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  Important News
Mariner’s Bank is joining Spencer Savings Bank.   Read More

We are excited to welcome Mariner’s customers and employees to the Spencer family. Read More

Traditional vs. Roth

Spencer’s IRAs are insured by the FDIC up to $250,000 per depositor.

Traditional IRA* Roth IRA*
Why Spencer?
  • Hassle-free rollovers and transfers
  • Minimum to open as low as $500
  • Variety of terms available to meet your needs
  • Hassle-free rollovers and transfers
  • Minimum to open as low as $500
  • Variety of terms available to meet your needs
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  • Contributions and earnings can be withdrawn penalty-free after age 59½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.
  • Tax-Free Earnings
  • Contributions (not earnings) can be withdrawn penalty-free, at any time
  • Contributions are not tax-deductible like Traditional IRAs.
Who Can Invest?
  • Anyone earning income and under 70½
  • Anyone earning income provided eligibility requirements are met.
Maximum Annual Contribution
  • $6,000 (below age 50)
  • $7,000 (age 50 and older)
  • $6,000 (below age 50)
  • $7,000 (age 50 and older)

*Please consult with your tax advisor regarding possible tax advantages and eligibility requirements.

Open Your Account Today

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