What are the benefits of an IRA?
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
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A Traditional IRA at Webster First allows you to defer taxes on earnings until they are withdrawn.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
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 |
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.