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  Coronavirus Update

We are offering a SBA Paycheck Protection Program to support our business customers. Read More

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. Among other forms of economic aid, the CARES Act provides businesses affected by COVID-19 with special assistance programs. One such Small Business Administration (SBA) program is the Paycheck Protection Program, which assists businesses with job retention and specific expenses. Spencer Savings Bank is proud to partner with FOUNTAINHEAD Commercial Capital / Small Business Finance, a top national SBA lender, to offer the Paycheck Protection Program for businesses in need. Please click on the link below to be directed to Fountainhead’s website where you can learn more about the Paycheck Protection Program and apply.

When completing the application, please indicate Spencer Savings Bank as the FastTrack Partner, and PaycheckProtectionProgram@SpencerSavings.com as the Referral Partner’s email address. https://www.fountainheadcc.com/ppp/


Spencer Savings Bank is committed to the safety, health and well-being of its customers and employees. As the country continues to deal with the impact of the Coronavirus (COVID-19), we want to take a moment to assure the community that we are closely monitoring the situation which is continuously evolving.

In response to the latest situation regarding this public health crisis, we are temporarily modifying how we conduct business at our financial centers to help minimize the potential spread of the virus. Effective Monday, March 30, 2020, we will be providing lobby service in our financial centers by appointment only. To make an appointment, please call the financial center between the hours of 9:00am – 5:00pm, Monday – Friday and 9:00am – 1:00pm on Saturday. Financial centers with a drive-up facility will continue to operate as usual during the same hours listed above, Monday- Saturday. In the best interest of the public health, if you need to process a teller transaction and your financial center has a drive-up facility, we are asking you to process all teller transactions at the drive-up only. Please know that every effort is being taken to ensure that the bank is able to meet all of your needs while we continue to follow the recommendations from the health authorities.

In addition to taking extra precautions to maintain the cleanliness of our bank locations, we continue to update and educate employees on virus information, as well as reduce employee contact. Please know that the bank has a Pandemic Plan in place with procedures and guidelines for the staff to follow to continue with all business activity.

We would like to take this opportunity to remind customers that most banking transactions do not require a visit to an office. Spencer offers a variety of ways to access your accounts and manage your money without having to visit a financial center. Banking can continue from the comfort of your own home. Most transactions can be handled with a call to our Customer Service Center, with your mobile device, online or at an ATM. Many locations also offer drive through features. All of these options reduce public interaction for both the customer and employee. If you want to explore any of these options, please call your local financial center or our Customer Service Center at 1-800-363-8115.

We also urge all customers to be extra vigilant during this time as there are increased incidents of fraud surrounding the virus announcement. The FDIC has released educational articles regarding this topic with more information.

This is a fluid and evolving situation. We will continue to update you with any new information that becomes available. Our customers are the heart of our business. Thank you for giving us the opportunity to continue to serve you. Together, we will all take the necessary precautions to successfully manage through this difficult time.

Today's Personal Rates

Rates as of April 1, 2020, 3:10 pm

Checking Account Description** Minimum Deposit to Open and Obtain Stated APY APY* Interest Rate Apply Now
(Desktop, Tablet or Mobile)
StudentEdge Checking

$25

N/A

N/A

Apply Now
Kasasa Cash Checking

$0.01 - $25,000
$25,000.01 or more
All balances when qualification requirements are not met.

3.25%
0.30%
0.05%
 
 

3.20%
0.30%
0.05%
 
 

Contact Us
Kasasa Cash Back Checking

$100

N/A

N/A

Contact Us
Spencer Checking

$100

N/A

N/A

Apply Now
Spencer Gold Checking

$100 or more

0.05%

0.05%

Apply Now
Spencer Platinum Checking

$2,500 - $9,999.99
$10,000 - $34,999.99
$35,000 or more

0.05%
0.05%
0.10%

0.05%
0.05%
0.10%

Apply Now

*APY = Annual Percentage Yield

**Specific Account Requirements:

Customer must be 17-23 years of age to qualify for a StudentEdge Checking Account and 55+ years of age to qualify for a Spencer Gold Checking Account.

Kasasa Cash Back Monthly Qualification Cycle Requirements: To earn 5% cash back and ATM fee refunds, per statement cycle you must: Conduct 12 debit card transactions, have one direct deposit or one automatic ACH debit, establish and maintain a Spencer Online Banking relationship and elect to receive your monthly account statement electronically via Online Banking.

Kasasa Cash Monthly Qualification Cycle Requirements: To earn 3.25% APY and ATM fee refunds, per statement cycle you must: Conduct at least 12 debit card purchases which post and clear your account within one statement cycle, have one direct deposit or one automatic ACH debit, establish and maintain a Spencer Online Banking relationship and elect to receive your monthly account statements electronically via Online Banking.

Kasasa Cash and Kasasa Cash Back are trademarks of Kasasa, Ltd., registered in the U.S.A. Click here for monthly qualification cycle information.

Rates are subject to change without notice. Fees could reduce earnings on any of the accounts. Interest payments are rounded to the nearest cent. As a result, low balance accounts may not be paid interest. Available to individuals living or working in New Jersey.

Savings Account Description Minimum Deposit to Open and Obtain Stated APY APY* Interest Rate Apply Now
(Desktop, Tablet or Mobile)
SpencerKids Savings

$1 or more

.90%

.90%

Contact Us
StudentEdge Savings

$100 - $25,000

$25,000.01 or more

1.00%

0.25%

1.00%

0.25%

Apply Now
E-Money Market (Promotional)
w/ Platinum Checking**

$250,000.01 or more
$5,000 - $250,000
$500 - $4,999.99

1.60%
1.60%
0.35%

1.59%
1.59%
0.35%

Contact Us
E-Money Market

$250,000.01 or more
$5,000 - $250,000
$500 - $4,999.99

1.25%
1.25%
0.35%

1.24%
1.24%
0.35%

Contact Us
Statement Savings

$100 - $24,999.99
$25,000 or more

0.05%
0.10%

0.05%
0.10%

Contact Us
Premium Money Market

$100 - $9,999.99
$10,000 or more

0.10%
0.15%

0.10%
0.15%

Apply Now
Holiday Club Account

$5

0.25%

0.25%

Contact Us
Platinum Savings

$100 - $4,999.99
$5,000 - $24,999.99
$25,000 - $49,999.99
$50,000 - $99,999.99
$100,000 or more

0.05%
0.10%
0.15%
0.20%
0.20%

0.05%
0.10%
0.15%
0.20%
0.20%

Apply Now
Passbook Savings

$100 or more

0.15%

0.15%

Contact Us
Vacation Club Account

$5

0.25%

0.25%

Contact Us

*APY = Annual Percentage Yield

Customer must be 17-23 years of age to qualify for a StudentEdge Savings Account.

Transfers from a Money Market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer or by check, draft, or similar order to third parties are limited to six per month.

Rates are subject to change without notice. Fees could reduce earnings on any of the accounts. Interest payments are rounded to the nearest cent. As a result, low balance accounts may not be paid interest.

**New Money Only. Platinum Checking Account requirements include a minimum opening deposit of $100 and a $2,500 minimum to earn interest. $15 monthly service charge will be waived if $2,500 daily minimum balance is maintained.

Available to individuals living or working in New Jersey.

Certificate of Deposit (CD) Description Minimum Deposit to Open Account APY* Interest Rate Apply Now
(Desktop, Tablet or Mobile)
6 Month

$1,000

0.25%

0.25%

Apply Now
12 Month

$1,000

0.45%

0.45%

Apply Now
18 Month

$1,000

0.45%

0.45%

Apply Now
20 Month

$1,000

0.62%

0.62%

Apply Now
24 Month

$1,000

0.62%

0.62%

Apply Now
30 Month

$1,000

0.87%

0.87%

Apply Now
36 Month

$1,000

0.73%

0.73%

Apply Now
48 Month

$1,000

0.80%

0.80%

Apply Now
60 Month

$1,000

0.99%

0.99%

Apply Now
91 Day

$1,000

0.15%

0.15%

Apply Now

*APY = Annual Percentage Yield

Minimum balance to open account and obtain the APY. For CDs with terms of 12 months or longer, interest is compounded daily and credited monthly.  For CDs with terms less than 12 months, simple interest is paid monthly. Maximum deposit is $500,000. APY offered assumes interest remains on deposit until maturity. Spencer offers the convenience of automatic renewals. If either you or we prevent renewal, interest will not accrue after the final maturity. Early withdrawal penalties may be imposed and the fee could reduce principal. APY is offered as of date of publication. 

Early withdrawals are subject to the following penalties;
•  Maturity of less than 1 year, loss of 30 days interest
•  Maturity of more than 1 year, but less than 36 months, loss of 90 days interest
•  Maturity of 36 months or more, loss of six (6) months interest

Premium APYs not available on promotional CDs. Rate may change after the account is open. Rates are subject to change without notice. Fees could reduce earnings on any of the accounts. Interest payments are rounded to the nearest cent. As a result, low balance accounts may not be paid interest. Available to individuals living or working in NJ.

IRA Account Description Minimum Deposit to Open Account APY* Interest Rate Apply Now
(Desktop, Tablet or Mobile)
6 Month

$500

0.59%

0.59%

Contact Us
IRA Savings

$100 - $999.99
$1,000 or more

0.10%
0.20%

0.10%
0.20%

Contact Us
12 Month

$500

.78%

.78%

Contact Us
13 Month (Promotion)
w/ Platinum Checking**

$25,000

1.55%

1.54%

Contact Us
18 Month

$500

.87%

.87%

Contact Us
18 Month Variable

$50

0.25%

0.25%

Contact Us
20 Month

$500

.87%

.87%

Contact Us
24 Month

$500

.87%

.87%

Contact Us
30 Month

$500

.87%

.87%

Contact Us
36 Month

$500

.98%

.98%

Contact Us
48 Month

$500

1.05%

1.04%

Contact Us
60 Month

$500

1.24%

1.23%

Contact Us

*APY = Annual Percentage Yield

Minimum balance to open account and obtain the APY.  Interest is compounded daily and credited monthly.  Stated rates are subject to change without notice. Maximum deposit is $500,000. APY offered assumes interest remains on deposit until maturity. Please contact your tax adviser for tax-deductible status. Spencer offers the convenience of automatic renewals. If either you or we prevent renewal, interest will not accrue after the final maturity. Early withdrawal penalties may be imposed and the fee could reduce principal. APY is offered as of date of publication.

Early withdrawals are subject to the following penalties;
•  Maturity of less than 1 year, loss of 30 days interest
•  Maturity of more than 1 year, but less than 36 months, loss of 90 days interest
•  Maturity of 36 months or more, loss of six (6) months interest

One term change is allowed per year if you are over 59 1/2 years of age without penalty.  Premium APYs not available on promotional CDs. Rate may change after the account is open.

Rates are subject to change without notice. Fees could reduce earnings on any of the accounts. Interest payments are rounded to the nearest cent. As a result, low balance accounts may not be paid interest.

**OFFER VALID ON NEW MONEY ONLY. This APY is only valid on the 13-month IRA. To qualify for the 1.55% APY, customer must maintain an existing Platinum Checking Account or open a new Platinum Checking Account (same time as IRA account opening) which will maintain an average monthly balance of $2,500 or more. Platinum Checking Account must be in the same name as the IRA account holder. $25,000 minimum balance necessary to obtain the APY. For IRA accounts, one rate change is allowed per year, if you are over 59 1/2 years of age, without penalty. Please consult your tax advisor for tax-deductible status. If either you or we prevent renewal, interest will not accrue after final maturity. APY is accurate as of 3/18/20.

Available to individuals living or working in NJ.

Coverdell Description Minimum Deposit to Open Account APY* Interest Rate Apply Now
(Desktop, Tablet or Mobile)
6 Month

$500

0.59%

0.59%

Contact Us
12 Month

$500

.78%

.78%

Contact Us
13 Month (Promotion)
w/ Platinum Checking**

$25,000

1.55%

1.54%

Contact Us
18 Month Variable

$50

0.25%

0.25%

Contact Us
18 Month

$500

.87%

.87%

Contact Us
20 Month

$500

.87%

.87%

Contact Us
24 Month

$500

.87%

.87%

Contact Us
30 Month

$500

.87%

.87%

Contact Us
36 Month

$500

.98%

.98%

Contact Us
48 Month

$500

1.05%

1.04%

Contact Us
60 Month

$500

1.24%

1.23%

Contact Us

*APY= Annual Percentage Yield

Minimum balance to open account and obtain the APY. CDs with terms of 12 months or longer, interest is compounded daily and credited monthly.  CDs with terms less than 12 months, simple interest is paid monthly. Maximum deposit is $500,000. APY offered assumes interest remains on deposit until maturity. Please consult your tax advisor for tax-deductible status. Spencer offers the convenience of automatic renewals. If either you or we prevent renewal, interest will not accrue after the final maturity. Early withdrawal penalties may be imposed and the fee could reduce principal. APY is offered as of date of publication.

Early withdrawals are subject to the following penalties;
•  Maturity of less than 1 year, loss of 30 days interest
•  Maturity of more than 1 year, but less than 36 months, loss of 90 days interest
•  Maturity of 36 months or more, loss of six (6) months interest

Premium APYs not available on promotional CDs.

Rate may change after the account is open.  Rates are subject to change without notice. Fees could reduce earnings on any of the accounts. Interest payments are rounded to the nearest cent. As a result, low balance accounts may not be paid interest.

**OFFER VALID ON NEW MONEY ONLY. This APY is only valid on the 13-month IRA. To qualify for the 1.55% APY, customer must maintain an existing Platinum Checking Account or open a new Platinum Checking Account (same time as IRA account opening) which will maintain an average monthly balance of $2,500 or more. Platinum Checking Account must be in the same name as the IRA account holder. $25,000 minimum balance necessary to obtain the APY. APY is accurate as of 3/18/20.

Available to individuals living or working in NJ.