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Civic member filling out the SEP IRA application for her small business

Retirement savings made simple

A SEP IRA is the savings solution for small businesses and self-employed members.


Low maintenance, quick setup


Save up to 25% of your annual salary


Tax-deferred earnings1

Savings made simple

A SEP IRA is a tax-deferred account1, meaning contributions are made with pre-tax dollars and withdrawals are taxed as ordinary income.

If you’re a business owner with employees, you can make contributions for yourself and any eligible employees. (Employees cannot make contributions for themselves.) It’s considered the easiest retirement plan to set up and maintain for small businesses. 

If you’re self-employed with or without employees, and don’t have a 401(k) program to save for retirement, a SEP IRA might be for you!

Civic member bike repair and maintenance shop

  • $25 minimum to open account
  • Dividends compound daily and are paid out monthly 
  • If you withdraw money from your SEP IRA before you reach age 59 1/2, you are likely obligated to pay a 10% penalty1 on the amount withdrawn (plus ordinary income taxes)
  • Rates and annual percentage yields (APY) may change daily 
  • $1 monthly service fee charged if balance falls below $25 on statement date 
  • Cannot borrow funds or use as security for a loan 
  • Must be a Civic member to apply
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Female Civic business owner and her son working in their family run pizza shop

  • Ongoing contributions are not required 
  • No catch-up contributions allowed for members age 50 and over 
  • Mandatory IRA distributions may be required by the IRS after you reach age 72. Get details.
Civic business owner viewing the Civic business SEP IRA account on her phone

SEP IRA contribution limits

Maximum Contribution Limits

Year Maximum contribution
2024 $69,000 per person
2023 $66,000 per person

Employers may contribute up to 25% of each eligible employee's income.



Rate APY1 Minimum Deposit to open
2.20% 2.22% $25

Open your SEP IRA

Apply for your SEP IRA through our partner, Ascensus, and a Civic representative will be in touch and work with you through the process.

For the best member experience, apply using online banking on a computer.

More options for your business

Find even more solutions for your small business at any stage. Start with our Business Checking Account or dive into real estate loans and more.

Business Services

  • Business Choice Certificate
  • Business Line of Credit
  • Term loans
  • Payroll, payments and support from us
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You know that details matter. [And you are in good company.]

Here are a few frequently asked questions:

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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.