Spencer Savings Bank (NJ) Has E-Money Market Promotion
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.
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.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.50*% | - | $25k | Spencer Savings Bank | Kasasa Cash Checking | |
| OTHER TIERS: 0.30% → $25k+ | |||||
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.
Availability
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.
Well, if Patriot Bank decides to falter, this sounds like a good alternative.
Hope it lasts.
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.