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First Rate Savings

Saving money should be simple. Our First Rate Savings account is simple, yet loaded with benefits. Members earn dividends on balances over $5 with full access to online banking, mobile deposits, and free CO-OP network withdrawals.

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Benefits of a Primary Share Savings account

Get paid up to 2 days early

With a payroll direct deposit set up in your Webster First account you may have access to your funds up to 2 days earlier than your scheduled payday.^26,27 Learn More

Pay a Person

Easily send money to friends regardless of where they bank with our Pay a Person feature. Pay a person right from Webster First’s online & mobile banking. Funds can arrive instantly. No need for third-party apps.

No monthly maintenance fees

Keep more of your hard earned savings. Webster First doesn’t charge a fee to save your money here.

Nearly 5,000 branches nationwide through our CO-OP Network

Get access to your account and unlimited free withdrawals at Webster First and our CO-OP Network partners across the nation.

Earn dividends on your First Rate Savings

Type	Dividend Rate	APY²	Min Balance⁷
First Rate Savings	.05%	.05%	$1000.01+
	.05%	.05%	$5.00-$1000.00
All Purpose Club²⁰	.05%	.05%	$10.00

All rates subject to change without prior notice. Fees may reduce earnings for accounts where fees apply. Annual Percentage Yield accurate as of May 18, 2026.

Savings Goal Calculator

FAQs

Are there fees for the First Rate Savings account?

You can save your money in First Rate Savings without any maintenance fees. Keep more of your hard earned cash.

What is the rate of return?

First Rate Savings pays a dividend rate of .05% APY (Annual Percentage Yield. Compounds Daily.)

Who is a First Rate Savings account good for?

First Rate Savings is good for casual savers who need flexible or frequent access to their cash. It’s a beginner savings account, good for storing emergency funds, college students, and anyone who prefers credit unions over banks. First Rate Savings is a membership qualifying account, meaning once you open, you get access to our other products like auto loans, mortgages, certificates and more.

What is the minimum balance requirement?

There is a $5.00 minimum deposit to open the account. After that, there are no requirements to carry a balance.

Is my money insured?

Your money is fully insured at Webster First with amounts up to $250,000 covered by NCUA insurance and amounts exceeding that covered by MSIC insurance.

What's the difference between a savings and a money market account?

See this link for details.

Open Your First Rate Savings 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. $5 opening balance required.

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