Important Notice
Javascript must be enabled to view this website, please enable Javascript and reopen our website.
Skip to main content
  Elizabeth Financial Center Closing
Our Elizabeth Financial Center will be closed Saturday, April 13th, Monday, April 15th and Tuesday, April 16th due to Financial Center repairs. This location will reopen on Wednesday, April 17th. Read More

For your convenience, please visit one of the following full-service locations during this time:

Union Financial Center
1350 Galloping Hill Rd.
Union, NJ 07083
908-289-1770

Cranford Financial Center
213 South Avenue
Cranford, NJ 07016
908-653-1720

Account information can also be accessed 24/7 through our online banking, mobile banking and telephone banking platforms. We apologize for the inconvenience.

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  • Contributions and earnings can be withdrawn penalty-free after age 59½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  • Contributions (not earnings) can be withdrawn penalty-free, at any time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!