Financial Center Updates & Important Information Read More
Beginning Monday, March 15th the bank will resume full service status to our lobby areas with normal business hours. (No appointments are needed). Prior to visiting us, please check our “locations” section on the website for updated financial center accessibility. Financial Center Locations
We remain committed to do our part to ensure our community stays healthy during the COVID-19 pandemic. Spencer is creating a safe and secure environment for all who visit. Please take a few moments to review the safety protocols listed here prior to visiting us. Read More
We continue to stay committed to you during this difficult period. View an updated message from our Chairman and CEO. Read More
A Roth Individual Retirement Account (IRA) can be an effective retirement tool for individuals with an adjusted gross income of $120,000 or less ($189,000 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.
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
Contributions (not earnings) can be withdrawn penalty-free, at any time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.