Spencer Savings Bank


Overview / Commentary
201-791-3192
611 River Drive
Elmwood Park, NJ 07407

Spencer Savings Bank is headquartered in Elmwood Park and is the 12th largest bank in the state of New Jersey. It is also the 326th largest bank in the nation. It was established in 1939 and as of June of 2020, it had grown to 250 employees at 21 locations. Spencer Savings Bank 's money market rates are 70% higher than the national average, and it has an A health rating.

Related Posts

Spencer Savings Bank (NJ) Has E-Money Market Promotion - 7/10/2020

Spencer Savings Bank (NJ) E-Money Market Promotion is available to all New Jersey residents. A Platinum Checking is required for the top rate.

NJ RESIDENTS: 1.40% APY E-Money Market Acct, $7,500 Minimum - 7/7/2020

Actually the minimum is $5k, but you must have a Platinum Checking Acct in order to receive the rate, and Platinum Checking requires a $2.5k balance in order to waive the $15 monthly fee. Without Platinum Checking, the E-Money Market rate is 1.10% APY. As always, anyone posting this deal at their own website should give credit to DA for the find. https://www.spencersavings.com/personal-banking/todays-personal-rates/

Spencer Savings Bank (NJ) Kasasa Cash Earns Competitive Rate - 12/28/2019

Spencer Savings Bank's new Kasasa Cash Checking (Top rate on qualifying balances up to $25k) is available to those who live or work anywhere in New Jersey.

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Reviews (2)

The Worst Bank

Posted by: |

There is no way they can do anything for you. Always the answer is "NO" and always you need to bring more documents and make another trip to the bank as nothing is ever possible to do online or over the phone.
And every person working there gives you different information on what you need to do.
They are in business of wasting your time.

I would give -5 starts if possible.

Threatened To Take Our Money.

Posted by: |

Beware, as an account holder I was asked for ID and why I needed the balance on our account? I politely said the other party is deceased. Then I was told that due to the death of other named party they will seize and hold half of the account. I inquired about a CD that was there in both names and was told that they can charge a fee to close it out, and then I was told no fee will be charged. Make up your mind !!! If I get any more trouble I will retain an attorney and sue them for this. It will only add to there legal woes they have already.



Health

Health Grade Components

Overall
FDIC Certificate #30076
Year Established1939
Employees250
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.5%
Return on Equity - YTD4.51%
Annual Interest Income$56.1MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$3.22B$3.04B
LoansQ2 2020vs Q2 2019$2.39B$2.33B
DepositsQ2 2020vs Q2 2019$2.34B$2.11B
Equity CapitalQ2 2020vs Q2 2019$351.1MM$336.8MM
Loan Loss AllowanceQ2 2020vs Q2 2019$24.3MM$19.1MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$18.5MM$7.9MM
Real Estate OwnedQ2 2020vs Q2 2019$323.00K$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Spencer Savings Bank ; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Spencer Savings Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%$1-SpencerKids Savings
0.75%*$100*$25kStudentEdge Savings
OTHER TIERS: 0.25% $25k+
0.75%*$5k*$250kSmartSaver Savings
OTHER TIERS: 0.10% $100+
0.25%$5-Vacation Club Account
0.25%$5-Holiday Club Account
0.20%*$1k*-IRA Savings
OTHER TIERS: 0.10% $100 - $1k
0.20%*$50k*-Platinum Savings
OTHER TIERS: 0.05% $100 - $5k | 0.10% $5k - $25k | 0.15% $25k - $50k
0.15%$100-Passbook Savings
0.10%*$25k*-Statement Savings
OTHER TIERS: 0.05% $100 - $25k

Spencer Savings Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%*$5k*-E-Money Market
OTHER TIERS: 0.35% $500 - $5k
0.15%*$10k*-Premium Money Market
OTHER TIERS: 0.10% $100 - $10k

Spencer Savings Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.50%*-$25kKasasa Cash Checking
OTHER TIERS: 0.30% $25k+
0.10%*$35k*-Spencer Platinum Checking
OTHER TIERS: 0.05% $2.5k - $35k
0.05%$100-Spencer Gold Checking

Spencer Savings Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.60%$1k$500k60 Month CD
0.50%$1k$500k48 Month CD
0.40%$1k$500k30 Month CD
0.40%$1k$500k36 Month CD
0.36%$1k$500k18 Month CD
0.35%$1k$500k24 Month CD
0.35%$1k$500k20 Month CD
0.25%$1k$500k6 Month CD
0.25%$1k$500k12 Month CD
0.15%$1k$500k91 Day CD

Spencer Savings Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.24%$500$500k60 Month CESA
1.05%$500$500k48 Month CESA
0.98%$500$500k36 Month CESA
0.90%$500$500k60 Month IRA
0.87%$500$500k24 Month CESA
0.87%$500$500k18 Month CESA
0.87%$500$500k30 Month CESA
0.87%$500-20 Month CESA
0.78%$500$500k12 Month CESA
0.75%$500$500k48 Month IRA
0.65%$500$500k36 Month IRA
0.65%$500$500k30 Month IRA
0.60%$500$500k24 Month IRA
0.60%$500$500k18 Month IRA
0.60%$500-20 Month IRA
0.59%$500-6 Month CESA
0.50%$500$500k12 Month IRA
0.46%$500-6 Month IRA
0.25%$50$500k18 Month Variable CESA
0.25%$50$500k18 Month Variable IRA
Locations

Availability



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