Spencer Savings Bank (NJ) Has E-Money Market Promotion


Deal Summary: E-Money Market Promotion, 1.40% APY w/Platinum Checking, 1.10% APY w/o Platinum Checking, $5k minimum opening deposit/balance, new money.

Availability: New Jersey residents

Spencer Savings Bank (Spencer) has been offering its E-Money Market Promotion since November, which is a bit longer than the typical “promotion” lasts. Even though the rate has fallen over the past few months, it’s remained higher than most nationally available MMAs. To qualify for the 1.40% APY (balances of $5k+), a Platinum Checking account is required; without a Platinum Checking account, the APY is 1.10% on balances of $5k+. (I was hoping there might be a rate guarantee of some kind, but CSR confirmed there is none.) If the balance should fall below $5k any time during the statement cycle, the APY will be 0.35% and a $15 service fee will be incurred.

1.75*%$250k-Spencer Savings Bank E-Money Market
OTHER TIERS: 0.25% $500 - $5k | 1.50% $5k - $250k
0.30*%$35k-Spencer Savings Bank Spencer Platinum Checking
OTHER TIERS: 0.05% $2.5k - $10k | 0.25% $10k - $35k
Rates as of November 26, 2022.

While the E-Money Market Promotion requires an opening deposit of $5k of new money, DA reader, ichaelm, pointed out in a Forum post,

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.

Many thanks to ichaelm for his Forum post about this promotion.

Kasasa Cash Checking

Spencer Savings Bank added a Kasasa Cash Checking account to its product line about the same time the E-Money Market Promotion was unveiled. While the APY has drop from 3.25% APY to 2.50% APY on qualifying balances up to $25k, it’s still a very competitive rate. Qualifying balances greater than $25k earn 0.30% APY, with non-qualifying balances earning 0.05% APY.

2.00*%-$25kSpencer Savings Bank Kasasa Cash Checking
OTHER TIERS: 0.30% $25k+
Rates as of November 26, 2022.

The Kasasa Cash Checking account is available to all New Jersey residents and can be opened in-branch or by phone (800-363-8115), but not online.


Headquartered in Elmwood Park in northern New Jersey, Spencer Savings Bank’s E-Money Market Promotion is available to all New Jersey residents.

The Platinum Checking account can be opened online or in-branch. With a name like “E-Money Market,” I expected there would be an online application, but there’s not. CSR stated that the E-Money Market Promotion has to be opened in-branch at any of the 22 full-service New Jersey branches located in Clifton (2), Cranford, Elizabeth, Elmwood Park, Ewing, Garfield (3), Lodi, Lyndhurst, North Caldwell, Nutley, Parsippany, Saddle Brook (2), Union (2), Wallington, Wayne, Westfield, and Woodridge.

On June 15th, our financial centers will reopen with regularly scheduled hours for lobby and drive-up service. Spencer customers will now have full access to the lobby area of all our financial centers.

Bank Overview

Spencer Savings Bank has an overall heath grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.80% (excellent) based on March 31, 2020 data. In the past year, Spencer has increased its total non-brokered deposits by $83.26 million, an excellent growth rate of 3.93%. 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. Currently the eleventh largest bank headquartered in New Jersey, Spencer Savings Bank has assets in excess of $3 billion and nearly 85,000 customer accounts.

How the E-Money Market Promotion Compares

When compared to the Money Market Accounts tracked by DepositAccounts.com that are available to New Jersey residents, Spencer Savings' E-Money Market Promotional APYs currently rank first and second.

Looking for the best Money Market Account rates, either nationwide or state specific? Please refer to our Money Market Account Rates Table page.

How the Kasasa Cash Checking Compares

When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available in New Jersey and have maximum qualifying balances of at least $25k, Spencer Savings Bank’s Kasasa Cash Checking APY currently ranks second.

The above rates are accurate as of 7/10/2020.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: New York money market accounts, Philadelphia money market accounts, money market accounts, checking accounts, reward checking accounts

  |     |   Comment #1
Gotta love those local deals!
Well, if Patriot Bank decides to falter, this sounds like a good alternative.
Hope it lasts.
  |     |   Comment #2
And if Patriot does fall, since you have to physically visit a Spencer branch in order to open the acct, that should lessen the DA effect and keep Spencer from rapidly lowering the rate.
  |     |   Comment #4
Being as this rate is not locked in, I promise all that I will not apply for this account. Oh, I have a lot of luck with things, problem is, it's all bad luck, and I don't want to spoil it for everyone. If I open this account, I know that within days, that decimal point will move to the left.
  |     |   Comment #5
Someone who wants to figure out the arithmetic might be able to determine whether it's worth opening the chekcing account or not, getting 1.40% instead of 1.10%. With the Platinum checking getting only 0.10%, that affects the overall interst you get on the minimum of $7,500. You might compute and find out that makes it an overall 1.10% -- or less.

But the overall would be higher and higher the more money you put into the MMA, and gee, you would probably want a calculator app to figure out at what amount it is better to have the checking and under which amount you are better off without it.

I have a feeling that if you go with the minimum in both, it won't be worth opening the checking. But I have no idea how much you would need in the MMA in order to make the checking account worthwhile.
Spencer Savings Bank (NJ) Kasasa Cash Earns Competitive Rate
Update 5/1/20: The top-tier rate has fallen.

Deal Summary: Kasasa Cash Checking, 3.25% APY on qualifying balances up to $25k.

Availability: New Jersey

Spencer Savings Bank (Spencer) recently added a new Kasasa Cash Checking account, which earns 3.25% APY on qualifying balances up to $25k. Qualifying balances greater than $25k earn 0.30% APY, with non-qualifying balances earning 0.05% APY.

Qualification Requirements

  • At least 12 debit card purchases per statement cycle.
  • At least one ACH direct deposit or one automatic debit per statement cycle.
  • Establish and maintain a Spencer Online Banking account.
  • Receive eStatements.
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