Spencer Savings Bank (MA) – Bank Rates and Review

January 20th, 2012

Spencer Savings Bank Massachusetts logoThese rates are only available to residents of Massachusetts (MA), but I also wanted to take some time to let you know about some updates that will be coming down the pike. Over the next few months we will be completing an online database that will enable our rates pages to be more dynamic. As it is, each post has to be manually updated when rates change and I’m sure you get an idea of how much time that would take on a weekly basis.

We we will also be adding a 2nd navigation bar so that you can quickly view the top rates by term or rate. So if you are just looking for 1-year CD rates, click that button and that is what you will get. This should save you quite a bit of time in your rate searches.

And of course we will continue to offer our CD placement services to those that you want a little more attention or have larger portfolios that make rate finding more difficult.

And now for info on the bank. There are actually two Spencer Savings Banks. One in Massachusetts and one in New Jersey. This post is about the MA bank. The bank was founded in 1871. Like most banks in Massachusetts the bank carries dual insurance through the FDIC and Depositors Insurance Fund (DIF). The DIF insures all amounts above the FDIC limits. An interesting Tidbit: they weren’t covered by the FDIC until 1985. The dual insurance can be quite handy for depositors with large amounts at the bank.

FDIC#90282
Stats Updated:09/11
Star Rating:3 1/2 (***)
Assets:$373.8MM
Equity:$48.9MM
Capital Ratio:13.09%
Profits(loss):$1.05M
 
Phone#:(800) 547-2885
Address:176 Main Street
Spencer, MA 01562
Website:https://www.spencersavingsbank.com

Spencer Savings Bank (MA) CD Rates

6-Months:0.55%
7-Months:0.65%
1-Year:0.75%
13-Months:0.85%
18-Months:0.90%
2-Year:1.15%
3-Year:1.60%

-- By +Chris Duncan

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