Skip to main content

As a small business owner, or a self-employed individual, you have enough to think about with your daily business operations. A Montecito Bank & Trust SEP-IRA could provide a little peace of mind for you and your employees long-term retirement goals.

Terms We offer a choice of IRA Certificate of Deposit terms from 1 month to 3 years. Open an IRA or rollover an existing IRA or 401(k).
Access to Funds Early withdrawal penalties apply. Also, talk to your tax advisor for tax implications of the early withdrawal of an IRA CD.
Minimum to Open $1,000
Fees A $25 annual fee will be assessed if the account balance falls below $10,000 at any time during the term of the account or during any 12-month period, whichever is shorter. A $25 fee may be assessed to transfer any account balance to a rollover account.
Contributions Annual contributions an employer makes to an employee's SEP-IRA cannot exceed the lesser of:
  • 25% of compensation, or
  • $54,000 in 2017 and $53,000 for 2016 (subject to annual cost-of-living adjustments for later years)1.

Terms

We offer a choice of IRA Certificate of Deposit terms from 1 month to 3 years. Open an IRA or rollover an existing IRA or 401(k).

Access to Funds

Early withdrawal penalties apply. Also, talk to your tax advisor for tax implications of the early withdrawal of an IRA CD.

Minimum to Open

$1,000

Fees

A $25 annual fee will be assessed if the account balance falls below $10,000 at any time during the term of the account or during any 12-month period, whichever is shorter. A $25 fee may be assessed to transfer any account balance to a rollover account.

Contributions

Annual contributions an employer makes to an employee's SEP-IRA cannot exceed the lesser of:
  • 25% of compensation, or
  • $54,000 in 2017 and $53,000 for 2016 (subject to annual cost-of-living adjustments for later years)1.

1 The limits in the preceding sentence apply in the aggregate to contributions an employer makes for its employees to all defined contribution plans, which includes SEPs. Only up to 25% of compensation, or $54,000 in 2017 and $53,000 for 2016 (subject to annual cost-of-living adjustments for later years) of an employee's compensation may be considered. Contributions must be made in cash. Property cannot be contributed.