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  Holiday Closing & Important Update
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

 

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 guaranteed 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  • Contributions and earnings can be withdrawn penalty-free after age 59½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!