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Business Retirement Plans

Plan for the future with an SEP IRA

The application process takes 10 minutes or less.

Secure your future with an SEP IRA

Designed for employees and employers alike, our simplified employee pension (SEP) IRAs help small business owners with simple plans that are easy to maintain, tax-deductible employer contributions, and less paperwork than many small business retirement plans. Self-employed options are also available.

Getting to the details

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Retirement Plan Rates

Term Minimum Opening Balance Annual Percentage Yield
91 Day $500 0.15%
182 Day $500 0.20%
9 Month $500 0.25%
12 Month $500 0.30%
13 Month $500 0.30%
15 Month $500 0.35%
18 Month $500 0.35%
19 Month $500 0.35%
24 Month $500 0.45%
30 Month $500 0.45%
36 Month $500 0.50%
48 Month $500 0.50%
60 Month $500 0.60%

A penalty may be imposed for early withdrawal. The Annual Percentage Yield (APY) shown is accurate as of 06/02/23. The interest rate is subject to change daily.

Early withdrawal penalties - The amount of early withdrawal penalty depends on the length of the account term:

Account Term Penalty
7 - 91 days 60 days loss of interest
92 - 182 days 182 days loss of interest
183 days - <60 Months. 1 year loss of interest
60 Months 2 years loss of interest

New penalty would apply to new CDs/IRAs opened or renewed after September 1, 2015.

For Certificates issued for Individual Retirement Accounts (IRA) or Education Savings Account (ESA), the interest is compounded and credited quarterly for investment terms 12-months or longer, shorter term pays at maturity. Interest may be withdrawn by IRA holders 59 1/2 or older by transfer to an internal account or ACH to another bank, monthly, quarterly, semi-annual or annually. Interest may be withdrawn by check semi-annually, annually or at maturity, whichever comes first.

Retirement Distributions from any Individual Retirement Account may begin upon permanent disability or death without incurring an early withdrawal penalty. Additional documentation is required.
Armed Forces Bank (AFB) is a full-service bank founded in 1907 catering to active-duty and retired military, Department of Defense personnel, veterans, and their families, as well as civilians, in all 50 states and around the world.