What is the step-by-step process to open a Checkbook IRA account?

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Start here with Rocket Dollar and open your Self-Directed IRA today!

1. Sign up on Rocketdollar.com in just 5 minutes. We then start to create your account!

app.rocketdollar.com/signup

Within 2 business days, your IRA account will be opened, and our support team will let you know you have an account number. You will receive instructions on both a transfer and to confirm your IRA Trust name. An ID check will be performed—please note that an expired or insufficient ID will hold up your bank account opening.

2. Confirm your Trust Name and Sign documents

John Smith would get a default trust named “JSMITH RD TR.” Failing to confirm the default trust name or supply a custom name can delay your account onboarding. After we have confirmed your trust name, you receive DocuSign documents to create your IRA Trust.

3. Make a Transfer or Contribution Request

Follow the support team's emailed instructions to complete the Rocket Dollar transfer through the online dashboard. You will start with the FUND section once your IRA Account number is created. If desired, you can also make an IRA contribution.

4. Open a Trust Bank Account

We work with our banking partner to provide Trust checking accounts. Our team will reach out to assist you with the process. All clients work with our partner Bank, Bank United, as not all banks are familiar with checkbook IRAs.

5. Funding Your Trust Bank Account, Direction of Investment Form

You will complete a “Direction of Investment” form. This allows Rocket Dollar’s custodian to send funds to your Trust Bank Account.

6. Invest!

Once funds have been received at Bank United, as the trustee, you must wire or wait for your checkbook or debit card to deploy your dollars to an alternative investment. If you need assistance or would like to add ACH capability, you can call Bank United at the number in the help section of your dashboard.

Not sure what you want to invest in yet? You can also visit our Partners page. With an account from Rocket Dollar, you’ll have the power to pursue a nearly infinite number of investments.

IRA Trust Diagram 2.png

How long will this take?

2 weeks from zero to funded—from purchasing your Rocket Dollar account until you are deploying your dollars with our Gold account. This includes the time to open your account, a trust, and—the biggest possible hold-up—waiting on your rollover retirement dollars to transfer over. Some custodians are extremely efficient and accept electronic signatures, other custodians have older processes, heavy signature requirements, or if a rollover is requested with improper information.

The Checkbook IRA is not available at the Silver price level.

Since you will be purchasing Rocket Dollar Gold at checkout, we push to open your account and get it funded in 15 days. This will provide white-glove assistance for transfers as well as prioritized one-on-one time to make sure your account fulfillment is free of issues.

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See our IRA account

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