Ally Bank offers SEP IRA CDs and Savings Accounts with no maintenance fees to help you invest your self-employment income for retirement.
SEP IRAs are the perfect way for business owners or self-employed individuals to invest additional income into an IRA.
Ally Bank SEP IRA plans are available with a Certificate of Deposit (CD) or an Online Savings account, and they are fully FDIC-insured accounts to protect your investments.
Review these Ally Bank IRA Options to get an IRA High Yield CD, IRA Raise Your Rate CD, or IRA Online Savings account for your SEP IRA contributions.
About SEP IRAs
The main advantage of SEP IRAs is that they allow you to contribute a greater amount of your self-employment income into an IRA than you can with your Traditional or Roth IRA alone.
Self-employed individuals can generally contribute up to a limit of 20% of your net earnings into your SEP IRA.
SEP IRAs work similar to Traditional IRAs, where your contributions are tax deductible and you have tax-deferred growth, so you pay no taxes until you take distributions.
Plus, you can contribute to both an SEP IRA and a Roth/Traditional IRA in the same tax year, so you can really maximize your tax savings if you are self-employed or own a business.
Ally Bank SEP IRA Plans
There are no minimum deposits to open any IRA plan with Ally Bank and there are no maintenance fees.
You can select from either the IRA High Yield CD or the IRA Raise Your Rate CD, which allows you to raise your CD rate if it goes up in the future.
There is also an IRA Online Savings account available if you need more flexible access to your deposited funds.
Review more details about Ally Online Bank Accounts to see how you can save money with Ally banking.
Open an SEP IRA with Ally Bank to invest your self-employment income before taxes are due.