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  Holiday Closing
Spencer Savings Bank will be closed November 28th in observance of Thanksgiving Day. For your convenience, account information can also be accessed 24/7 through our online banking, mobile banking and telephone banking platforms. Read Full Message

Roth IRA

A Roth Individual Retirement Account (IRA) can be an effective retirement tool for individuals with an adjusted gross income of $161,000 or less ($240,000 or less for married joint file tax filers). With a Roth IRA from Spencer, you will be provided the tools to save for retirement while gaining various tax advantages. Opening an IRA now and contributing to it regularly can create a secure retirement scenario for your future. Compare the advantages of a Roth IRA with those of a Traditional IRA using our convenient comparison chart: Traditional vs. Roth

Spencer’s IRAs are insured by the FDIC up to $250,000 per depositor.
Why Spencer?
  • Hassle-free rollovers and transfers
  • Minimum to open as low as $500
  • Variety of terms available to meet your needs
  • One term change allowed per year for customers over 59 ½ years of age without penalty
Benefits
  • Tax-Free Earnings
  • Contributions (not earnings) can be withdrawn IRS penalty-free, at any time
  • Contributions are not tax-deductible, but qualified distributions are tax-free
  • Earnings grow tax-free, and may be tax-exempt upon withdrawal
Who Can Invest?
  • Anyone earning income provided eligibility requirements are met.
Maximum Annual Contribution
  • $7,000 (below age 50)
  • $8,000 (age 50 and older)

Inquire Now

Open Your Account Today

Inquire online, visit your local Financial Center, or call us at 1-800-363-8115 today!