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SEP IRA
SEP IRA
Retirement savings made simple
A SEP IRA is the savings solution for small businesses and self-employed members.
Easy
Low maintenance, quick setup
Save
Save up to 25% of your annual salary
Earn
Tax-deferred earnings
Savings made simple
A SEP IRA is a tax-deferred account, 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!
- $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money from your SEP IRA before you reach age 59 1/2, you are likely obligated to pay a 10% penalty on the amount withdrawn (plus ordinary income taxes)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
- 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.
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.
Rates
SEP IRA
| Rate | APY1 | Min. 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.
You know that details matter. [And you are in good company.]
View All FAQs
Here are a few frequently asked questions:
1 APY = Annual Percentage Yield. Rate may be subject to change daily at the discretion of the Board of Directors. A service fee of $1 will be charged if the IRA balance is below $25 at statement date. Fees could reduce the balance on the account. This is a Share IRA account and is not an investment account.