Business
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Business Savings, CDs & SEP-IRAs
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SEP-IRAs
SEP-IRAs
A retirement plan specifically designed for self-employed people and small business
owners.
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Terms
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We offer a choice of IRA Certificate of Deposit terms from 3 months to 3 years. Open an IRA or rollover an existing IRA or 401(k).
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Access to Funds
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Early withdrawal penalties apply. Also, talk to your tax advisor for tax implications of the early withdrawal of an IRA CD.
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Minimum to Open
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No minimum.
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Fees
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A $25.00 annual fee will be assessed if the account balance falls below $10,000 at any time during the term of the account or during any 12-month period, whichever is shorter. A $25.00 fee may be assessed to transfer any account balance to a rollover account.
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2009 and 2010 Contributions
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- 2009: An employer can make a contribution to an employee’s SEP-IRA up to 25% of compensation or $49,000 whichever is less. An employer cannot exceed a total contribution of $245,000 for all employees.
- 2010: Contributions will be indexed to inflation.
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Ready to get started?
For current rate information on Business Certificates of Deposit or to open your Business Access CD,
call us at (805) 963-7511, or just stop by one of our convenient
branch locations.
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Montecito Bank & Trust’s Financial Strength.