We are offering a SBA Paycheck Protection Program to support our business customers. Read More
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. Among other forms of economic aid, the CARES Act provides businesses affected by COVID-19 with special assistance programs. One such Small Business Administration (SBA) program is the Paycheck Protection Program, which assists businesses with job retention and specific expenses. Spencer Savings Bank is proud to partner with FOUNTAINHEAD Commercial Capital / Small Business Finance, a top national SBA lender, to offer the Paycheck Protection Program for businesses in need. Click on the link below to fill out our short internal application form. After completing the form you will be directed to Fountainhead’s website with more information. Internal Application
When completing the application, on the Fountainhead website, please indicate Spencer Savings Bank as the FastTrack Partner, and PaycheckProtectionProgram@SpencerSavings.com as the Referral Partner’s email address.
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 guaranteed 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Contributions (not earnings) can be withdrawn penalty-free, at any time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.