Retirement savings made simple
Start saving for retirement today with a Webster First Individual Retirement Account. We offer Traditional IRAs and Roth 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.
Find a BranchIRA benefits
Keep your money just that – yours. An IRA is a safe investment with low risk.
Deposits can be made throughout the year (restrictions apply)
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A Traditional IRA at Webster First allows you to defer taxes on earnings until they are withdrawn.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 $7,000 per year
- Members who are 50 or older may contribute $7,000 per year, plus a catch-up contribution of $1,000
- Eligible individuals with earned income may contribute
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 $7,000, whichever is less
- Members who are 50 or older may contribute $7,000 per year, plus a catch-up contribution of $1,000
- Eligible individuals with earned income may contribute
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 $7,000 per year for a total of $14,000 if under age 50
- Each spouse age 50 or older may contribute up to $7,000 per year, plus a catch-up contribution of $1,000, for a total of $16,000
- One spouse must have eligible compensation
Award-winning service
2024: Newsweek Best Regional Banks and Credit Unions
2023 Winner: Best of Central Mass
Rated 5 Stars by Bauer
2022 Winner: Best of Central Mass
Current IRA rates
| Type | Dividend Rate | APY1 | Min Balance |
|---|---|---|---|
| 7 Month Special2 | 5.00% | 5.13% | $1,000 |
| 12 Month | 3.75% | 3.82% | $100 |
| 24 Month | 1.50% | 1.51% | $100 |
| 36 Month | 1.50% | 1.51% | $100 |
| 48 Month | 1.50% | 1.51% | $100 |
| 60 Month | 1.50% | 1.51% | $100 |
2:Minimum balance to obtain these rates is $1,000 and cannot be transferred from an existing Webster First Federal Credit Union account. Limited time offer.
All rates subject to change without prior notice. Fees may reduce earnings.
Retirement Calculators
Open an IRA today
To open you 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.
