are selling off their IRA division effective Sept 21 to Axos.

Anyone have a traditional IRA account, with whom and are you happy with them?

Maybe more important question is there any bank you recommend staying away from and why?

You can look into what Charles Schwab offers.

 

[JacobAZ]

Odd question for this forum, but ... Fidelity if you want to self direct. No cost. Fisher if you want them to manage (there is a flat percent fee), but you would still put the money in a place like Fidelity, then they manage. They do a good job, but you must have a minimum, balance (I think something like $700k).

 

[rogunenode]

Having had accounts with both Fidelity and C. Schwab, I prefer Fidelity's trading platform if you trade often. Otherwise, I moved to Schwab after Fidelity completely mismanaged some end-of-year transactions across institutions, costing me thousands in taxes. Throughout the process, communication was terrible, and the various departments and number of reps involved to sort it out were a dark comedy of bureaucracy. I lost all confidence in them.

Schwab, while not perfect, has handled major account migrations without issue, and my main contact there has had the power to manage requests and see them through. In addition, while the advisors I use for my managed accounts work with both, they have found it easier to work with Schwab.

 

[pointless]

Look at Wealthfront. You can do a rollover. They’re among the top interest earning cash accounts. They are have one of the highest rated automated platforms at a fairly low cost 0.25%, and other lowest cost or free investments.

 

[WoodChips]

Thanks, I haven't heard of Wealthfront, I'll look into them along with Schwab.

My company uses fidelity for their 401k, I have my brokerage account with them, I also use Ascensus and have used Newport group before.

I really liked using Discover for some of my accounts, high yield savings and IRA but I don't care for the roll over to capital one. My credit union recently started offering decent HYSA rates so I'll dump my liquid capital into but their IRA rates are very poor.

Yes this is an odd place to ask but I was thinking the average Rivian driver probably has some similar accounts.

 

[SenatorSteak]

Sir, this is a Wendy’s.

 

[UnsungZero_OldTimeAdMan]

No expert. But Fidelity is often recommended for having lower fees than competitors. I use them and find the platform easier to use than Vanguard (a hot mess). If you have a financial advisor, should have a chat with them.

 

[WoodChips]

Thanks for the responses.

I've been with Discover for many years; when I needed to roll over some ESOP from a previous employer they had some of the best rates and I already used many of their other banking services so it was a good fit.

The transition to Capital One has me a little irritated. My last distribution is scheduled to be transferred this year and my timing is short. That has left me a little irritated, enough that I think I'll end up changing all of my accounts to other locations.

I'm going to schedule some appointments and talk with local representatives to see what they can offer me.

I knew it was a long shot asking here but also it couldn't hurt so why not?

 

[Chris TX]

Fidelity is top notch. They also have an excellent platform for buying RIVN. The phone app is one of the better ones I've used.

 

[Dave Cundiff]

@WoodChips: Consider also shopping a "socially responsible" fund such as Impax, https://impaxam.com/ .

Middle of the road on fees, I think, but reasonably solid managers.

Best wishes!

 

[WoodChips]

Thanks everyone for your contributions.

My fund transfer went through today and my ESOP rollover update was filed in time.

I should sleep a little better tonight.

 

[Zathras]

This might be way off course but I'm thinking others here might have more experience than I do.

I have a traditional IRA with Discover Bank. They were bought out by capital one and are selling off their IRA division effective Sept 21 to Axos.

Anyone have a traditional IRA account, with whom and are you happy with them?

Maybe more important question is there any bank you recommend staying away from and why?

Disclosure, our son is the CFO of s small wealth management company (team of four) that are part of Schwab. They have been managing our money since the son joined the company. And I'm extrememly happy with how our Schwab accounts are managed. They have a lot of customers in the San Diego area and everybody I have met at client luncheons are very happy with them.

They made us about 18.5 percent in 2024 Things are crazy since the start of 2025, but we're at pretty close to the top of what the value of our accounts have ever been in the past few months. Schwab is also my bank, which makes it easy to transfer funds around. (I also have a credit union for my Rivian purchase).

All this to say that if you find a good Schwab office you will be very happy. I was with Northwestern Mutual before, and I would not be anywhere near as well off as I am now with our Son's office. His boss is top notch in managing our money. And he's really good at explaining what his thinking is. He has customers around here in the San Diego area, as well as quite a few in the Boston area.

I pretty much can confirm that (paraphrasing the old aphorism about doctors or lawyers) anyone who is not a financial professional who manages their own accounts has a fool for an advisor.

 

[Zoidz]

I pretty much can confirm that (paraphrasing the old aphorism about doctors or lawyers) anyone who is not a financial professional who manages their own accounts has a fool for an advisor.

I'm a very happy fool, thank you. Already having other accounts managed by advisors for years, 18 years ago I opened a self-directed IRA. My average annual rate of return as of today stands at 22.9%. This fool is no financial professional. I simply spend 5 to 10 hours a week monitoring, researching and carefully picking stocks in the sector I live and work - tech/engineering. It's not as hard as people make it sound if you do your homework and stay disciplined. I am by no means bragging - simply responding that your hypothesis is flawed, and I'm certain I'm not the only one on this forum with similar or better self directed investments.

 

[SANZC02]

I'm a very happy fool, thank you. Already having other accounts managed by advisors for years, 18 years ago I opened a self-directed IRA. My average annual rate of return as of today stands at 22.9%. This fool is no financial professional. I simply spend 5 to 10 hours a week monitoring, researching and carefully picking stocks in the sector I live and work - tech/engineering. It's not as hard as people make it sound if you do your homework and stay disciplined. I am by no means bragging - simply responding that your hypothesis is flawed, and I'm certain I'm not the only one on this forum with similar or better self directed investments.

Count me as a fool as well. Managed my own stuff my entire career and was able to retire very comfortably.

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