Simplified Employee Pension (SEP)
A Simplified Employee Pension (SEP) is a plan wherein an employer can make a contribution to each eligible employee's Traditional IRA (including his or her own Traditional IRA if self-employed). Any tax deductions apply to the employer. The tax deferred earnings apply to the employee.

Features:
Accounts are FDIC insured. Available investments include a savings account and various certificates of deposit. The minimum balance required to open a savings account is $10. The minimum balance required to open a certificate of deposit is $500.

Rates:
Rates depend upon the type of investment selected.