Webster Five offers several
personal savings accounts to meet the varied needs
of consumers. Our savings accounts range from
interest-bearing passbook and statement accounts
to high yield CD products. We are sure you will
find an account to fit your financial goals.
Regular
Passbook Savings Account
This
basic savings account offers competitive interest rates.
Provides accurate means of record keeping. Offers low
balance requirements, no monthly maintenance fees.
Potential
Customers: Ideal for consumers looking for a
traditional passbook savings account.
Key Benefits: Offers a low minimum
balance requirement to earn interest and has no monthly
maintenance fees.
Statement
Savings Account
This is our most popular savings
account. Offering low minimum balance requirements and
no monthly maintenance fees. A savings register is provided
to record transactions. Receive periodic statements.
FREE ATM transactions*.
Potential
Customers: Ideal for consumers looking for
no hassle banking with the most options. Allows for
easy record keeping with monthly statements.
Key Benefits: Offers
a low minimum balance requirement to earn interest and
has no monthly maintenance fees. Offers direct deposit
and automatic payment deductions.
Holiday
Club Account
Looking for an easy and convenient way to save money
for the holidays? Our Holiday Club account provides you
with an attractive alternative. Available automatic payroll
deductions lets you save without the worry, or deposit
at any of our convenient locations.
Potential Customers:
Designed for consumers who want an easy way of saving
money for the holiday season. These accounts can be
opened or re-established at any time throughout the
year!
Key Benefits: Offers a low minimum
balance requirement to earn interest and has no monthly
maintenance fees. Offers direct deposit.
Money Market
Plus Account
This high yield savings alternative offers consumers
the flexibility to access their funds at anytime with
minimal check writing privileges. Has nominal transaction
limitations, and low average daily balance requirement
to avoid fees.
Potential Customers:
Designed for consumers with high balances who want to
earn a competitive interest rate without the restrictions
of Certificate of Deposit accounts.
Key Benefits: Offers a competitive,
high yield interest rate with a $2000.00 minimum average
daily balance requirement. Offers direct deposit and
automatic payment deductions.
Premium Choice
Savings Account
This tiered savings account is designed for consumers
who maintain higher balances. It entitles you to a great
rate of return, plus the choice of free additional benefits.
Potential Customers: Designed
for consumers who want to earn a higher interest rate
based on balances. Offers total liquidity, and the security
of totally insured deposits.
Key Benefits: A tiered savings account
with the benefits of higher interest rates.
Interest Tiers:
$10.00 up to $9,999.99
$10,000.00 up to $49,999.99
$50,000.00 up to $74,999.99
$75,000.00 and higher
Certificate
of Deposit Account
A lucrative, no-risk savings alternative with a guaranteed
rate of interest. Ideal for consumers seeking a high yield
with varying terms.
Potential Customers:
Designed for consumers with high balances who want to
earn a competitive interest rate for a specified period
of time.
Key Benefits: Offers a competitive,
high yield fixed interest rate with a varied minimum
balance requirement. Offers passbook record keeping
for both short term and long term maturities.
Individual
Retirement Accounts
We offer several types of Individual Retirement
Accounts. These accounts include Traditional, Roth and
SEP IRAs, as well as Coverdell Education Savings Account.
Traditional
An Individual Retirement Account that offers tax-deferred
savings by allowing deductible contributions.
Potential Customers: Designed
to help consumers who want to plan for retirement with
a tax deferred retirement plan.
Key Benefits: Interest earned is tax-free
until money is withdrawn. Requires low initial deposit
and minimal early withdrawal fees. Contributions may
be used as tax deductions.
Roth
The Roth IRA is a nondeductible Individual Retirement
Account. The tax benefits of a Roth IRA occur at the time
of distribution, not at the time of contribution.
Potential Customers: Designed
to help consumers who want to plan for retirement. Tax
benefits of a Roth IRA occur at the time of distribution,
not at the time of contribution.
Key Benefits: Withdrawals are tax
free if taken as a qualified distribution.
SEP
A Traditional IRA that can accept employer contributions.
Potential Customers: Small
businesses or sole proprietorships that would like to
contribute to their employee's retirement plans.
Key
Benefits: Employers can use the contributions
to their employees' IRAs as tax deductions.
Coverdell Educational Savings Account
A personal savings tool created by the federal government
to help save for a child’s education.
Potential Customers: Designed
for consumers who want help saving for all levels of education.
Can accept deposits from a variety of individuals.
Key Benefits: Distributions may be
tax free if used for education expenses.
The general rules
for Savings Accounts are as follows:
All maintenance fees are monthly.
The daily ATM withdrawal limit is $300.
Interest-bearing accounts have variable
rates.
ATM is available for Money Market Plus Account
and Statement Savings Account.
ATM transactions are free*
FREE QuickPath online banking
FREE Tellalink 24-7 telephone banking
* Fees charged from other banks
when using their ATMs may apply.
