Limited-Time Offers

Offers are only available on new account openings and loan applications submitted at our West Caldwell Financial Center through September 30, 2024. Offers are valid as of 8/01/2024 and may be withdrawn at any time. All loans are subject to credit approval. Available to business entities that are physically located or licensed with the appropriate NJ or PA state or local governmental authority and operating with significant activities in NJ (“New Jersey Business”) or Bucks County, PA. Commercial loan financing is available for properties located in NJ, NYC Boroughs, and eastern PA. ¹Business Checking Offer: There is a $100 minimum to open a BusinessEdge Checking Account and a monthly service charge of $15 if the daily minimum balance falls below $500 at any time during the statement cycle. There is a $100 minimum to open a Commercial Checking Account and a monthly service charge of $12 which can be offset by earnings credit. Cash Bonus Eligibility: Open any new BusinessEdge or Commercial Checking Account with a $10,000 deposit of “New Money” and apply for a Small Business Loan or Line of Credit to qualify for a $250 bonus. New Money is defined as money not on deposit at Spencer Savings Bank. The business checking account must be in good standing for 90 days and account must be active, with multiple debits and credits coming in and out of the account on a monthly basis, to qualify. Apply for either a business credit card or Merchant Services account for an additional $250 bonus. The $250 or $500 cash bonus will be credited to your business checking account within 120 days after the account opening. Cash bonus payments are taxable. Offer is limited to one cash bonus per tax identification number. ²Small Business Line of Credit: This is a variable rate line of credit for line amounts up to $500,000. The line of credit interest rate is based on the total non-interest bearing deposit account relationship of the borrower(s) and guarantor(s) as well as the current Prime Rate as published in the Wall Street Journal. To qualify for this offer, the customer must keep compensating deposit balances averaged over a three-month period of 25% or greater of the loan amount. The rate can be as low as Prime Minus 1% with a Floor Rate of 7.50%. As of 8/01/2024 the Prime Rate was 8.50%, resulting in a promotional rate of 7.50%. There is a standard $500 Closing Fee on all Small Business Lines of Credit, which will be reduced to $199 for all new applications submitted during the promotional period. Upon annual renewal of this line of credit, the variable rate will be adjusted to reflect standard pricing in relation to total non-interest deposits. An active business operating checking account with Spencer is required to receive this promotional rate. An active checking account is defined as an account that has multiple debits and credits coming in and out of the account monthly. Other rates and terms available for borrowers that do not qualify for these promotional offers. ³Commercial Line of Credit: This is a variable rate line of credit for loan amounts greater than $500,000. The line of credit rate is based on the total non-interest deposit account relationship of the borrower(s) and guarantor(s) as well as the current Prime Rate as published in the Wall Street Journal. Rate can be as low as Prime Minus 1% with a Floor Rate of 7.50%. As of 8/01/2024 the Prime Rate was 8.50%, resulting in a promotional rate of 7.50%. To qualify for this offer, customer must keep compensating deposit balances averaged over a three-month period equal to 15% of the loan amount. An active commercial operating checking account with Spencer is required to receive this promotional offer. An active checking account is defined as an account that has multiple debits and credits coming in and out of the account monthly. Other rates and terms available for borrowers that do not qualify for these promotional offers.