Spencer Savings Bank CD Rates

Spencer Savings Bank 11-Month Promotion CD

4.30% APY

Originally established as a community bank, Spencer operates 21 branches throughout New Jersey. The bank functions as one of the largest banks in the state and offers a variety of standard certificate of deposit (CD) terms. In addition, you’ll only be able to open a Spencer CD if you live or work in New Jersey or Bucks County, Pennsylvania. Though the shorter-term rates for Spencer’s CDs aren’t as competitive, you’ll be able to earn more with a longer CD term. Furthermore, while some banks offer fixed interest rates with its CDs, Spencer’s are subject to change without notice. This means that your CD could earn you more or less than you’d originally anticipated.

Spencer also offers online and mobile features for both personal and business banking matters. Under its online option, you get direct access to your accounts at any time. In addition, you’ll be able to make transfers, pay bills and sign up for eStatements.

To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator.

Spencer Standard Certificates 

With Spencer’s standard CDs, you’ll be able to choose a term ranging from 3 months to 60 months. While the initial 3-month CD rate isn’t as competitive, Spencer’s longer-term CDs accrue more interest. So you’ll see greater growth in your saving with longer-term CDs. Finally, in addition to its standard rates, Spencer may offer promotional term or special rate CDs from time to time that allow you to earn a higher APY percentage. 

11-Month Promotion CD Interest Rate Comparison

Overview of Spencer CDs

With Spencer’s standard rates, you’ll be able to earn more savings with its longer terms. Its rates don’t really jump until you hit the 18-month mark. This is primarily because interest is compounded monthly for terms less than 12 months, while it’s compounded daily for terms over 12 months. Therefore, your interest grows faster when you’ve opened a CD with a term over 12 months. So if you’re looking to earn more with smaller CD terms, you may be able to find higher interest rates through other competitors. 

After making your initial deposit into your CD, you won’t be able to contribute to or withdraw from it until it reaches maturity. As with most banks, you’ll receive charges for making any early withdrawals from your certificate. For instance, for term lengths of less than one year, you’ll lose 30 days of interest for withdrawing early. For term lengths over one year, but less than 36 months, you’ll lose 90 days of interest. Finally, for maturity over 36 months, you’ll lose six months of interest. 

How Much You Earn With Spencer Certificate of Deposits Over Time 

If you’re considering using Spencer, you should keep in mind that interest grows faster with CD terms that are 12 months or longer. Though you’ll still be able to earn some extra money with shorter-term options, you’ll get the most bang for your buck with a longer-term CD. 

We’ve already discussed how interest is compounded, but what are your options if you’d like to maintain your CD after its maturity date? Simple. If you’d like to keep earning with a CD that has matured, Spencer will automatically renew it for you. Below, we’ve listed various deposit and terms that you can earn at through Spencer.

How Spencer CD Rates Compare to Other Banks 

Though Spencer offers decent rates that compound daily, you’ll also want to consider other banks. Capital One, for instance, offers a variety of CD terms that range from six to 60 months. Its 360 CDs also don’t require a minimum deposit. In addition, your interest accrues daily and compounds monthly, and you can earn at a slightly higher APY than you can with Spencer. As with most banks, you won’t be able to withdraw or contribute to a CD until it reaches maturity. However, Capital One allows you to simultaneously open up to 50 certificates. This way, you’ll be able to contribute extra money into additional CDs. For early withdrawals, however, Capital One charges three months of interest for withdrawals made on CD terms less than 12 months. For terms above 12 months, users lose six months of interest.

Another similar rates competitor, though not a traditional financial institution, is Synchrony Bank. Spencer requires a $1,000 minimum deposit, while Synchrony requires none. Though its rates exceed those of Spencer’s, at the five-year mark, you can earn more with Synchrony for shorter terms. For instance, you’ll be able to earn at a 4.60% APY for 12 months with Synchrony, while Spencer only offers a lower APY for the same term.

Should You Get a Spencer CD Account?

Overall, if you qualify for Spencer membership, you should determine whether its rates and offerings make the most sense for you. Its minimum deposit is relatively high in comparison to other banks like Capital One. In addition, the rate at which your interest grows depends on the CD term you choose. Furthermore, its longer-term CD options will earn you more interest, but you can find higher interest rates for shorter-term CDs through other competitors.