Comparing the Best Solo 401k Plan Providers for 2025

Looking to open a Solo 401k plan? Get started today with just a few clicks – The Carry Solo 401k Plan is a featured-packed self-directed account that lets you invest in both traditional and alternative assets, take out a loan, or do a Mega Backdoor Roth conversion with a few clicks.

A Solo 401k plan is only as good as the features your provider offers. And let’s be honest – choosing the right provider can feel like navigating a maze. Every Solo 401k plan provider- has its own mix of benefits, investment options, and support levels.

Low-cost or free plans, also called prototype plans, often come with trade-offs. You can’t make Roth contributions, take Solo 401k loans, or have investments in alternative assets. Most Solo 401k plans offered by major banks and brokerages fall into this category. They often limit your investment options and offer only the bare minimum.

On the other hand, premium self-directed plans, or non-prototype plans, give you much more freedom and flexibility. This includes a Roth account, unlimited investment options, and personalized support. Yes, the fees can be higher, but  they also come with the potential for tax savings and bigger returns, especially if you’re exploring alternative assets.

So if you’re looking to open a Solo 401k, here’s a look at the best Solo 401k plan providers. Here, we’ll compare the price, features, support, and overall user experience to help you find the plan that works best for your goals.

What to Look for in a Solo 401k Provider

If you’re opening a Solo 401k, make sure that your provider offers the maximum tax benefits that normally comes with a Solo 401k plan, such as the following:

1. A Roth Option

A Solo 401k lets you make large Roth contributions. With a Roth account, you contribute post-tax dollars and enjoy tax-free withdrawals in retirement. If you’re investing in assets with higher-return potentials (like crypto, private equity, or real estate), not having to pay any taxes on the gains after compounding tax-free in your account for years could save you significantly more in taxes than traditional contributions.

In 2025, you can contribute up to $23,500 into a Roth Solo 401k. If you’re 50 years of age or older, you can contribute up to $31,000. These limits are up from $23,000 and $30,500 in 2024.

In comparison, a Roth IRA only has a contribution limit of $7,000 ($8,000 if age 50+) for 2025.Not all Solo 401k plans let you contribute to a Roth Solo 401k. If Roth contributions are important to you, make sure that the plan you choose comes with a Roth option. This higher contribution limit in a Solo 401k gives self-employed individuals significantly more opportunity to build tax-free retirement savings compared to a Roth IRA alone.

2. The Ability to Do a Mega Backdoor Roth Solo 401k

Because a Roth account is so tax advantaged, some people prefer putting as much money into a Roth account as possible.

As mentioned above, the contribution limit of a Roth Solo 401k is $23,500 for 2025 (up from $23,000 in 2024). If you’re at least 50, you get an additional $7,500 in catch-up contributions, bringing your total limit to $31,000 (up from $30,500 in 2024).

The Solo 401k contribution limit is $70,000 for 2025, or $77,500 if you’re at least 50 years of age (up from $69,000 and $76,500 in 2024). Of that amount, only $23,500 ($31,000 if age 50+) is allowed to be made in Roth dollars.

A Mega Backdoor Roth Solo 401k allows you to contribute the full amount of the Solo 401k contribution limit into a Roth account. That means you can put in up to $70,000 ($77,500 if age 50+) into a Roth Solo 401k for 2025 if you choose to do the Mega Backdoor.

To take advantage of the Mega Backdoor Roth Solo 401k, your plan provider must be set up to offer this option. They’ll need to provide two key features to make it possible:

A Mega Backdoor Roth Solo 401k involves many steps and can get complex to execute on your own. The best Solo 401k plan providers provide higher levels of support and will help you implement the Mega Backdoor and file the necessary tax forms.

3. Flexible Investment Options

The IRS lets you invest in whatever asset class you want with a Solo 401k. Unlike traditional retirement accounts that restrict you to a limited selection of stocks, bonds, and mutual funds, a properly structured Solo 401(k) lets you diversify beyond the usual options. You can invest in:

Most prototype low-fee plans offered by major banks do not give you full investment control, and you’re limited by whatever options they provide in their plans. In order to invest in alternative assets, you should look for a plan provider that gives you full investment control over your account with no restrictions.

What You Can’t Invest In

While a Solo 401(k) gives you a lot of investment freedom, you cannot invest in collectibles, which the IRS defines as:

However, gold, silver, platinum, and palladium coins, along with certain government-issued coins, are allowed. As long as a bank or an approved trustee holds these, they won’t count as collectibles and are fine to invest in.

📌 Also read: What Can I Invest In with a Solo 401k?

4. The Ability to Do Rollovers

A rollover is one of the fastest and easiest ways to fund a Solo 401k. You can transfer funds from nearly any retirement plan, except a Roth IRA (per IRS rules). If you have funds in an old 401k, SEP IRA, or even a Traditional IRA, you can rollover your funds and assets into a Solo 401k, and immediately open the door to more investment options.

There’s no limit on how much you can rollover, and it does not affect your contribution limits for the year. 

✏️ Example: You could rollover $100,000 from another retirement plan and still have the full contribution room left over to add even more money to your account.

5. Account Set Up and Administration Support

A Solo 401k is generally more complex to set up than other retirement plans like an IRA or SEP IRA. There’s more paperwork involved, and it requires more steps (like opening separate bank and brokerage accounts), especially if you’re going with a self-directed account. This complexity is one reason why Solo 401ks aren’t as popular as simpler options.

Sure, a prototype plan at a major bank is easy to set up, but opening a non-prototype plan – requires a more detailed process, including opening separate bank and brokerage accounts for your Solo 401k trust – but Carry Solo 401k makes it easier.

Your plan provider should ideally offer account set up support and administration help for maintaining your plan and staying in compliance.

6. Self-Directed Account With Checkbook Control

One of the most powerful features of a Solo 401k is the option to have a self-directed account with checkbook control. If you’re not familiar with checkbook control retirement accounts, here’s a quick overview of what that means.

When you open a self-directed Solo 401k plan with checkbook control, you get separate bank and brokerage accounts for your Solo 401k trust. All investments made in your account belong to your Solo 401k trust, and not you, the individual. As the trustee of the account, you get full control over the checkbook and can write checks and wire funds directly when you want to make an investment.

✏️ Example: If you want to invest in cryptocurrencies through your Solo 401k, you would open a new account with a crypto exchange under your Solo 401k trust, and then send the funds into your account from your Solo 401k bank account. If you want to invest in a startup or an investment property, you could write a check directly from your Solo 401k bank account.

Typically, with most checkbook control Solo 401k plan providers, they’ll create the plan documents for you, but you’ll have to go out and look for a third party bank and brokerage that will accept them and open your accounts for you. With the Carry Solo 401k, you get integrated brokerage accounts, so your accounts are created automatically for you when you sign up.

7. Solo 401k Loan Option

Only a few providers offer the ability to take a loan from your Solo 401k. If they do, you can borrow up to 50% of your account value up to a maximum of $50,000. You have 5 years to repay the loan at prime rate plus one percent interest.

If you use the funds to purchase a primary residence, you can get up to 15 years to pay it back. A Solo 401k doesn’t affect your credit score, and the application process is quick since you’re borrowing from your own account, not a third party creditor.

📌 Also read: How Much Does It Cost To Open a Solo 401k Plan? (Free vs Paid Plans)

The Premium Solo 401k Plan Providers

Let’s compare Solo 401k plan providers in 2025, for both free prototype plans and self-directed non-prototype plans.

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The Carry Solo 401k Plan

Image Source: https://carry.com/solo401k

The Carry Solo 401k is a modern version of the Solo 401k plan. It allows Roth and Mega Backdoor Roth contributions, rollovers, and the ability to take a Solo 401k loan. You can invest in almost any asset type, including private equity and real estate (Pro Plan required).

Carry also allows for automatic contributions and investments, which can simplify account management, similar to a traditional employer 401k. Setting up recurring contributions could help qualify for the EACA $1,500 tax credit, depending on eligibility. The platform is designed for easy setup and management.

For those who need general educational resources, the Pro Plan includes access to certified financial planners who can provide guidance on retirement and tax strategies.

Disclosure: General financial planning, custom financial plans and “Message Planner” services are provided by an non-affiliated third party, Ontrail, Inc., doing business as “Uprise”. Please note that Ontrail, Inc. is not a registered investment adviser, and as such, the planning services will not involve discussions concerning securities allocation strategies, or any other customized advice pertaining to securities. See Additional terms. Additional fees may apply for Uprise planning services.

📌 Carry is the one of the most advanced Solo 401k plans that comes with a Roth option, optional integrated brokerage accounts, customer support, and intuitive user experience. Open a plan, Learn more about the Carry Solo 401k.

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Charles Schwab

Image Source: https://www.schwab.com/digital-platform/web

Charles Schwab offers a free Solo 401k and Roth option. While there are no costs for setting up an account, there is no ability to do a mega Backdoor Roth Solo 401k, and limited investment choices. You can’t invest in alternative assets like real estate, crypto, or private equity. Rollovers are allowed, but you can only rollover a 401(k), 403(b), 457(b), and similar employer-sponsored plans but not an IRA or SEP IRA.

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E-Trade

Image Source: https://us.etrade.com/what-we-offer/our-accounts/retirement

E-trade is one of the only Solo 401k plans that actually offer great benefits. There’s a Roth option, ability to do rollovers, and no setup fees. While you have a wider selection of investment options, you’re limited to stocks, bonds, mutual funds, and ETFs. You cannot invest in alternative assets. Users have also reported that they’re having trouble making contributions within their accounts, so it’s best to check the current status of their user interface before signing up.

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Fidelity Solo 401k

Image Source: https://www.fidelity.com/retirement-ira/overview

The Fidelity Solo 401k is a free prototype plan. As of 2024, Fidelity now offers the Roth option for Solo 401k accounts, allowing you to make Roth contributions for tax years 2024 and beyond. However, there’s no ability to do a Mega Backdoor Roth Solo 401k. Your investments are limited to stocks, ETFs, bonds, and mutual funds. One of the downsides of a Fidelity Solo 401k is that you must contribute to your account by mailing in a check. There is no ability to make contributions online directly through their admin panel.

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My Solo 401k

Image Source: https://www.mysolo401k.net/solo-401k/open-a-solo-401k-account/

My Solo 401k has been around since 2009 and offers a non-prototype self-directed Solo 401k plan. There’s a Roth option, the ability to do a Mega Backdoor Roth Solo 401k, rollovers, and investment freedom to invest in alternative assets. When you sign up with My Solo 401k, they’ll create the Solo 401k plan documents for you, but you’ll have to go out and find a third party bank that will accept them and open your accounts.

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Rocket Dollar

Image Source: https://www.rocketdollar.com/accounts/self-directed-solo-401k

Rocket Dollar was started in 2018 and offers a solid Solo 401k plan. It’s a little pricier than other non-prototype plans, but you have the option to open a lower tier-plan if you’re willing to sacrifice a few benefits. You get full investment freedom, the ability to do Roth contributions, and can invest in alternative assets like real estate and cryptocurrencies. While Rocket Dollar will create your plan documents for you, you’ll have to find a third party brokerage to accept the documents and open your accounts for you.

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Ubiquity

Image Source: https://www.myubiquity.com/products/solo-401k

Ubiquity offers a self-directed Solo 401k that gives you full checkbook control, letting you invest in traditional and alternative assets. You can make Roth contributions, do a Mega Backdoor Roth Solo 401k, and rollover funds from existing retirement accounts. When you sign up with Ubiquity, they’ll create the Solo 401k plan documents for you, but you’ll have to go find a third party bank or brokerage to accept them.

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Comparing Solo 401k Providers

Roth Solo 401k Providers

All self-directed Solo 401k plan providers offer a Roth option and the ability to invest in any asset class. That means you can invest in things like startups, real estate, and even cryptocurrencies through a Roth account and pay zero taxes when you withdraw in retirement.

The only prototype plans offering a Roth option are E-trade, Charles Schwab, and Fidelity. However, E-trade and Charles Schwab offer limited investment choices. Fidelity, on the other hand, requires you to mail in a check for contributions since there’s no online option.

Plan providers with Roth option	Price	Traditional Investments (e.g., stocks, bonds, mutual funds)	Alternative Investments (e.g., real estate, crypto, private equity)	Mega Backdoor
Carry	$299/year $29/month	Yes	Yes (Pro Plan required)	Yes
Ubiquity	$19/month ($228/year) + $285 one time set up fee	Yes	No	Yes
Rocket Dollar	Silver Plan: $360 one time set up fee + $30/month Gold Plan: $600 one time set up fee + $30/month	Yes	Yes	Yes
My Solo 401k	$525 first fee + $125 annual fee	Yes	Yes	Yes
E-Trade	Free	Yes	Yes, with a self-directed Solo 401k plan from a third-party provider	No
Charles Schwab	Free	Yes	Yes, with a self-directed Solo 401k plan from a third-party provider	No
Fidelity	Free	Yes	Yes	No

Free Solo 401k Plan Providers

Most free plan providers like E-trade, Charles Schwab, and Fidelity are identical on paper. You can generally invest in traditional assets, but not alternative assets.

Free Plan Providers	Price	Investment Options	Roth Option
Charles Schwab	Free	Traditional assets	Yes
Fidelity	Free	Traditional assets	Yes
E-trade	Free	Traditional assets	Yes

Self-Directed Solo 401k Plan Providers Compared

All self-directed Solo 401k plan providers offer premium features like a Roth option, Mega Backdoor Roth, and the ability to invest in any asset class, including alternative assets like crypto, real estate, and private equity.

With self-directed Solo 401k plan providers, Carry is the only plan that offers an all-in-one experience through an integrated brokerage account. Other self-directed plan providers will create your Solo 401k plan documents for you, and then you have to go and search for a third party bank or brokerage that will accept them and open your accounts.

Self-Directed Plan Providers	Price	Integrated Brokerage	Roth Option
Carry	$299/year $29/month	Yes	Yes
My Solo 401k	$525 first fee + $125 annual fee	No	Yes
Rocket Dollar	Silver Plan: $360 one time set up fee + $30/month Gold Plan: $600 one time set up fee + $30/month	No	Yes
Ubiquity	Starts at $19/month ($228/year) + $285 one time set up fee	No	Yes

How to Choose the Right Solo 401k Plan Provider

If you’re trying to decide which provider would be the best for you, here are some important questions to ask:

Do you want a Roth account?

The first thing to consider is if you want to make contributions to a Roth account, since many plan providers only offer a traditional (pre-tax) Solo 401k account. The benefit of a Roth account is that your withdrawals in retirement are completely tax-free. You make contributions with post-tax dollars (income you’ve already paid taxes on), but any earnings in your account will be free from taxes when you withdraw in retirement.

Do you want the option to do a Mega Backdoor Roth conversion?

A Mega Backdoor Roth lets you contribute up to $70,000 ($77,500 if age 50+) into your Roth Solo 401k for 2025. This is up from $69,000 ($76,500 if age 50+) in 2024. In comparison, the employee deferral limit for 2025 is $23,500 ($31,000 if age 50+) which is up from $23,000 ($30,500 if age 50+) in 2024.

For you to be able to do a Mega Backdoor Roth, the plan provider you choose has to specifically be set up to offer one through the use of an after-tax account.

What kind of investments are you looking to make?

Some plan providers let you invest in any asset class, while others only let you invest in traditional assets. If you’re only looking to make traditional investments into assets like stocks, bonds, mutual funds, and ETFs, the good news is that all plan providers offer this option. 

If you also want to invest your Solo 401k funds into alternative investments like cryptocurrencies, startups, private equity, real estate, and NFTs, then you would need to look into a self-directed Solo 401k plan.

Are you okay with paying an annual fee in exchange for premium features and benefits?

As mentioned earlier, many prototype plans offered by major banks and institutions are free to set up. However, they don’t come with things like a Roth option, Mega Backdoor Roth, dedicated hands-on support, and the ability to invest in any asset class. If you’re not looking for any of these features, a prototype plan could be the more cost-effective option for you.

Do you want checkbook control?

Solo 401k plan providers that offer checkbook control allow you to take full control over your Solo 401k bank and brokerage accounts’ checkbook. If you want to make an investment, there’s no need to request a custodian to send the funds; you can write a check or wire funds directly. Checkbook control is one of the most powerful features of a Solo 401k, especially if you’re looking to be more versatile with your investments and put your funds into alternative assets.

Are Solo401k Contribution Limits the same with All Plan Providers?

The Solo 401k contribution limits are set annually by the IRS and they’re the same regardless of what plan provider you choose.

The Solo 401k contribution limit for 2025 is $70,000 ($77,500 if age 50+), up from $69,000 ($76,500 if age 50+) in 2024.

The only difference in plans is if a provider offers a Roth account or not. If a Roth Solo 401k is offered, you can contribute up to $23,500 ($31,000 if age 50+) for 2025, up from $23,000 and $30,500 in 2024. If a provider offers a Mega Backdoor Roth option, then you can contribute up to the full Solo 401k contribution limit entirely into your Roth Solo 401k.

If a plan provider doesn’t offer a Roth option, you’ll only be able to-contribute to a pre-tax Solo 401k account. Contributions to a pre-tax account are made with pre-tax income, which means they’re tax-deductible from your taxable income for the year.

📝 Note: Any plan provider that offers a Roth option also comes with a pre-tax option as well.

Is It Possible to Switch My Solo 401K Plan to a New Provider?

Yes, if your current provider does not offer the benefits and features that you’re looking for, you can transfer your Solo 401k account to another provider at any time. There are no penalties or taxes for transferring your plan from one provider to another. Please note that each provider deals with transfers differently.

Disclaimer

The Carry Learning Center is operated by The Vibes Company Inc. (“Vibes”) and contains generalized educational content about personal finance topics. While Vibes provides educational content and technology services, all investment advisory services discussed on this website are provided exclusively through its wholly-owned subsidiary, Carry Advisors LLC (“Carry Advisors”), an SEC registered investment adviser. The information contained on the Carry Learning Center should not be construed as personalized investment advice and should not be considered as a solicitation to buy or sell any security or engage in a particular investment, accounting, tax or legal strategy. Vibes is not providing tax, legal, accounting, or investment advice. You should consult with qualified tax, legal, accounting, and investment professionals regarding your specific situation.

The accounts, strategies and/or investments discussed in this material may not be suitable for all investors. All investments involve the risk of loss, and past performance does not guarantee future results. Investment growth or profit is never a guarantee. All statements and opinions included on the Carry Learning Center are intended to be current as of the date of publication but are subject to change without notice.

To access investment advisory services through Carry Advisors, you must be a client of Vibes on an eligible membership plan. For more information about Carry Advisors’ investment advisory services, please see our Form ADV Part 2A brochure and Form CRS or through the SEC’s website at www.adviserinfo.sec.gov.