Simplified Employee Pension IRA

A simplified employee pension (SEP) plan provides business owners with a simple method to contribute toward their employee's retirement, as well as their own retirement savings. Contributions are made to an IRA setup for each plan participant.

SEP certificates of deposit:

$500 minimum deposit to open
Terms ranging from seven days to 10 years
10-day grace period
Automatic renewal with interest credited to the account becoming part of the principal for the next term
Low annual fee of $5 that covers all accounts under the retirement plan
Distributions without penalty if you are over the age of 59½
FDIC-insured account¹

SEP savings account:

The SEP savings account is for those who want to save for retirement in small increments. Deposits can be made at any time.

$50 initial deposit is required at the time the account is established
Low annual fee of $5 covers all accounts under the retirement plan
Interest paid monthly
Direct deposit available
Ability to make additional deposits at any time
24-Voice Phone Banking balance inquiries at (888) 248-6423
FDIC-insuredaccount¹

FIND A BRANCH

If you need more information about estimating your IRA growth, be sure to check out our IRA Growth Calculator.