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A simple retirement plan for self-starters.

First things first. What does SEP IRA even mean? It's a Simplified Employee Pension (SEP) Individual Retirement Account (IRA). SEP IRAs are designed specifically for people who are self-employed, sole proprietors, or small business owners.

With a SEP IRA account, you can easily set aside retirement money for yourself and any employees without creating a complex benefits plan. This way, you'll be able to kick back and relax when the time comes to stop working.

Benefits of a Power Financial Credit Union SEP IRA

Only $50 to Open Account

Get started with a minimum deposit then set up ongoing contributions.

Easy Contribution Targets

Reach your retirement savings goals with annual contribution limits to keep you motivated.

Guaranteed Returns

Enjoy a secure retirement with tiered interest rates – no need to worry about the stock markets.

No Monthly or Annual Fees

You'll pay no fees at all if you follow the withdrawal rules and let your money grow untouched.

How Do SEP Accounts Work?

Being your own boss can be rewarding, but some days it feels like the work never ends. Luckily, you can take simple steps now to make sure you can enjoy your retirement. SEP IRAs let you look after your hardworking employees, too.

  • Ideal for self-employed individuals, sole proprietors, or small business owners
  • Earn competitive rates on your savings
  • Low opening balance of $50 for a SEP IRA Primary Savings
  • Contributions can be made anytime
  • Contribute either 25% of your income or the contribution limit, whichever is less
  • Must make equal contributions for yourself and any employees
  • Potential tax deductions in years you make contributions
  • Funds grow tax-free until you're ready to withdraw them
  • Withdrawal requirements are the same as Traditional IRAs
  • NCUA insured up to $250,000
  • No monthly or annual fees

Apply Now

How to Open a Power Financial Credit Union SEP IRA

Step 1

Open Account Online

Simply complete our online application form to get started with your SEP IRA.
Step 2

Deposit Funds

Make the minimum deposit of $50, or more if opening a SEP IRA Savings Account.
Step 3

Contribute and Earn

Set up ongoing deposits so you reach the contribution limits each year and earn big.

"Lisa was super helpful in getting my account set up and went above and beyond to help me access my online banking. I had never set up this type of account before so it was a little nerve racking but she helped me through the process. I love working with credit unions because you get this kind of service. Thank you!"

– Melissa W.


Accordion Section

A simplified employee pension (SEP) plan is a type of IRA that lets you save for your and your employees' retirement future. You might want to consider a SEP IRA plan if you are:

  • Self-employed
  • A sole proprietor
  • A small business owner
If you are self-employed, a sole proprietor, or own the business, you contribute funds to your own SEP account and any employees' accounts. If you do not have any other employees, you contribute only to your account.
  • The amount you contribute to a SEP each year must be equal for all eligible employees' accounts, including your own
  • The employer contributes up to 25% of compensation or the contribution limit a year, whichever figure is less
  • Any other employees do not contribute funds
  • Contributions may be tax-deductible – talk to your tax advisor for details.
You must include employees in your SEP plan if they:
  • Are age 21 or older
  • Have worked for your business in at least three of the last five years
  • Received the SEP minimum compensation from your business for a specific year
You may choose to use less restrictive requirements if your prefer. For example, employees may be age 18 or have only worked for you for three months.
You can deposit funds using several convenient methods:
  • Manual, one-time transfer from another account
  • Automatic, scheduled transfers from another account
  • Direct deposit from another source
  • Payroll deduction from your paycheck
  • In person at a branch
  • Over the phone by calling 800-548-5465
The withdrawal rules for SEP accounts are the same as for Traditional IRAs. This means:
  • You may withdraw funds after age 59 ½ and after you've held the account open for five years
  • Early withdrawals may be subject to a 10% penalty tax unless you meet exemption criteria
  • You need to begin Required Minimum Distributions (RMDs) at age 73
  • Earnings grow tax deferred and then you pay regular income tax on withdrawals – talk to your tax advisor for more details
If you open a SEP IRA Certificate, you need to be 59 ½ and wait until your Certificate term ends to avoid paying the penalty tax. At the end of your CD term, you may withdraw the funds or reinvest the funds for the same term or a different term. Funds are usually reinvested automatically if you do nothing.
You need to have $50 to open a SEP IRA Savings Account and a balance of $100 to start earning interest. Your rate will go up when your balance reaches $10,000, $50,000, and $100,000.

With a SEP IRA Certificate, you need a deposit of $500 for most of our certificate terms. Sometimes we also have some special certificates offering higher rates and these may need greater opening deposits.

You do need to be a member and joining is easy! Simply open a Share Savings Account with a deposit of $5 and you can then open your SEP IRA account.

Our membership consists of those who live, work or go to school in Broward, Charlotte, Collier, Lee, Martin, Miami-Dade, Monroe, Palm Beach County, Hillsborough, Manatee, Pinellas, Sarasota, or St. Lucie counties.

We're also proud to offer membership to our Select Employee Groups. Employees and members of these organizations are always welcome to join, no matter where they live:


Immediate family of all current members are also welcome to join.

Not Sure if a SEP Account is Right for You?

See More Ways to Save for Your Future

Individual Retirement Accounts

In addition to our SEP IRA, we offer Traditional IRAs and Roth IRAs with unique tax advantages.

Certificates of Deposit

Our regular Certificates and IRA Certificates offer a wide range of terms so you can get the best rates possible.

Money Market Accounts

Enjoy higher rates than regular savings with the convenience of unlimited withdrawals. Tiered rates go up with your balance.