Partner up with a community credit union you can trust as you stow away funds to use for your business’s future.
Key Features
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Competitive Dividends
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No Monthly Service Fees
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Digital Banking
Details
- Competitive dividends on balances of $505 or more
- Tiered rates; higher balances earn higher rates
- Dividends post quarterly
- No monthly service fees
- No minimum balance requirements after initial deposit
- 6 free withdrawals per month; $5 fee for withdrawals in excess thereafter
- Can be used as overdraft protection for checking
- Free digital banking
- $5 minimum deposit to open and maintain account
Simplified Employee Pension (SEP) IRA
- 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 dividends 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
- No monthly fees
- $25 closure or transfer fee
- No minimum deposit to open