Different account types sit at different custodians and serve different purposes. Knowing the map helps you avoid opening the wrong thing.
| Category | Common custodians | Account types |
|---|---|---|
| Personal (bank) | Bank of America, Wells Fargo, JPMorgan Chase, SoFi | Checking, savings, HYSA, mortgage |
| Personal (investment) | Charles Schwab, Fidelity, Vanguard | Taxable brokerage, Traditional IRA, Roth IRA, Rollover IRA, 529 (tax-free growth for education) |
| Employer-sponsored | Charles Schwab, Fidelity, Vanguard, insurance companies | 401(k), Roth 401(k), HSA, Defined Benefit Pension, 403(b) |
| Self-employed | Charles Schwab, Fidelity, Vanguard | Solo 401(k), SEP IRA, HSA, taxable brokerage |
Three buckets of money, by tax treatment
Every account above falls into one of three tax patterns. Learn this once and every account type becomes easy to place.
| Account type | Tax on contributions | Taxed while growing | Taxed on withdrawal | When you pay taxes |
|---|---|---|---|---|
| Traditional 401(k) / Traditional IRA | No (pre-tax) | No | Yes | Later |
| Roth IRA / Roth 401(k) | Yes (post-tax) | No | No | Now |
| Brokerage account | Yes (after-tax) | Sometimes | Gains taxed when sold* | Along the way |
*Hold an investment at least one year and one day before selling to qualify for lower long-term capital gains rates instead of short-term rates, which are taxed as ordinary income. See Taxable Brokerage Accounts for more detail.
HSA note: Money contributed to an HSA isn't limited to sitting in cash. Once you have enough saved to cover expected medical costs, it can be invested and grow just like a retirement account. The HSA is also the only account here with three tax advantages at once: pre-tax contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.
For how much you can put into each of these per year, see 2026 Contribution Limits. Switching jobs and not sure what to do with an old 401(k)? See Rollover Options.