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Best SEP IRA providers of May 2024

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.

Our top picks for SEP IRAs

Best for financial guidance

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Commission-free stock trading
  • 4 IRA types: Traditional, Roth, SEP, Rollover
  • Access to: No-cost financial planner & robo-advisor
  • Annual fee: $0

Best for mutual fund investing

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Automated investment management with human support
  • 4 IRA types: Traditional, Roth, SEP, Rollover
  • Access to: Over 265 low-cost mutual funds
  • Annual fee: $25

Best for mobile trading

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Pro-grade mobile trading tools
  • 6 IRA types: Roth, traditional, inherited, SIMPLE, SEP, rollover
  • Access to: Stocks, bonds, ETFs, mutual funds, options, futures & currencies
  • Annual fee: $0

4 best SEP IRAs of May 2024

Why trust Finder

  • 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

Why it's the best overall: 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.

Best for small businesses

Vanguard IRA

4
★★★★★

Finder score

Automated investment management with human support
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Why it's the best for small businesses: 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.

Best for self-employed individuals

Charles Schwab

4.5
★★★★★

Finder score

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Why it's the best for self-employed individuals: 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.

Best for hands-off investors

Wealthfront

4.5
★★★★★

Finder score

Go to site Read review

Why it's the best for hands-off investors: 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.

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.

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 optionsTrading platforms and technologyTrading costsAccount feesAccount types and minimumsCustomer supportMobile app rating and securityFeaturesIRA 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 feesAccount minimumAccount typesPortfolio mixCustomer supportMobile app rating and securityFeatures and amenitiesCash 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 Invest

SoFi IRA

4.2
★★★★★

Finder score

Go to site Read review
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.

E*TRADE

E*TRADE IRA

4.2
★★★★★

Finder score

Read review
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.

What is a SEP IRA?

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.

Compare and find the broker that's right for you

Match your experience level with your trading and investing goals to find the right broker for you.
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

Frequently asked questions

What is the downside of a SEP IRA?

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.

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