Which IRA is Right for You?
At Spencer Savings Bank, we offer both Traditional and Roth IRAs to fit your retirement goals:
Traditional IRA: Contributions may be tax-deductible, and taxes are deferred until withdrawal.
Roth IRA: Contributions are made with after-tax dollars, but qualified withdrawals are tax-free.
Not sure which is best for you? Our team is here to help!
How It Works
Open a 25-Month IRA – Earn a competitive 4.25% APY1 on your retirement funds.
Get a 1% Bonus Match2 – Spencer will match 1% of your 2024 catch-up contributions to help grow your savings faster. ($70 max per account.) You must maintain a Spencer Checking Account (new or existing) with a $5,000 daily minimum balance.
Start Planning for Your Future – Secure your retirement with a safe, high-yield investment.
Why Choose Spencer?
Guaranteed Growth: Lock in a high APY for 25 months.
Tax Advantages: Choose the IRA that best suits your financial future.
Local, Trusted Partner: Serving our community with strong financial solutions.
Do you have an IRA account at a different bank?
Don’t worry, our team can help you transfer the account to Spencer! Rollovers will qualify for the promotional rate, too!
Don’t have a Spencer Savings Bank checking account?
No problem! You’ll still receive a great rate on your IRA account. Simply talk to our team to learn more.
Take Advantage of This Limited-Time Offer!
Visit your local Financial Center today and learn more about which IRA account is right for you!
Already have an IRA account in mind? Open your account online today!
¹APY=Annual Percentage Yield. A $500 minimum deposit is required to open the 25-Month IRA account and to obtain the stated APY. Interest is compounded daily and credited monthly. APY assumes interest remains on deposit until maturity. A penalty will be imposed for premature withdrawals. To qualify for the 4.25% APY, customer must maintain an active existing Spencer Checking Account or open a new Spencer Checking Account at the same time as IRA account opening with the same tax-identification number as the IRA account holder and maintain a daily minimum balance of $5,000 for the duration of the promotion. Spencer Checking is a non-interest bearing checking account with a $100 minimum opening balance and $5 monthly service charge if the minimum daily balance falls below $300 in any statement cycle. An active checking account is defined as an account that has multiple debits and credits coming in and out of the account monthly. Bonus Match Offer²: One percent (1%) bonus match applies to any 2024 catch-up contributions made to the IRA account with Spencer Savings Bank. Bonus only applies to new IRA plans with a corresponding checking account meeting the $5,000 daily minimum balance requirement. Non-checking account holders are not eligible for bonus match. Roth and Traditional IRA rollovers are eligible for promotional rate but exempt from bonus match. Maximum bonus payment of $70. Bonus will be paid into corresponding checking account after 90 days from account opening. Account Closing: If Spencer Checking Account is closed by Spencer or the customer within the duration of the initial 25-month term of the IRA account, the promotional interest rate will be forfeited, and the account will be adjusted to reflect the 3.50% APY for the remaining term. Fees may reduce earnings on account. One rate and term change is allowed per year, if you are over 59 1/2 years of age, without penalty. Consult your tax advisor. Available to individuals who are primary residents of NJ and currently living in NJ or former NJM Bank customers who currently maintain an existing deposit account and who are primary residents of and live in Bucks County, PA. APY is accurate as of 2/17/2025. Offers may be withdrawn at any time.