We will be closed on Saturday, July 4th in observance of Independence Day. For your convenience, account information can be accessed 24/7 through our online banking, mobile banking and telephone banking platforms. Normal business hours will resume on Monday, July 6th. Read More
Our financial centers are now reopened with regularly scheduled hours for lobby and drive-up service. Spencer customers will now have full access to the lobby area of all our financial centers. We understand there are still concerns when visiting public spaces, such as these. To ease such concerns we have implemented a number of new safety practices and protocols that you will notice upon visiting our financial centers, all of which are designed to ensure a safe and secure environment for everyone that visits our bank. 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 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Contributions (not earnings) can be withdrawn penalty-free, at any time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.