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SEP IRA
Save big for small business retirement! Open an SEP IRA and love your self-employed, small business or freelance life – especially in retirement
Save
Low-maintenance way to save
Earn
Tax-deferred earnings¹
Flexible
Save up to 25% of your annual salary
Flexible retirement plan for self-employed and small business owners
Be an entrepreneur and save for retirement with an SEP IRA savings account. It gives self-employed, freelance, and small business owners and their employees an easy way to set aside pre-tax money for retirement. Save up to 25% of your annual salary without being locked into annual contributions.
Terms
- $25 minimum deposit required
- Dividends compound daily and are paid monthly
- Cannot borrow funds or use as security for a loan
- Withdrawals before age 59 1/2 will incur a 10% penalty on the amount withdrawn, and additional income tax
Features
- Contribute up to 25% of annual salary, per year
- Flexible saving with no mandatory contributions
- Easy setup
- Contributions are pre-tax, withdrawals are taxed as ordinary income
SEP IRA contribution limits
| 0 | Year | Maximum contribution |
|---|---|---|
| 1 | 2025 | $70,000 per person |
| 2 |
Employers may contribute up to 25% of each eligible employee's income.
Rates
SEP IRA
| 0 | Rate | APY1 | Minimum deposit to open |
|---|---|---|---|
| 1 | 2.20% | 2.20%1 | $25 |
Save for retirement
Our IRA account can be in addition to an employer plan, or use it as your primary savings engine for retirement. Grow your money and get ready for retirement.
Open an SEP IRA through our partner, Ascensus, and a Civic representative will be in touch to work with you through the process. For the best member experience, apply using online banking on a desktop or laptop computer.
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Here are a few FAQs
What is an Individual Retirement Account?
An IRA is a personal savings account that allows you to save for retirement with tax-free contributions or withdrawals, depending on the account.
What is a Simplified Employee Pension (SEP) IRA?
A SEP IRA is a tax-deferred account, meaning your contributions are made with pre-tax dollars and withdrawals are taxed as ordinary income.
Can I open a SEP IRA for myself?
Yes, you can set up a SEP for your self-employed business!
Who can open a Simplified Employee Pension IRA?
Business owners with employees can make contributions for themselves and any eligible employees. (Employees cannot make contributions for themselves.)
If you’re self-employed with or without employees, and don’t have a 401(k) program to save for retirement, you can open a SEP IRA.
When can I withdraw from an IRA account?
Anytime. But if you withdraw money from your SEP IRA before you reach age 59 1/2, you are likely obligated to pay a 10% penalty on the amount withdrawn.
Distributions must begin once you (the account holder) are age 72, or age 73 if you turned 72 after December 31, 2022. You are responsible for paying ordinary income taxes regardless of when you withdraw.
Open an SEP IRA today and save big for retirement!
Small business owners make it happen, every day. Take a solid step toward your retirement and start saving with an SEP IRA as a self-employed person or a small business owner.
1 APY = Annual Percentage Yield. Civic membership required to open account. Rate may be subject to change daily at the discretion of the Board of Directors. A service fee of $1 will be charged each month the balance is below $25 at statement date. Fees could reduce the balance on the account. The advice provided is for informational purposes only. Consult a financial advisor or tax professional for additional guidance. This is a Share IRA account and is not an investment account.
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