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  Closing & Important Updates
We will be closed on Thursday, November 26th in observance of Thanksgiving Day. For your convenience, account information can be accessed 24/7 through our online banking, mobile banking and telephone banking platforms. Read More

We are here for you. Important Updates Regarding Coronavirus.

Learn about all the ways Spencer is creating a safe and secure environment. Read More

We continue to stay committed to you during this difficult period. View an updated message from our Chairman, President and CEO. Read More

The Passaic Street (Garfield) location is currently closed. During this time, please visit one of our alternate financial centers if needed. Bank Locations

Traditional vs. Roth

Spencer’s IRAs are guaranteed 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  • Contributions and earnings can be withdrawn penalty-free after age 59½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  • Contributions (not earnings) can be withdrawn penalty-free, at any time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)

Open Your Account Today

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