Spencer Savings Bank

Overview / Commentary
611 River Drive
Elmwood Park, NJ 07407

Spencer Savings Bank is headquartered in ELMWOOD PARK and is the 10th largest bank in the state of New Jersey. It is also the 333rd largest bank in the nation. It was established in 1939 and as of December of 2023, it had grown to 314 employees at 28 locations. Spencer Savings Bank 's money market rates are 7X the national average, and it has an A health rating.

Reviews (6)

13 Month Promotion W/ Platinum Checking

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13 Month Promotion with Platinum Checking 5.354%
13 Month Promotion w/o Platinum Checking 4.879%

Gimmick Of Scam Artists

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They cap CD to $50K for paying the %5.5 and exponentially reduce rates of the CD after $50K. They further require you to keep $2500 sitting in their "Platinum," with virtually no interest to qualify to purchase the said CD. They were true private conservative bank with management with integrity, until purchased and compromised from top-down. I will not recommend Spencer for investment. However, it may be a good bank to borrow if you are a local business, who does not speak English.

Forced Closing Of Out Of State Accounts

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I received a letter dated 8/3/21 from the bank stating that they will close a CD account that I've had there for decades because I reside out of state.

There is a long history of litigation between the bank and a depositor, Lawrence Seidman, who was trying to force the bank to convert from being a mutual savings bank to stock ownership. I assume that this is another move by bank management to further entrench themselves in office.


Spencer Bank is by far, the ABSOLUTE WORST Banking institution there is.  The Bank - and the Headquarters - display a host of shortcomings and clearly are the most substandard bank - dealing with numerous staff members in the Corporate Office and bank location, I can easily say that across the board, each person failed miserably in their competencies...there was incompetence, unprofessionalism, a lack of knowledge, and complete disregard displayed - a Bank Manager who left an urgent situation hanging and unresolved  - never to have the decency to properly handle customer's needs.....and members in the Corporate Office following the same pattern - with absolutely no accountability, conscience or morals.  The Bank Manager comes from a place of NO...as do the other staff members...they go through the motion to do nothing ...and handling any question or request for them is utterly challenging and mishandled - they are literally clueless and inept.    

The bank couldn't have failed worse in their non-actions in supporting their clients - they have antiquated ways of handling situations and horrendous follow-through in meeting customer needs - it's non-existent and actually creates stress and aggravation to a situation.  Who would need that?  It's no wonder Spencer Bank exists in a bubble in New Jersey and fails to be a national bank - they're ill equipped on every staff level.  It's a small, isolated banking institution ...and instead of at least offering more personalized service, as a result, they actually fall short in that too....but rather, they're impersonal, backwards, unresponsive and irresponsible in performing tasks that other banks can do with ease. 

I decided to google - "what skills are crucial for bank professionals" ...and the following was listed - Patience...Attentiveness...Emotional Intelligence...Ability to Communicate Clearly...Problem Solving Skills...A Methodical Approach...Creativity and Resourcefulness...and Ability to Use Positive Language."   So, what I find remarkable is - There Is Not One Skill Listed That Would Encompass Spencer Savings Bank - They Literally FAILED On All Counts.   

In assessing my experience with their employees and the abilities of Spencer Savings, it is so deplorable that the traits, listed above, are the complete opposite skills to what was offered at Spencer Bank -  they come from a place of NO...they lack resourcefulness,  they lack accountability and they cannot be depended on...the Bank Manager was so ineffective and seemed completely disinterested in her job...after dealing with other Company members, I realized that this seems to be the trend there - sadly, it starts from the Top Down.  Low Expectations seem to be their motto - and their goal....it's too bad that clients suffer, as a result. I only recommend using Spencer Savings if you are comfortable with failure and incompetence.  
Life lesson:  If you go to a "Rinky-Dink" Bank, then expect "Rinky-Dink" service!

The Worst Bank

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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.

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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 Grade Components

FDIC Certificate #30076
Year Established1939
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.45%
Return on Equity - YTD4.2%
Annual Interest Income$163MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$3.86B$3.81B
LoansQ4 2023vs Q4 2022$3.18B$3.13B
DepositsQ4 2023vs Q4 2022$2.88B$2.92B
Equity CapitalQ4 2023vs Q4 2022$424.2MM$402.4MM
Loan Loss AllowanceQ4 2023vs Q4 2022$29.2MM$30.2MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$10.1MM$9.3MM
Real Estate OwnedQ4 2023vs Q4 2022$0$0
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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

1.50%*$50k*$100kPlatinum Savings
OTHER TIERS: 0.05% $100 - $5k | 0.10% $5k - $25k | 0.25% $25k - $50k | 1.00% $100k+
1.00%*$250k*-SmartSaver Savings
OTHER TIERS: 0.10% $100 - $5k | 0.75% $5k - $250k
0.50%$100-Passbook Savings
0.50%$1-SpencerKids Savings
0.50%*$25k*-Statement Savings
OTHER TIERS: 0.25% $100 - $25k
0.25%$5-Vacation Club Account
0.25%$5-Holiday Club Account
0.10%*$1k*-IRA Savings
OTHER TIERS: 0.05% $100 - $1k

Spencer Savings Bank Money Market Rates

3.25%*$10k*-Premium Money Market
OTHER TIERS: 0.25% $100 - $10k
2.25%*$250k*-E-Money Market
OTHER TIERS: 0.25% $500 - $5k | 2.00% $5k - $250k

Spencer Savings Bank Checking Account Rates

2.00%*-$25kKasasa Cash Checking
OTHER TIERS: 0.30% $25k+
0.30%*$35k*-Spencer Platinum Checking
OTHER TIERS: 0.05% $2.5k - $10k | 0.25% $10k - $35k
0.05%$100-Spencer Gold Checking

Spencer Savings Bank CD Rates

5.00%$1k$500k11 Month CD
4.80%$1k$500k19 Month CD
4.75%$1k$500k25 Month CD
0.65%$1k$500k60 Month CD
0.55%$1k$500k48 Month CD
0.50%$1k$500k36 Month CD
0.45%$1k$500k30 Month CD
0.35%$1k$500k24 Month CD
0.25%$1k$500k18 Month CD
0.20%$1k$500k12 Month CD
0.15%$1k$500k6 Month CD
0.10%$1k$500k3 Month CD

Spencer Savings Bank IRA Rates

5.00%$1k$500k11 Month IRA
5.00%$1k$500k11 Month CESA
4.80%$1k$500k19 Month IRA
4.80%$1k$500k19 Month CESA
4.75%$1k$500k25 Month IRA
4.75%$1k$500k25 Month CESA
0.80%$500$500k60 Month IRA
0.80%$500-60 Month CESA
0.70%$500-48 Month CESA
0.70%$500$500k48 Month IRA
0.65%$500-36 Month CESA
0.65%$500$500k36 Month IRA
0.60%$500-30 Month CESA
0.60%$500$500k30 Month IRA
0.50%$500-24 Month CESA
0.50%$500$500k24 Month IRA
0.40%$500$500k18 Month IRA
0.40%$500-18 Month CESA
0.35%$500-12 Month CESA
0.35%$500$500k12 Month IRA
0.35%$500-20 Month CESA
0.30%$500$500k6 Month IRA
0.30%$500-6 Month CESA


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