These leading brokers offer the best SEP IRAs for your workplace retirement savings. We look at self-directed and automated options, investment choices, fees and more.
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.
15+ online brokers reviewed and rated by our team of experts
Evaluated under our unbiased rating system covering eight categories
20+ years of combined experience covering financial topics
We're big on editorial independence. That means our content, reviews and ratings are fair, accurate and trustworthy. We don't let advertisers or partners sway our opinions. Our financial experts put in the hard work, spending hours researching and analyzing hundreds of products based on data-driven methodologies to find the best accounts and providers for you. Explore our editorial guidelines to see how we work.
Best overall
Fidelity IRA
4.6
★★★★★
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
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.
Pros
Wide range of investment options
$0 commissions on stocks and exchange-traded funds (ETFs)
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
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.
Pros
Over 100 Vanguard mutual funds
Plans for small business owners and self-employed individuals
Flexible investment options for Vanguard's one-person plan
$0 commissions on online stock, ETF and Vanguard mutual fund trades
No plan setup fees
Cons
$25 annual service fee for each Vanguard mutual fund in each account with a balance under $10,000 (fee doesn't apply if you sign up for online account access and electronic statements and confirmations)
$20 for each Vanguard mutual fund in each account for its multi-participant SEP IRAs
Only mutual funds are available for the multi-person plan
Can only choose up to 4 funds to invest in at a time
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.
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.
Pros
$0 account open or maintenance fees
$0 commissions on online stock, ETF and Schwab mutual fund trades
Wide variety of investment options
Available to self-employed individuals and small business owners with employees
Cons
Paper application is required for small business owners with employees
Small business owners can only fund their employees' accounts via check
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
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.
Pros
Employers can contribute to employees' SEP IRAs directly
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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.
Methodology: How we choose the best SEP IRA providers
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.
Honorable mentions
These honorable mentions are still great choices, offering SEP IRA options and low minimum deposits to help diversify your funds.
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 no annual management fees. Meanwhile, SoFi offers no-cost access to its certified financial planners, a valuable benefit for retirement savers.
Stock trade fee
$0
Minimum deposit
$0
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 no annual management fees. Meanwhile, SoFi offers no-cost access to its certified financial planners, a valuable benefit for retirement savers.
Pros
Self-directed and automated SEP IRAs
Commission-free stocks and ETFs
No-cost robo-advisor
No-cost access to certified financial planners
Cons
Only available to self-employed individuals
Employer can't contribute to an employee's SEP IRA
E*TRADE offers self-directed SEP IRAs and automated SEP IRAs, with a wide variety of investment options and access to top-tier research and analysis tools. While E*TRADE doesn't offer a multi-person SEP IRA plan, employers can contribute to employees' SEP IRAs directly.
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
N/A
E*TRADE offers self-directed SEP IRAs and automated SEP IRAs, with a wide variety of investment options and access to top-tier research and analysis tools. While E*TRADE doesn't offer a multi-person SEP IRA plan, employers can contribute to employees' SEP IRAs directly.
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.
How do I open a SEP IRA?
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).
What to look for when choosing the best SEP IRA account
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:
Fees. From trading fees to miscellaneous fees, it’s important to understand the cost of trading and investing. Consider which investment products you plan to trade and the fees that apply, but also be mindful of any back-end fees, such as inactivity or transfer fees, that can also eat into your profit.
Tradable assets. Not every IRA custodian offers the same investment options in an IRA as in an individual brokerage account. Stocks and ETFs are standard, but what if you want to expand into options, mutual funds or bonds?
Account types. What other account types, in addition to IRAs, does the custodian offer? Consider your other investment needs and how important it is to maintain all your accounts under one roof.
Research and data tools. In-house research and tools simplify investing, as you don’t have to venture elsewhere to make an informed decision about an investment. If you’re a passive index investor, extensive research and analysis tools may not matter much. Active stock pickers may feel otherwise.
Mobile app reviews. Mobile trading is more popular than ever, allowing you to trade and invest from anywhere. Check out what current or previous customers say about the platform’s functionality.
Signup bonus. While it may not make sense to choose an IRA custodian solely based on whether they offer a signup bonus, a new customer incentive such as a free stock may be enough to help you choose one over another if all else is equal.
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Unlike SIMPLE IRAs, SEP IRA contributions are generally made solely by the employer.
Who should I open a SEP IRA with?
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.
Matt Miczulski is an investments editor at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions.
Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University. See full bio
Matt's expertise
Matt has written 206 Finder guides across topics including:
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finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
