Business / Savings / Individual Retirement Accounts

Individual Retirement Accounts (IRAs)

Boost employee morale in a big way and attract potential candidates to your company by offering SEP or SIMPLE IRAs. These investment plans add to your overall employee benefits package and give you a chance to show your employees how much you care. Choose the plan that works best for your business. And if you're self-employed, you can still take advantage of these IRAs.

Explore our business IRA options below!

SEP IRAs

With a Simplified Employee Pension (SEP) plan, employer contributions are tax deductible and employees don't pay taxes on funds until they're withdrawn.

Features & Benefits:

Ideal for businesses of any size or self-employed individuals
Gain the respect of your employees
- Help employees reach their retirement savings goals
- Employee always has complete ownership of all SEP IRA money
Earn competitive interest on entire balance
Contributions are tax deductible; your business pays no taxes on earnings
- Contributions made only by the employer
- Only self-employed may make contributions on their own behalf
Little to no documents to file with government
Inexpensive to set up and operate
Flexible annual contributions – good plan if cash flow is unpredictable
Can contribute up to 25% of each participant's annual compensation (earned income)
- Or, up to the maximum allowable limit for current plan year, whichever is less*
- Must contribute equally for all employees
Employee must first establish a traditional IRA, in which the employer will deposit SEP contributions
$500 minimum deposit to open

Request Information

Calculators Icon

Financial Calculators

Simple IRAs

A Savings Incentive Match Plan for Employees (SIMPLE) allows both the employer and the employee to fund the account. It's ideal for smaller companies and self-employed individuals.

Features & Benefits:

Available to any small business – generally with 100 or fewer employees
Increase employee morale
- Employees have the option to make self-contributions
- Help employees reach their retirement savings goals
- Employee always has complete ownership of all SIMPLE IRA money
Earns a competitive interest rate
Employer must not have any other retirement plan
Minimal paperwork necessary; no filing requirements
Inexpensive to set up and operate
Lower contribution limits than some other retirement options
Employees share responsibility of growing their retirement
Each year, employer is required to contribute:
- Matching contribution up to 3% of compensation, or
- 2% non-elective contribution for each eligible employee
$500 minimum deposit to open