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

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disclaimer

Young entrepreneur opening a Civic SEP IRA savings account.

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.

Bike shop owner satisfied with his Civic SEP IRA savings account.

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Withdrawals before age 59 1/2 will incur a 10% penalty on the amount withdrawn, and additional income tax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

Ready to open an SEP IRA?

Think big about your small business retirement options

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SEP IRA contribution limits

0	Year	Maximum contribution
1	2026	$72,000 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	2.96%	3.00%1	$25

Save for retirement

Our IRA account can be part of your overall financial plans, or use it as your primary savings engine for retirement.

Ready for an SEP IRA? Our team is here to walk you through the process.

1. Join Civic

2. Contact our Experience Center to set up your IRA

3. Fund your new IRA in online banking

Roth IRA

Retire strong, tax-free

Open a Roth IRA savings account for retirement so your contributions and dividends can grow tax-free.

$25 minimum deposit and monthly balance to avoid maintenance fee
Dividends are compounded monthly and paid out monthly
Ongoing deposits to your Roth IRA are not required
Annual contributions up to $7,500, or $8,600 for members 50+ years old

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A woman sits on the floor with her dog by her side, checking the growth of her Civic Choice Certificate account on her phone.

Choice Certificates

Choice Certificates help you save more in stable and predictable ways.

$250 minimum opening as a one-time deposit
Our best deposit rates and yields based on time period
6- to 60-month terms for predictable growth
Reinvest dividends or take monthly payouts

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You know the details matter (and you are in good company)

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.

View All FAQs

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.

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1 APY = Annual Percentage Yield. Civic membership required; minimum deposit $25. Rates subject to change at discretion of Civic Credit Union Board of Directors. Service fee of $1 each month balance is below $25 at statement date. Fees could reduce balance on account. Individual Retirement Accounts offered by Civic are insured up to applicable limits by the National Credit Union Share Insurance Fund. IRA contributions, distributions, and tax treatment are governed by Internal Revenue Service rules, which may change. Civic does not provide tax, legal, or investment advice. Consult a qualified tax or financial advisor regarding your specific situation before opening or funding an IRA.