Here for you 100% of the way
A simplified employee pension (SEP) plan is a retirement plan that allows employers to contribute to employees’ Traditional IRAs.
We will work with your employer to build a retirement plan for you that will ensure you reach your ultimate financial goals.
Features
SEP IRA Term Deposits features include:
- Terms ranging from 6 months – 5 years
- Contributions are subject to different contribution limits than Traditional IRAs
- Once an employer makes a SEP contribution, all general Traditional IRA rules and regulations apply
- Minimum opening deposit of $500
- $10 minimum balance to earn interest
- $12 annual fee
- Early withdrawal penalty*
Visit the IRS website for more information
*A penalty may be imposed for withdrawals before maturity:
The fee we may impose will equal all interest that could have been earned for the remainder of the term. This could result in the loss of the principal.
If the withdrawal is made within the first six days after the deposit, we will impose a penalty of seven days interest on the amount withdrawn subject to penalty.