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Capital One Bank IRA
Posted on 6/14/16 at 3:10 pm
Posted on 6/14/16 at 3:10 pm
I bank with Capital One. I have an old 401k i want to roll over into an IRA. They have a good fund averaging about 6-7% return that they suggested to me. I pay 5% fee upfront of whatever amount i rollover, then 5% of every contribution i make up a certain amount, then it decreases .5% with every 100k after that until there is no fee. Is this normal? i don't know crap about investing. It's easily the most "adult" thing i do and know the least amount about.
5
Posted on 6/14/16 at 3:15 pm to FishinTygah84
Is the fee capped? How much money you talking about here? 5% is a big chunk, would be better to just put it into a Vanguard fund that has low fees.
Posted on 6/14/16 at 3:15 pm to FishinTygah84
Oh geez, in before Vanguard
Posted on 6/14/16 at 3:20 pm to FishinTygah84
Yes it is capped. It will never go higher than 5%. It's only about 30k. Then I'm throwing another 400 or so a month into it. So 380 each month when it's all said and done.
Posted on 6/14/16 at 3:20 pm to FishinTygah84
As a place to stash cash, their online savings account is a decent deal. That is not. Just say, "no thanks."
Posted on 6/14/16 at 5:22 pm to Shepherd88
quote:
Oh geez, in before Vanguard
You can in before Vanguard, or you can just suggest he set up an IRA with Vanguard, because those fees are absurdly high.
Posted on 6/14/16 at 7:44 pm to Joshjrn
It's all relative. I know of several funds that would have charged that much and smoked vanguard and fidelity funds over the past 16 years.
Posted on 6/14/16 at 9:31 pm to Shepherd88
quote:
It's all relative. I know of several funds that would have charged that much and smoked vanguard and fidelity funds over the past 16 years.
You can pay 5% upfront to chase past returns. I'm not.
Posted on 6/14/16 at 9:36 pm to FishinTygah84
That fee structure is normal for purchasing mutual funds with a brick and mortar bank like Capital One.
Posted on 6/15/16 at 12:07 am to Dead Mike
quote:
That fee structure is normal for purchasing mutual funds with a brick and mortar bank like Capital One.
It's just A shares. They all have a sales fee. Capital One is limited to 9 fund families. They aren't allowed to sell outside of those families. My advice is to open an online account with Merrill Edge, Vanguard, etc. and use the fund selector tools to choose a fund.
Posted on 6/16/16 at 7:57 am to Jag_Warrior
Their MM account is now at 1%. That's about as good as you're going to do anywhere and it behaves almost identically to their 360 savings account.
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