A retirement solution for the self-employed

If you're a small business owner or a self-employed entrepreneur or freelancer, a SEP IRA is the perfect way for you to start saving for your future retirement while enjoying tax benefits today.

Open a SEP IRA Account
The Run Down
  • Great interest rates — consistently among the best in the country
  • No minimum balance. No maintenance fees
  • Ability to withdraw contributions any time without IRS penalty or taxes73
  • Earnings grow tax-free
  • Continue contributions after age 701/2 if you have earned income
  • Distributions not required after age 701/2
  • No fees to transfer funds in and out of Alliant
  • Deposit is insured up to $250,000 by NCUA33
1.00 %
0.995 %
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SEP IRA Accounts 101

SEP stands for “Simplified Employee Pension” plan. Basically, a SEP IRA is a traditional IRA for the self-employed.

SEP IRAs, like traditional IRAs, allow your earnings to grow tax-deferred. You can invest up to 25% of your compensation, up to $53,000 per year, in a SEP IRA account. You are eligible for penalty-free withdrawals from your SEP IRA once you are age 591/2 or older.

Once you reach age 701/2, you must make minimum withdrawals every year. At 701/2, you're also no longer eligible to contribute to a SEP IRA (consider a Roth IRA if you would like to make contributions past this age).


SEP IRA tax advantages

SEP IRA accounts grow tax-deferred. Your initial contributions to your SEP IRA are tax-deductible, potentially reducing your taxable income right now. You’ll only pay taxes when you eventually take money out of your IRA.

Compare your earnings with our investment calculator.

How to open your SEP IRA

Am I eligible for an SEP IRA?

You may contribute to an SEP IRA if you are self-employed and have earned compensation. If you'd like more details, see IRS Publication 560.

Two easy steps to open your Alliant SEP IRA
  • Log in to your account through online banking
  • Select "open an account" to create a SEP IRA

Three Ways to Build Your Alliant SEP IRA

SEP IRA shares

We offer a great liquid savings rate for members who want ultimate flexibility and easy access to their money.

SEP IRA certificates

For members planning on a longer horizon, we offer outstanding certificate rates with terms from 12-60 months. For even higher dividends, explore our jumbo certificate rates.

3. Investment alternative

Alternative IRA investment options are also available through the Alliant Retirement and Investment Services Program.31 Contact a representative today for a no-cost, no-obligation retirement savings analysis that can help you determine which IRA is right for you.

Non-deposit investment products and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution.

Compare Alliant Credit Union IRAs

No matter which type you select, you reduce your taxes and keep more of your money. We’re always here to help. Call an Alliant member consultant at 800-328-1935. We’ll help guide you towards the right IRA for your situation12. Ready to get started? You can open a SEP IRA account by logging in to online banking.

Traditional IRA

Consider If

You prefer your money to grow tax-deferred, and you don’t plan on making withdrawals until retirement

Tax Advantages

You don’t pay taxes until you take money out of the account

Mandatory Withdrawals

At age 701/2

Roth IRA

Consider If

You would like more flexibility for withdrawals or if you're planning to work past age 70

Tax Advantages

All earnings grow tax-free, and you don’t pay taxes when you take money out of the account

Mandatory Withdrawals



Consider If

You are self-employed or a small business owner

Tax Advantages

You don’t pay taxes until you take money out of the account

Mandatory Withdrawals

At age 701/2


1.00 %
0.995 %

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SEP IRA fees

eStatements (electronic account statements) Free


Where do I send checks for deposit to my Alliant IRA, HSA, or ESA account?

Mailing Address 
Alliant Credit Union
Attn: IRA/HSA Dept.
P.O. Box 66945
Chicago, IL 60666-0945

Overnight Service
Alliant Credit Union
Attn: IRA/HSA Dept.
11545 W. Touhy Avenue
Chicago, IL 60666

Who qualifies for a SEP IRA?

The SEP IRA is a retirement plan designed to benefit self-employed individuals and small business owners. Sole proprietorships, S and C corporations, partnerships and LLCs qualify.

Am I required to make contributions to my SEP IRA every year or for a specific amount?

Contributions into a SEP IRA are completely at your discretion. Your contribution can vary year to year, or it can be stopped, depending on profitability or short-term financial challenges. Of course, as with any retirement savings, we recommend a regular and consistent schedule of contributions.

Can I roll over my traditional or Roth IRA into a SEP IRA?

Retirement plans can be rolled over and consolidated into a SEP. This includes traditional IRAs, 401(k) plans, money purchase plans, profit sharing plans, defined benefit plans, 403(b) plans and Rollover IRAs. A Roth IRA, or retirement accounts with after-tax contributions, cannot be rolled over into a SEP IRA.

Is there a limit on the number of IRA rollovers that can be done?

Yes. Effective January 1, 2015, the IRS imposed the new IRA Rollover rule which stipulates that an IRA owner may complete only one IRA-to-IRA rollover per 365 days, regardless of how many IRAs you own, without differentiating between traditional, Roth and SEP IRAs. This change of only one rollover per year will only affect rollovers, and will not have any impact on trustee-to-trustee transfers. The once per 365 day rule does not apply the the direct rollover of 401(k) funds to a traditional IRA.

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