For a limited time, Spencer Savings Bank (Spencer) is offering a 13-month CD Special with tiered APYs: 5.50% APY (with Platinum Checking) and 5.00% APY (without Platinum Checking). The minimum opening deposit is $1k of new money, defined as funds not currently on deposit at Spencer. There are balance caps: $50k (5.50% APY) and $25k (5.00% APY). There is also a limit of one account per tax ID number.
As stated on the CD Personal Rates page, the Early Withdrawal Penalty reads as follows:
Maturity of more than 1 year, but less than 36 months, loss of 90 days interest
As stated in the fine print of the landing page,
To qualify for the 5.50% APY, customer must maintain an active existing Platinum Checking Account or open a new Platinum Checking Account at the same time as CD account opening with the same tax-identification number as the CD account holder.
The fine print gives a very loose definition of an “active checking account,” with no specifics.
An active checking account is defined as an account that has multiple debits and credits coming in and out of the account on a monthly basis.
If the Platinum Checking account is closed during the 13-month term, “the promotional interest rate will be forfeited, and the account will be adjusted to reflect the 5.00% APY for the full term.”
Platinum Checking Details
The Platinum Checking account is an interest-bearing account (not a reward checking account) that can be opened with a minimum $100 deposit. While there is no minimum balance requirement, a minimum $2.5k daily balance is required to earn any interest and avoid the $15 monthly service charge. ATM fees are refunded up to $16 per month.
|0.30*%||$35k||-||Spencer Savings Bank||Spencer Platinum Checking|
|OTHER TIERS: 0.05% → $2.5k - $10k | 0.25% → $10k - $35k|
Availability and Account Opening
Headquartered in Elmwood Park in northern New Jersey, Spencer Savings Bank offers its product line to all New Jersey residents.
Considering Spencer is one of the largest banks in New Jersey, I expected there would be an online application, but there’s not. CSR confirmed that while Spencer has a state-wide market area, opening a 13-month CD Special must be done in-branch or over the phone (800-363-8115).
Spencer has 26 full-service New Jersey branches, with the vast majority located in North Jersey: Cliffside, Clifton (2), Cranford, Cresskill, Dumont, Edgewater, Elizabeth, Elmwood Park, Ewing, Garfield (2), Hackensack, Lodi, Lyndhurst, North Caldwell, Nutley, Paramus, Parsippany, Saddle Brook (2), Union (2), Wallington, Wayne, Westfield, and Wood-Ridge.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire ($12 fee), or check.
- Interest – Compounded daily/credited monthly, with choice of monthly check or automatic transfer to another Spencer account.
- Maturing Funds – Wire ($20 fee), check, or internal transfer.
- Beneficiaries – Unlimited, equal shares, Social Security numbers required.
- Grace Period –7 calendar days before renewal as a 12-month CD.
- Credit Check – ChexSystems.
Spencer Savings Bank has an overall heath grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.14% (excellent) based on June 30, 2022 data. In the past year, Spencer has increased its total non-brokered deposits by $304.34 million, an excellent growth rate of 10.74%. Please refer to our financial overview of Spencer Savings Bank (FDIC Certificate # 30076) for more details.
Spencer Savings Bank’s roots go back to 1893, when the Saddle River Township Building and Loan Association was founded. Following reorganization in 1939 and the issuance of an FDIC Certificate, the Spencer Savings and Loan Association opened its doors for business in Garfield, New Jersey. In 1988, the Bank acquired Elmora Savings and Loan Association and re-branded as Spencer Savings Bank. Two more New Jersey banks were acquired in the past five years (Wawel Bank in Garfield and Mariner’s Bank in Edgewater). Currently the tenth largest bank headquartered in New Jersey, Spencer Savings Bank has assets in excess of $3.7 billion and nearly 52,000 customer accounts.
How the 13-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, no banks or credit unions have a higher rate than offered on Spencer Savings Bank 13-month CD Special. The following table compares the 13-month CD Special to the two highest-rate CDs from other banks, and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 2/6/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.