Simplified Employee Pension Plan (SEP)
A smart option for the self-employed
Simplified Employee Pension (SEP) Plans help small business owners and self-employed individuals save for retirement with tax advantages.* SEPs are also easy to set up and operate and enjoy higher annual contribution limits.
- $250 minimum opening deposit required
- Earn competitive interest
- Contributions are tax deductible*
- Contributions made only by the employer
- Only self-employed may make contributions on their own behalf
- Flexible annual contributions — good plan if cash flow is unpredictable
- Penalty for early withdrawal
- FDIC insured
*Consult your tax advisor regarding your individual circumstances.