A retirement solution for the self-employed

If you're a small business owner or a self-employed entrepreneur or freelancer, a SEP IRA is the perfect way for you to start saving for your future retirement while enjoying tax benefits today.

Open a SEP IRA Account
The Run Down
  • Great interest rates — consistently among the best in the country
  • No minimum balance. No maintenance fees
  • Ability to withdraw contributions any time without IRS penalty or taxes73
  • Earnings grow tax-free
  • Continue contributions after age 73 if you have earned income
  • No fees to transfer funds in and out of Alliant
  • Deposit is insured up to $250,000 by NCUA33
3.10 %
3.06 %
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SEP IRA Accounts 101

SEP stands for “Simplified Employee Pension” plan. A SEP IRA is designed for the self-employed.

SEP IRAs, like traditional IRAs, allow your earnings to grow tax-deferred. You can invest up to 25% of your compensation, up to $66,000 for 2023 and up to $69,000 for 2024, in a SEP IRA account. You are eligible for penalty-free withdrawals from your SEP IRA once you are age 59½ or older. Other exceptions to the penalty may apply. By age 73, you must take Required Minimum Distributions every year. 


SEP IRA tax advantages

SEP IRA accounts grow tax-deferred. Your initial contributions to your SEP IRA are tax-deductible, potentially reducing your taxable income right now. You’ll only pay taxes in the year withdrawals are received.

Compare your earnings with our investment calculator.

Annual Contribution Limits

2023 $66,000



How to open your SEP IRA

Am I eligible for an SEP IRA?

You may contribute to an SEP IRA if you are self-employed and have earned compensation. If you'd like more details, refer to the SEP section of the IRA website.

Two easy steps to open your Alliant SEP IRA

  • Log in to your account through online banking
  • Select "open an account" to create a SEP IRA

Three Ways to Build Your Alliant SEP IRA

SEP IRA shares

We offer a great liquid savings rate for members who want ultimate flexibility and easy access to their money.

Federally insured by the NCUA.

SEP IRA certificates

For members planning on a longer horizon for letting their nest egg grow, we offer outstanding certificate rates with terms from 12-60 months. 

Federally insured by the NCUA.

3. Investment alternative

Alternative IRA investment options are also available through the Alliant Retirement and Investment Services Program.31 Contact a representative today for a no-cost, no-obligation retirement savings analysis that can help you determine which IRA is right for you.

Non-deposit investment products and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution.

Compare Alliant Credit Union IRAs

No matter which type you select, you reduce your taxes and keep more of your money. We’re always here to help. Call an Alliant member consultant at 800-328-1935. We’ll help guide you towards the right IRA for your situation12. Ready to get started? You can open a SEP IRA account by logging in to online banking.

Traditional IRA

Consider If

You would like to reduce your taxable income now, and you don’t plan on making withdrawals until retirement.

Consider If

You would like more flexibility for withdrawals, want to reduce your taxable income or are planning to work past age 70.

Consider If

You are self-employed or are a small business owner.


3.10 %
3.06 %


Where do I send checks for deposit to my Alliant IRA account?

Mailing Address 
Alliant Credit Union
Attn: IRA Dept.
P.O. Box 66945
Chicago, IL 60666-0945

Overnight Service
Alliant Credit Union
Attn: IRA Dept.
11545 W. Touhy Avenue
Chicago, IL 60666

Who qualifies for a SEP IRA?

The SEP IRA is a retirement plan designed to benefit self-employed individuals and small business owners. Sole proprietorships, S and C corporations, partnerships and LLCs qualify.

Am I required to make contributions to my SEP IRA every year or for a specific amount?

Contributions into a SEP IRA are completely at your discretion. Your contribution can vary year to year, or it can be stopped, depending on profitability or short-term financial challenges. Of course, as with any retirement savings, we recommend a regular and consistent schedule of contributions.

Can I roll over my traditional or Roth IRA into a SEP IRA?

Retirement plans can be rolled over and consolidated into a SEP. This includes traditional IRAs, 401(k) plans, money purchase plans, profit sharing plans, defined benefit plans, 403(b) plans and Rollover IRAs. A Roth IRA, or retirement accounts with after-tax contributions, cannot be rolled over into a SEP IRA.

Is there a limit on the number of IRA rollovers that can be done?

Yes. Effective January 1, 2015, the IRS imposed the new IRA Rollover rule which stipulates that an IRA owner may complete only one IRA-to-IRA rollover per 365 days, regardless of how many IRAs you own, without differentiating between Traditional, Roth and SEP IRAs. This change of only one rollover per year will only affect rollovers, and will not have any impact on trustee-to-trustee transfers. The once-per-365-day rule does not apply to the direct rollover of 401(k) funds to a Traditional IRA.

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