Custodian fees for Silver IRA - what's normal?
- •So, I finally pulled the trigger and rolled over a chunk of my old 401(k) into a Silver IRA.
- •I'm a small business owner here in Denver, and honestly, with all the economic uncertainty, putting about $75k into physical silver just felt right.
- •My current custodian is charging me around $150 annually for storage and insurance, plus another $100 for administrative fees.
So, I finally pulled the trigger and rolled over a chunk of my old 401(k) into a Silver IRA. I'm a small business owner here in Denver, and honestly, with all the economic uncertainty, putting about $75k into physical silver just felt right. I'm pretty new to this whole precious metals IRA thing, and while the company I went with seems great, I'm now looking at the custodian fees and wondering if I got a good deal, or if there's a huge range out there.
My current custodian is charging me around $150 annually for storage and insurance, plus another $100 for administrative fees. So, all in, about $250 a year. To be fair, when I signed up, the sales rep spun it as "flat fees, so they won't eat into your gains as much as percentage-based fees would." Which, I guess makes sense for my $75k portfolio versus someone with ten times that. But still, $250 a year for something I'm generally hoping to just sit on for a while feels like a decent chunk.
For those of you with Silver IRAs, especially if your portfolio is in a similar range (say, $50k-$100k), what are your custodian fees looking like? Are there better options out there that I should be aware of for future reference? Are flat fees truly better than percentage-based ones at this portfolio size? Any insights would be super valuable because I'm just trying to make sure I'm not leaving money on the table unnecessarily.