Spencer Savings Bank Review

Spencer Savings Bank Savings

0.25% APY

Established in 1939, Spencer Savings Bank has $3.86 billion in assets as well as $2.88 billion in deposits, making it a large bank. Spencer Savings Bank, whose headquarters are in Elmwood Park, New Jersey, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset experts rated the bank 4.3 stars out of 5, suggesting Spencer Savings Bank is a solid pick to be your bank. 

Spencer Savings Bank offers a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Spencer Savings Bank's ordinary checking account does not have a monthly fee. Why use checking and savings accounts with the same bank? Seamless transferring between both accounts means you can still get better interest rates in your savings account but still spend your funds from your checking.

Service Quality

Spencer Savings Bank is a brick-and-mortar bank, with 28 total branches in New Jersey. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 8:00 p.m. ET; Saturdays, 8:00 a.m. to 2:00 p.m. ET. 

Spencer Savings Bank's online and mobile banking services get great ratings from customers: with 240 ratings on Apple and Android platforms, the Spencer Savings Bank mobile app has an overall rating of 4.5 out of 5 (compared to the national average of 3.8). You can utilize Spencer Savings Bank's mobile app to control your bank accounts by checking account balances, transferring funds and reaching support representatives. Spencer Savings Bank receives an outstanding consumer satisfaction rating due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Spencer Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. Spencer Savings Bank does not have the best savings rate, which means you should think about other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Spencer Savings Bank's CD rates are fair compared to other U.S. banks.

Rates

With a statement savings rate of 0.25% on balances below $25,000, Spencer Savings Bank ranks below the mean compared to other U.S. banks. Its eleven-month CD has a rate of 5.00% and the twenty five-month CD has a rate of 4.75%, while its premium money market account earns at a rate of up to 3.25%. Given its poor savings rate, you should contemplate looking elsewhere to open savings accounts.

Fees

Spencer Savings Bank generally has extremely low fees as compared against the national average. With no monthly fee, Spencer Savings Bank's checking account is ideal for people who need an easy banking experience. 

Financial Health

Spencer Savings Bank ranks as a large bank with $3.86 billion in assets as well as deposits totaling $2.88 billion. Its Texas Ratio is 2.22%, denoting an exceedingly low chance of failure. Additionally, Spencer Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Spencer Savings Bank Near Me

Spencer Savings Bank has 28 branches across the U.S.