Rocket Dollar's bank partner, Solera National Bank, offers FDIC-insured accounts.
FDIC insurance is for basic banking cash deposits, but not investments or securities, except in the case of fraud.
Our preferred banking partner, which opens your bank accounts, holds FDIC insurance for all their customers' cash and deposits up to the usual $250,000 per depositor.
For an IRA LLC, assets are purchased and held in name of the IRA LLC. The LLC has a checking account with the bank. All cash held in the checking account or cash returned to the same checking account after a sale of an asset are held in an FDIC insured bank account.
For a Solo 401(k), assets that are purchased are held in the name of the Solo 401(k), for which you are the plan trustee. All cash or cash returned after a sale of an asset is held in an FDIC insured bank account.
More on FDIC insurance
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds' depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government.
FDIC insurance covers all deposit accounts, including:
- Checking accounts
- Savings accounts
- Money market deposit accounts
- Certificates of deposit
FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual funds, life insurance policies, annuities, or securities.
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.