IRAs

Retirement savings made simple

Start saving for retirement today with a Webster First Federal Credit Union IRA. We offer a variety of IRAs designed to accommodate your retirement plans, whether you’re bound for sunny Florida, Napa Valley, or right here at home in New England.

To open an IRA, please visit one of our branches.

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IRA benefits

No annual fee

Keep your money just that – yours

Flexibility for your lifestyle

Deposits can be made throughout the year (restrictions apply)

Convenient online access

IRA balances and transaction history are accessible with online banking

IRAs offered at Webster First

Traditional IRA

A Traditional IRA at Webster First allows you to defer taxes on earnings until they are withdrawn. Some contributions are also tax deductible in the tax year in which you make them.

  • Members under the age of 50 may contribute up to $5,500 per year
  • Members who are 50 or older may contribute $5,500 per year, plus a catch-up contribution of $1,000
  • Members who reach age 70 1/2 before December of any tax year cannot make a contribution for that year
ROTH IRA

A ROTH IRA at Webster First allows only non-deductible (after-tax) contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period.

  • Individuals may contribute up to 100% of earned income or $5,500, whichever is less
  • Members who are 50 or older may contribute $5,500 per year, plus a catch-up contribution of $1,000
  • Eligible individuals with earned income can continue to contribute past age 70 ½
Spousal IRA

Spousal IRAs offer better services for members who are married. Couples are only eligible if they file a joint federal tax return.

  • Each spouse can contribute up to $5,500 per year for a total of $11,000 if under age 50
  • Each spouse over the age of 50 can contribute up to $5,500 per year, plus a catch-up contribution of $1,000, for a total of $13,000
  • Working spouse over age 70 1/2 can contribute to an IRA for a non-working spouse under age 70 1/2 up to 100% of the working spouse’s earned income or $6,500, whichever is less
  • Earned income must be equal to or greater than the contribution(s)

Requirements to open

  • Must live, work, worship, or attend school in Essex, Middlesex, Suffolk, or Worcester County or be a current Webster First member
  • $100 minimum deposit
  • Must be opened in person at one of our local branches
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Current Rates

Type Rate APY Min Balance
12 months 0.25% 0.25% $100.00
24 months 0.30% 0.30% $100.00
36 months 0.40% 0.40% $100.00
48 months 0.45% 0.45% $100.00
60 months 0.50% 0.50% $100.00

*APY = Annual Percentage Yield. Penalty may be imposed for early withdrawal. Compounds daily.

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Why choose Webster First?

Smart money decisions are in our DNA

Webster First is one of the most well capitalized credit unions in Massachusetts as a result of our hard work and determination to make the best possible financial decisions. With our experience and dedicated team, we’re confident we can help you make the right financial decisions too.

Local, neighborly know-how

Our roots are in Massachusetts, opening our first branch in the small town of Webster back in 1928. Since then we’ve grown to over $1.2 billion with over 80,000 members who trust us with their banking. Since our banking team is locally grown too, they personally care about the success of their neighbors and community.

Authenticity you can trust

As New Englanders, we believe in being upfront and honest. You can expect straightforward answers to all your questions. Each relationship starts with trust and it’s the cornerstone of our acclaimed member service.

*APY = Annual Percentage Yield. Penalty may be imposed for early withdrawal. Compounds daily.