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  Coronavirus Update

Spencer Savings Bank is committed to the safety, health and well-being of its customers and employees. Read More

Spencer Savings Bank is committed to the safety, health and well-being of its customers and employees. As the country continues to deal with the impact of the Coronavirus (COVID-19), we want to take a moment to assure the community that we are closely monitoring the situation which is continuously evolving.

In response to the latest situation regarding this public health crisis, we are temporarily modifying how we conduct business at our financial centers to help minimize the potential spread of the virus. Effective Monday, March 30, 2020, we will be providing lobby service in our financial centers by appointment only. To make an appointment, please call the financial center between the hours of 9:00am – 5:00pm, Monday – Friday and 9:00am – 1:00pm on Saturday. Financial centers with a drive-up facility will continue to operate as usual during the same hours listed above, Monday- Saturday. In the best interest of the public health, if you need to process a teller transaction and your financial center has a drive-up facility, we are asking you to process all teller transactions at the drive-up only. Please know that every effort is being taken to ensure that the bank is able to meet all of your needs while we continue to follow the recommendations from the health authorities.

In addition to taking extra precautions to maintain the cleanliness of our bank locations, we continue to update and educate employees on virus information, as well as reduce employee contact. Please know that the bank has a Pandemic Plan in place with procedures and guidelines for the staff to follow to continue with all business activity.

We would like to take this opportunity to remind customers that most banking transactions do not require a visit to an office. Spencer offers a variety of ways to access your accounts and manage your money without having to visit a financial center. Banking can continue from the comfort of your own home. Most transactions can be handled with a call to our Customer Service Center, with your mobile device, online or at an ATM. Many locations also offer drive through features. All of these options reduce public interaction for both the customer and employee. If you want to explore any of these options, please call your local financial center or our Customer Service Center at 1-800-363-8115.

We also urge all customers to be extra vigilant during this time as there are increased incidents of fraud surrounding the virus announcement. The FDIC has released educational articles regarding this topic with more information.

This is a fluid and evolving situation. We will continue to update you with any new information that becomes available. Our customers are the heart of our business. Thank you for giving us the opportunity to continue to serve you. Together, we will all take the necessary precautions to successfully manage through this difficult time.

Individual Retirement Accounts (IRAs)

Every Adventure Starts with Saving

In addition to this attractive rate, Spencer’s IRA accounts allow for one annual penalty-free rate and term change for customers over 59 1/2 years of age.

An Individual Retirement Account (IRA) can be an effective retirement tool. An IRA from Spencer is exclusively designed to provide you with tax advantages while you save for retirement. There are two types available – Traditional and Roth. Opening an IRA now and contributing to it regularly can create a secure retirement scenario for your future.

Both of our IRA options feature:

  • Competitive Annual Percentage Yields
  • Hassle-free rollovers and transfers
  • Minimum to open as low as $500
  • Variety of terms available to meet your needs
  • FDIC insured up to $250,000 per depositor

 

Apply Now

Traditional IRA

A Traditional IRA allows you to set aside money for retirement while earning interest and offering tax advantages. Amounts in IRA, including earnings, generally are not taxed until distributed.

Roth IRA

A Roth IRA is also a great vehicle for retirement savings that offers interest on contributions and tax advantages. This IRA type offers tax-exempt withdrawals from the plan during retirement.

Traditional vs. Roth

If you are unsure which IRA option is best for you, compare the advantages of each IRA type by clicking on this helpful chart or speak to your tax advisor.

Open Your Account Today

Apply online, visit your local branch, or call us at 1-800-363-8115 today!

 

*$500 minimum balance is necessary to obtain this annual percentage yield on 30-month IRA. This annual percentage yield is valid on the 30-month IRA ONLY, maximum deposit $250,000. Each IRA depositor is insured for up to $250,000 by the FDIC. Interest is compounded daily and credited monthly. APY offered as of date of publication. Rates are subject to change without notice. A penalty may be imposed for premature withdrawal and the fee may reduce earnings. APY offered assumes interest remains on deposit until maturity. Please consult your tax advisor for tax-deductible status. This promotional rate cannot be combined with any other offer. One rate change is allowed per year if you are over 59 1/2 years of age without penalty.