Whether you’re a self-employed individual or a small business owner, finding the right SEP IRA provider can make a significant difference in maximizing your retirement savings potential.
While IRS contribution limits, tax benefits and withdrawal rules are uniform across providers, the similarities end there.
Variation exists in investment options, fees and account features, which can greatly impact your investment experience and overall returns.
Thus, it’s essential to choose a provider that suits your specific needs and investment objectives.
We put together a list of the best SEP IRA providers using a methodology that evaluates costs, investment options, accessibility and more. We consider whether brokers offer multi-person plans or have options only for self-employed individuals.
Let’s take a look.
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Fidelity IRA
Finder score
For its combination of investment choices, low fees and easy SEP IRA account funding methods.
Fidelity Investments is a top SEP IRA provider due to its wide range of investment options, industry-low fees, robust research tools and quality customer service. Fidelity offers a simple online SEP IRA application process and several account funding methods and is available to small-business owners and self-employed individuals. However, employers can't open SEP IRAs on behalf of their employees. Employees must open their own SEP IRA accounts and provide the account number to the employer for funding.
| Minimum deposit | $0 |
|---|---|
| Retirement account types | Roth, Traditional, SEP, Rollover, Custodial |
| Annual fee | $0 per year |
| Minimum deposit | $0 |
|---|---|
| Retirement account types | Roth, Traditional, SEP, Rollover, Custodial |
| Annual fee | $0 per year |
Wealthfront
Finder score
For its automated SEP IRA.
Wealthfront is one of the only robo-advisors we review that lets employers contribute to employees' SEP IRAs — many other robo-advisors are only available to self-employed individuals. Once an employee establishes their SEP IRA, each employee must email Wealthfront to ask for an exception to the $500 minimum deposit requirement. At that point, employers can contribute via check or wire transfer. While a little cumbersome, it's a way for employees to enjoy Wealthfront's automated, customizable portfolio of ETFs.
| Minimum deposit | $500 |
|---|---|
| Retirement account types | Roth, Traditional, SEP, Rollover |
| Annual fee | 0.25% |
| Minimum deposit | $500 |
|---|---|
| Retirement account types | Roth, Traditional, SEP, Rollover |
| Annual fee | 0.25% |
SoFi IRA
Finder score
For access to its robo-advisor with no minimum investment and complimentary financial planners.
SoFi's SEP IRA is available to self-employed individuals only, but it offers self-directed and automated account options. SoFi's robo-advisor requires no minimum investment amount and charges only a 0.25% annual management fee. Meanwhile, SoFi offers no-fee access to its certified financial planners, a valuable benefit for retirement savers.
| Stock trade fee | $0 |
|---|---|
| Minimum deposit | $0 |
| Stock trade fee | $0 |
|---|---|
| Minimum deposit | $0 |
Vanguard IRA
Finder score
For its multi-person SEP IRA option.
Vanguard stands out as one of a few brokers offering a multi-person SEP IRA plan tailored for small business owners, alongside its brokerage SEP IRA option for self-employed individuals. Notably, there are no plan setup fees, and the seamless online application process simplifies the setup and funding of SEP IRAs for employees. Business owners with employees who open a multi-person SEP IRA plan can invest in over 100 Vanguard mutual funds and fund employee SEP IRAs directly, but annual fees apply.
| Minimum deposit | $0 |
|---|---|
| Retirement account types | Roth, Traditional, SEP, Spousal, Rollover |
| Annual fee | $25 per month |
| Minimum deposit | $0 |
|---|---|
| Retirement account types | Roth, Traditional, SEP, Spousal, Rollover |
| Annual fee | $25 per month |
Charles Schwab
Finder score
For its simple online application process, coupled with its robust lineup of investments, competitive fees and big-broker amenities.
A Charles Schwab SEP IRA offers flexibility and full-service broker amenities. Invest yourself, with commission-free stock, ETF and Schwab mutual fund trades — or automate with Schwab's robo-advisor. Self-employed individuals will find a simple online application and funding process with no account open or maintenance fees. While Schwab offers SEP IRAs for small business owners with employees, you and your employees must submit a paper application to get started. To fund employees' accounts, you'll also need to mail a check. No online funding is available.
| Minimum deposit | $0 |
|---|---|
| Retirement account types | Roth, Traditional, SEP, Rollover, Custodial, SIMPLE |
| Annual fee | $0 per month |
| Minimum deposit | $0 |
|---|---|
| Retirement account types | Roth, Traditional, SEP, Rollover, Custodial, SIMPLE |
| Annual fee | $0 per month |
Paid non-client promotion. Finder does not invest money with providers on this page. If a brand is a referral partner, we're paid when you click or tap through to, open an account with or provide your contact information to the provider. Partnerships are not a recommendation for you to invest with any one company. Learn more about how we make money.
Finder is not an advisor or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.
Finder’s investments experts review 18 brokers and 11 robo-advisors available on the market to narrow down the best SEP IRA providers for self-employed individuals and small business owners.
We analyze each platform based on over 100 key metrics we collect directly from brokers and robo-advisors and assess each provider’s performance based on eight categories, weighing each metric based on the expertise and insights of Finder’s investment experts. We look at whether a provider offers options for self-employed individuals and small business owners, account opening processes and if an employer can fund an employee’s SEP IRA directly. We then score and rank each provider depending on how it performs in each category.
How we weigh the overall rating for broker SEP IRAs
| Investment options | Trading platforms and technology | Trading costs | Account fees | Account types and minimums | Customer support | Mobile app rating and security | Features | IRA match |
|---|---|---|---|---|---|---|---|---|
| 16% | 15% | 10% | 9% | 17% | 10% | 2.5% | 18% | 2.5% |
How we weigh the overall rating for robo-advisor SEP IRAs
| Cost and fees | Account minimum | Account types | Portfolio mix | Customer support | Mobile app rating and security | Features and amenities | Cash management account |
|---|---|---|---|---|---|---|---|
| 34% | 7% | 14% | 20% | 5% | 2.5% | 15% | 2.5% |
We update our best picks as products emerge, change or disappear from the market. We also regularly review and revise our selections to ensure our best provider lists reflect the most competitive available.
A SEP IRA, short for simplified employee pension individual retirement account, is a retirement savings plan for self-employed individuals and small businesses. Employers make tax-deductible contributions for themselves and eligible employees based on a percentage of compensation up to IRS limits. Employees are immediately vested in all contributions, and contributions grow tax-deferred until withdrawal in retirement.
Opening a SEP IRA isn’t much different than opening a brokerage account, bank account or other type of IRA. With most providers, you can open an IRA online in minutes.
Choose a broker or robo-advisor and complete a brief application by providing personal information such as your name, address, date of birth and Social Security number. Completed applications are typically approved instantly, though the broker may take a couple of days to verify your information. Then, connect a bank account to fund your account or roll over an old 401(k).
Finder’s picks for the best SEP IRA providers are meant to provide you with a starting point for finding the right broker for your retirement. That said, it’s important to consider your personal preference and individual investing goals, too.
Consider the following factors when comparing your options:
| If you're a | And want to | Consider this |
|---|---|---|
| Beginner investor | Do most or all of your trading on your mobile device | Best stock trading apps |
| Beginner investor | Trade and invest with as few fees as possible | Best discount stock brokers |
| Beginner investor | Outsource portfolio management automatically and at a low cost | Best robo-advisors |
| Beginner investor | Gain exposure to multiple assets like stocks, bonds or gold through a single fund | Best ETF brokers |
| Experienced investor | Get an overall idea of providers on the market and what they're best for | Best brokerage accounts |
| Experienced investor | Invest internationally in stocks, ETFs and other assets | Best international stock brokers |
| Retirement saver of any experience level | Save for retirement with upfront tax benefits | Best (traditional) IRA |
| Retirement saver of any experience level | Save for retirement and enjoy tax-free withdrawals | Best Roth IRA |
| Investor of any experience level | Diversify with low-cost index funds | Best brokerage accounts for index funds 2024 |
Unlike SIMPLE IRAs, SEP IRA contributions are generally made solely by the employer.
The best place to open a SEP IRA is with a provider that offers low fees and the investment options you’re looking for. Certain providers only offer SEP IRAs for self-employed individuals and not small business owners with employees, so compare your options.
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