Opening an Account

Can I link my bank account?

There are two ways to link your checkings or savings account to your OpenInvest account, the Express Method or the Manual Method. The Express method allows you to log directly into your online banking through your OpenInvest account dashboard on the website or mobile app. This method links your bank account almost immediately, and deposits can be processed the same or next day. Select the Bank (Express) option on the Add Deposit screen, and select your bank from a list of the most common institutions, or you can search for your bank by name.

Once you find your bank, select it and then log in using the username and password that you log into your online banking with. When you are successfully logged in you can select which account you would like to connect.

If your bank is not available with the express option, you can still link your bank to your OpenInvest account using the Bank (Manual) option.  You’ll be asked to enter your bank account, and routing number so have your checkbook handy. Once you submit the details for the account you would like to link, we’ll send two small micro-deposits to your bank account to confirm everything, and when you see the deposits, log into your OpenInvest account and enter the two amounts to confirm the link.

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Why does OpenInvest need to verify my identity?

OpenInvest and our partners at Tradier and Apex require verification of your identity as part of the federal Know Your Customer guidelines ( These guidelines, created as part of the 2001 patriot act, are intended to prevent money laundering and use of financial tools by criminal or terrorist organizations. You may receive an email from Tradier requesting that you verify some part of your identity, such as your address or date of birth. If you have any questions or concerns about sending that documentation, just reach out to our support team at, and we’ll help you upload it securely.

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Can I mail a check?

If you would like to deposit to your OpenInvest account with a physical check or if you are rolling over a previous employer 401k, please make the check payable to ‘Apex Clearing’, then add FBO: Your Name and your account number to the memo, and mail the check to:

Apex Clearing c/o BroadRidge
Attn: BPO Treasury Dept
2 Gateway Center 16th Floor
283-299 Market St
Newark, NJ 07102-5005

If you don’t know your OpenInvest account number, you can find it on your account statements, or reach out to support for assistance.

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What type of account is right for me?

This will depend on not only your current financial needs but on your financial goals and retirement planning. The first thing to consider is if you are looking to save for retirement or a different goal such as growing wealth or purchasing a house in 5 – 10 years time. Typically, you should ensure you have a retirement plan in place before focusing on other goals, and IRAs, which provide tax benefits, are a great way to save up for your future.

If you are interested in saving for retirement and you have already maximized your employer 401k, then it is time to consider an IRA. With OpenInvest there are three types of IRAs; the Traditional, the Roth, and the SEP.  For almost everyone, the choice is between a Traditional IRA and a Roth IRA. A traditional IRA is tax-advantaged when you contribute to the account, meaning you don’t pay taxes on your contributions but you will pay taxes on the withdrawals you make during retirement. You are also required to start making withdrawals once you reach a certain age. A Roth IRA is just the opposite: you will pay taxes on the money you contribute in the tax year you contribute it, but you will not pay taxes on the money you withdraw during retirement, and you are not required to make withdrawals at any point. The primary factor you should consider when deciding between these types of IRAs is if you anticipate a higher tax rate now or when you retire. Consider the work you are currently doing. Are you just getting started in your career or are you at already at a high level in your earning potential? Consider also that US tax structure and if it is currently at a high or low individual tax burden. Both of these as well as other issues will influence if you should pay taxes now (Roth IRA) or later (Traditional IRA).

The third option for an IRA is a SEP which is for self-employed individuals and small businesses that want to create a simplified employee pension plan. SEP-IRA funds are taxed at ordinary income tax rates when qualified withdrawals are taken after age 59 1/2 (as for traditional IRAs).Contributions an employer can make to an employee’s SEP-IRA cannot exceed the lesser of: 25% of the employee’s compensation, or $55,000 for 2018 ($54,000 for 2017).

From Our Blog: Picking the Right IRA

As tax implications of retirement are complex, to say the least, many users choose to hold both a traditional and a Roth IRA, and you can seamlessly manage both through OpenInvest. While you can do your own research and make an educated decision on what kind of account to open, it is always a good idea to consult a tax specialist or financial advisor who acts as a fiduciary and can help you make decisions in your best interest.

If you are investing to grow your wealth or for a nearer term goal than retirement we recommend that you open an individual investment account. This type of account, while not tax-advantaged like a retirement account, is an excellent option for those that want to invest with their values and grow their funds at a better rate than a savings account or CD.

There are a few other options when considering what type of OpenInvest accounts you may want to open, and they include; a custodial investment account set up for a child’s future, a joint account for spouses or partners which can be a taxable or IRA, and an LLC account which is an investment account ‘owned’ by a company. When deciding which account types are right for you, your family, and potentially your business,  it is important to consider your financial outlook now and in the future. If you have any questions, please reach out to us for support. 

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What kind of accounts can OpenInvest hold for me?

We manage a variety of account types. For regular individual accounts, traditional IRAs and Roth IRAs, simply choose that account type during the application process. To open a joint account with a spouse, a custodial account for a child, or an entity account for a corporation, please contact us.

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Is there a minimum?

The minimum deposit for an OpenInvest account is $100.

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Can I transfer investments I already have to OpenInvest?

Yes you can. When you reach the end of the application, you’ll be asked how you want to fund your account. Choose the “Transfer” option, and you will be directed to enter details about the account you want to transfer. We’ll generate something called an ACAT form with that information, which you’ll sign to kick off the transfer.

If you would like to only transfer a portion of an existing account (a partial ACAT), please contact us.

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What do I need in order to open an account?

You must be a US citizen or permanent resident and be at least 18 years of age. The minimum deposit is $100.

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Why do you need my financial and personal information?

We and our brokerage partners need this information in order to comply with federal Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

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Why do you need my social security number?

We need this to confirm who you are and to comply with federal Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. You cannot open an investment account or hold financial assets without supplying this information.

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