We will be closed on Thursday, November 26th in observance of Thanksgiving Day. For your convenience, account information can be accessed 24/7 through our online banking, mobile banking and telephone banking platforms. Read More
We are here for you. Important Updates Regarding Coronavirus.
Learn about all the ways Spencer is creating a safe and secure environment. Read More
We continue to stay committed to you during this difficult period. View an updated message from our Chairman, President and CEO. Read More
The Passaic Street (Garfield) location is currently closed. During this time, please visit one of our alternate financial centers if needed. Bank Locations
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Contributions (not earnings) can be withdrawn penalty-free, at any time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.