Finhabits

Finhabits

Plan Type:

Roth IRA
Fees
  • Total Annual: 0.13% - 0.95%
  • Enrollment: $0
  • Rollover: $75
  • Other annual fees: $0
Minimums
  • Opening balance: $5
  • Monthly contribution: $20
Services
  • •24/7 mobile account opening and management
  • •Automated contributions with ability to pause
  • •Investment advice
Key Advantages

*Contribute as little as $5 a Week *No paperwork; no confusion *Bank-level security *Fair and transparent fees *Available in English and Spanish


Plan Summary

Finhabits offers Roth IRAs to the participants of the Washington Small Business Retirement Marketplace.   

Investment options and fees 
 
Investment options

  • Vanguard Target Retirement Series
  • Vanguard Wellesley Income 
Fund fees
  • 0.13% to 0.15% per year 
Finhabits fees
  • Free for accounts balances up to $1,500
  • $1/month for account balances $1,500 - $2,500
  • 0.50%/year for account balances $2,500 or above 
Total fees
  • 0.13%-0.15%/ year for account balances up to $1,500
  • 0.61%-0.95%/ year for account balances $1,500 - $2,500
  • 0.63%-0.65%/ year for account balances $2,500 or above
Custodian of customer accounts
The securities and assets in each client’s account are held in a separate account in the name of the client at Apex Clearing Corporation. All accounts managed through Finhabits are required to use Apex as the independent custodian. Finhabits is independently owned and operated and is not affiliated with Apex.
 
Rollover options 
Fully portable from/to other financial service firms. Employees are able to transfer funds from another Roth IRA provider or perform a rollover from a 401(k) plan to their Finhabits Roth IRA. Additionally, employees are able to transfer funds from their Finhabits Roth IRA to another Roth IRA provider or perform a reverse rollover to a 401(k) plan.

Plan Features

Click on any of the plan features below to learn more about this retirement product. Please note that some features may not apply to a specific product.

  • No minimum account balance required
  • $5 minimum initial contribution 

For rollovers from a Finhabits IRA to another IRA provider or 401(k) plan, Finhabits employees may incur a transfer fee (payable to Apex) of $75 USD per account.

  • Automated contributions with ability to pause
  • Built-in behavioral prompts for simpler decision-making
  • Investment monitoring and dividend reinvestment 

Contributions are after-tax up to a maximum of $6,000 per year. If you have a taxable income of at least $6,000 and are under 50 year of age, you can make after-tax contributions up to $6,000 per year (or $7,000 if you’re age 50 or older). You do not report Roth IRA contributions on your tax return.

  • Available to residents of the United States
  • 18 years minimum age

Employees have the ability to pause their recurring contributions without any penalties.

This plan uses broad categories of investment options; each category contains specific funds. Click on the ‘ticker’ symbol to see the financial performance for that fund. If you choose this retirement plan, the plan provider will help you understand your investment options.

Employees under age 59 ½ that make a withdrawal from a Roth IRA may face penalties per IRS rules.

Participants are able to transfer funds from another Roth IRA provider or perform a rollover from a Roth 401(k) plan to their Finhabits Roth IRA. Additionally, participants are able to transfer funds from their Finhabits Roth IRA to another Roth IRA provider or perform a reverse rollover to a Roth 401(k) plan.

  • Account opening
  • Investment recommendation
  • Investment monitoring
  • Mobile app for account maintenance

You can withdraw contributions, not earnings, you made to your Roth IRA anytime, tax- and penalty-free.

If your Roth IRA account has been open 5 years and you are age 59 ½ or older, your withdrawals (contributions and earnings) are tax- and penalty-free. You may be able to avoid the penalties and taxes if your withdrawal is made after your account has been open 5 years and the withdrawal is for limited circumstances, such as first-time home purchase, qualified educational expenses or disability.

No loans allowed but you can withdraw your money whenever you want.

Contact Us

Email us

1 (360) 725-5070

PO Box 42525
Olympia, WA 98504-2525

Retirement Marketplace

The Small Business Retirement Marketplace is administered by the Washington Department of Commerce as established in RCW Chapter 43.330.730-750. Plans carried on the Retirement Marketplace are verified by the Department of Financial Institutions and/or the Office of the Insurance Commissioner to meet the requirements set forth in RCW 43.330.732(7) and 735(6)(a).

Enrollment in plans on the Retirement Marketplace is voluntary. Plan enrollment is managed by private financial services firms. Saving through certain plans will not be appropriate for all individuals. Employer facilitation of most retirement savings plans carries certain legal obligations for which employers are entirely responsible. Contributing to a retirement savings plan may offer tax benefits and/or consequences. Other private sector plans not offered on the Retirement Marketplace may charge lower fees. Consult your tax or financial adviser with questions related to investments.

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