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  Important Information
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

Traditional IRA

A Traditional Individual Retirement Account (IRA) can be an effective retirement tool for individuals under the age of 70½. With a Traditional 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 setting for your future. Compare the advantages of a Traditional IRA with those of a Roth IRA using our convenient comparison chart: Traditional vs. Roth

Spencer’s IRAs are insured by the FDIC up to $250,000 per depositor.
Why Spencer?
  • 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
Benefits
  • Tax-Deferred Earnings
  • Contributions and earnings can be withdrawn penalty-free after age 59½
  • Contributions may be tax-deductible, provided that eligibility requirements are met
  • Earnings and tax-deductible contributions are taxed as income upon withdrawal
Who Can Invest?
  • Anyone earning income and under 70½
Maximum Annual Contribution
  • $6,000 (below age 50)
  • $7,000 (age 50 and older)

Open Your Account Today

Inquire online, visit your local Financial Center, or call us at 1-800-363-8115 today!