Want to start saving for retirement?

Retirement often seems far away. But if you're not prepared for it, you may have to continue working until you can retire comfortably. Fortunately, we have retirement solutions to help you start saving today. To open an Individual Retirement Account (IRA), head to one of our local branches.

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What are the benefits of an IRA?

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No annual fee

Keep your money just that – yours. An IRA is a safe investment with low risk.

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Flexibility for your lifestyle

Deposits can be made throughout the year (restrictions apply)

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Convenient online access

Balances and transaction history are accessible with online banking

Discover ways to save

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A Traditional IRA at Webster First allows you to defer taxes on earnings until they are withdrawn.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 $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 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 person, 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
4 Month Special 4.00% 4.08% $1,000
7 Month Special2 4.16% 4.25% $10,000
12 Month 3.00% 3.05% $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
1:APY = Annual Percentage Yield. Compounds daily. Penalty may be imposed for early withdrawal.
2:Minimum balance to obtain these rates is $10,000. Transfers from an existing Webster First Federal Credit Union account are permissible if combined with a minimum of $10,000 in new money. Limited time offer.
All rates subject to change without prior notice. Fees may reduce earnings.

Ready to start planning for retirement?

To open an IRA at Webster First, 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.