Add IRA savings account (Mac)

asc222

I'm trying to add an Ally IRA savings account to my retirement account but I don't see an option to add a savings IRA

jacobs

@asc222 Could you clarify what you mean by "savings IRA"? I think all you're looking for is "Traditional IRA" in Quicken, but I don't want to make any incorrect assumption. 

asc222

When I set it up as Traditional IRA, I can't link downloads to that account from Ally--only allows me to link to Quicken 'Savings' accounts, not 'Retirement' accounts. So what I'm doing is setting up dummy 'Savings' account, linking download from Ally to that account, then moving the transactions to the Traditional IRA 'Retirement' account I set up. Seems like there should be an easier way.

jacobs

Well, that shouldn't work. If you are investing your IRA funds in anything other than cash, you won't be able to download investment transactions (Buy, Sell, Reinvest Dividends, etc.) into a Savings account. In Quicken, banking accounts and investment accounts are two different creatures, and you can't move transactions between them.

If you try adding an IRA account, these are the options:

When you set up the Ally as a savings account, which option are you selecting for the connection?

Eliminating the credit card, mortgage and loan options here, to seems to offer the same "AllyBank" or "Ally Invest Securities" options which are available for an IRA account.