Spencer, Indiana Savings Rates - October 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
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Spencer, Indiana savings account rates range from 0.01% to 6.00% APY, verified by MonitorBankRates as of October 13, 2026. The best savings rates for Spencer, Indiana and the surrounding area include Peoples State Bank Ellettsville, INPeoples State Bank Ellettsville, IN304 Morgan Street, Spencer, IN 47460A+5.0 ★Texas Ratio: 1.12%Real return: +0.76%APY minus 2.8% CPI (February 2026) Health Savings Account at 3.56% APY, Crane Credit UnionCrane Credit Union279 E Morgan St, Spencer, IN 47460A5.0 ★Texas Ratio: 8.44%Real return: -0.53%APY minus 2.8% CPI (February 2026) Money Market Savings at 2.27% APY, Baxter Credit UnionBaxter Credit Union780 Brookside Dr, Spencer, IN 47460A5.0 ★Texas Ratio: 6.31%Real return: -0.90%APY minus 2.8% CPI (February 2026) Rainy Day Savings at 1.90% APY, Beacon Credit UnionBeacon Credit UnionA+5.0 ★Texas Ratio: 2.46%Real return: +3.20%APY minus 2.8% CPI (February 2026) Ownership Share at 6.00% APY, and Everence Trust CompanyEverence Trust CompanyA+5.0 ★Texas Ratio: 0.00%Real return: +2.20%APY minus 2.8% CPI (February 2026) Youth savings at 5.00% APY.
Spencer has 31 local institutions in our database, with savings rates as high as 3.56% APY from Peoples State Bank Ellettsville, IN at 304 Morgan Street, Spencer, IN 47460. Use the table below to compare all available offers, including options from institutions serving the broader Indiana area. Rates are continually updated, so we recommend checking back frequently.
Savings rates reflect recent market quotes and representative offers available to depositors in Spencer, Indiana and the surrounding area. Last Updated and Verified: October 13, 2026
Compare the Best Savings Rates in Spencer, Indiana & Surrounding Communities
Balance: $25,000.00 - No Limit
Balance: $25,000.01 and over
Balance: BalanceOver $100,000.00
Balance: Over $250,000.00
Balance: $17,500.00 - $25,000.01
Balance: $10,000.01 - $25,000.00
Balance: Balance$50,000.00 - $99,999.99
Balance: On balances above $25,000 and up to $50,000
Balance: $10,000.00 - $17,500.01
Balance: Balance$25,000.00 - $49,999.99
Balance: $5,000.00 - $10,000.01
Balance: Balance$10,000.00 - $24,999.99
Balance: $100,000.01 - $250,000.00
Balance: On balances up to $25,000
Balance: Balance$2,500.00 - $9,999.99
Balance: 30,000.01 - $100,000.00
Balance: $25,000 and above
Balance: $2,500.00 - $5,000.01
Balance: $10,000 - $24,999.99
Balance: $15.000.01 - $30,000.00
Balance: $0.00 - $2,500.01
Balance: $0.00 - $999.99
Balance: $0.00 - $9,999.99
Balance: BalanceBelow $2,500.00
Balance: $5,000.01 - $15,000.00
Balance: Under $5,000.00
Balance: On remainder over $50,000
Promoted interest rate paid on entire balance when maintained at $5.01 and above. No interest paid on balances $5.00 and below. Applicable Share Certificate dividends exclude HSA and IRA. $5.00 monthly inactivity fee incurred if no additional activity across the individual's membership within previous 12 months. Consumer accounts only; business accounts not eligible.
Balance: Up to $1,000
Balance: Up to $1,000; Youth savings account for kids under 18
Balance: $1.00 - $2,500.00
Balance: $0 - $2,500
Tier 1 $0.00 to $5,000.00; No interest will be paid on balances higher than $15,000.00.
- Oct 3, 20264.07%▲ from 0.50%
- Sep 27, 20260.50%first recorded
No monthly service fees. Interest is compounded and credited monthly.
Promotional APY. Balances at or below $9,999.99 do not qualify for this promotional rate and are subject to the current non-promotional interest rate applicable to this account type. At the end of the 180-day promotional period, the interest rate and APY will revert to the then-posted non-promotional rate(s) applicable to this account type. The interest rate(s) and annual percentage yield(s) are variable and may change at any time before or after the account is opened. To qualify, you must be a new personal savings client of Flagstar Bank and open a Flagstar Ready Savings account. You must make an initial minimum opening deposit of at least $1.00. To qualify for the promotional rate, you must deposit additional funds, to maintain a balance greater than or equal to $10,000 is required and must be "new money," which is defined as money that is not currently on deposit in any Flagstar Bank account; money moved from any Flagstar Bank affiliate or subsidiary account or funded from a Flagstar/affiliate loan or line of credit does not qualify. For purposes of this offer, funds from maturing certificate of deposit accounts held at Flagstar Bank will be considered eligible. The account must remain open for the full 180-day promotional period. This offer is limited to one promotion per household. If any signer on this account has previously received a savings promotion from Flagstar Bank, you are ineligible for this offer. This offer cannot be combined with any other offers or promotions. An early account closure fee may be imposed for accounts closed within 180 days. Offer subject to change or cancellation at any time without notice. Receiving this offer does not guarantee eligibility. All account applications are subject to our normal approval process. Personal accounts only. Area restrictions may apply.
- Oct 6, 20264.00%▲ from 3.75%
- Sep 18, 20263.75%first recorded
Promotional 4.00% APY for first 8 months on balances of $15,000.00 or more; requires $15,000.00 in new money deposits; Balance: $15,000.00 and over; At least one account holder must be 18 years of age
- Sep 18, 20264.00%▲ from 3.75%
- Sep 14, 20263.75%first recorded
Balance Optimizer
Balance: above $5,000,000
- Sep 30, 20263.88%▲ from 3.64%
- Sep 9, 20263.64%first recorded
Earn up to 3.75% APY with a Money Market Savings
- Oct 3, 20263.58%▲ from 2.94%
- Sep 29, 20262.94%first recorded
Balance: $200,000 & Over
Earn up to 3.50% APY when you are an account owner of a Bank Smartly Checking, Safe Debit account, or Bank SmartlyTM Visa Signature Card and a CQB of at least $25,000. APYs may vary by location and are accurate for accounts opened on today's date. Restrictions apply.
Balance: $250,000 and over
Balance: $250,000 and over
Balance: Balances Through $249,999.99
Balance: $3,000,000 - $4,999,999
Balance: $3,000,000+
Minimum initial deposit $1,000 for Traditional and Roth IRA Certificates; $500 for Educational IRA Certificates
- Oct 8, 20263.30%▲ from 3.05%
- Sep 16, 20263.05%first recorded
Balance: $100,000-$199,999
Balance: $5MM and over
Balance: $5,000.00 to $2,000,000.99
Balance: $5,000.00 to $2,000,000.99
Balance: $250,000
Dividends earned each: Day; Dividends paid at end of each: Month; No penalty withdrawal period: Any time; Withdrawal penalty on amount:
- Oct 2, 20263.25%▲ from 3.00%
- Sep 15, 20263.00%first recorded
Dividends earned each Day; Dividends paid at end of each Month; No penalty withdrawal period: 1st 5 days of each month; Withdrawal penalty on amount: 15 days dividends
Balance: $1,000,000 - $2,999,999
Balance: $1,000,000 - $2,999,999
Annual Percentage Yield: 3.09% with a daily balance of $1,000,000 or less; Interest rate: 3.05% with a daily balance of $1,000,000 or less; Monthly maintenance fee: $5; Average daily balance to avoid fee: $4,000; ATM surcharge rebate Up to $10 per month: YES
- Oct 6, 20263.09%▼ from 3.88%
- Sep 30, 20263.88%first recorded
Balance: $25,000-$99,999
Our uncapped, high-yield, savings account gives you the flexibility of a savings account without locking up your savings in a long-term investment!
Balances $25,000+
Balance: Up to $1,000
Balance: $5,000,000 or below
- Sep 30, 20262.94%▼ from 3.64%
- Sep 9, 20263.64%first recorded
Balance: $250,000.00 and above
Balance: $25,000 - $99,999.99
Banks and Credit Unions: If you identify an incorrect rate or wish to request the removal of your institution’s data, please contact us here.
Spencer, IN Savings Rate Trends
Compare local Spencer, IN savings rate quotes against the statewide average
Daily savings rate averages tracked across our database of 8,500+ banks and credit unions, updated every evening.
Indiana high-yield savings rates rose 0.010 points over the past 7 days to 2.376% APY, up from 2.366%.
Indiana standard savings rates rose 0.035 points over the past 7 days to 0.373% APY, up from 0.338%.
Spencer, Indiana Savings Rate Forecast, Next 12 Months
Savings rates move with Federal Reserve policy. Our model uses the current IN high-yield average and a Fed funds spread to project the likely rate trajectory for 2026 to 2027.
Savings account rates are variable and move in close correlation with the Federal Reserve’s federal funds rate target. Our 12-month forecast is derived from the current IN high-yield savings average of 2.376% APY and a Fed funds spread model calibrated to the historical relationship between policy rate changes and deposit rate adjustments at banks and credit unions.
Key assumptions: the Federal Reserve holds the federal funds rate at its current level over the next 12 months, with the possibility of one 25 basis point increase; deposit rates at banks and credit unions track policy-rate changes within 60 to 90 days. High-yield online savings rates tend to adjust faster than standard branch-based savings rates.
Important notice: This forecast is for informational purposes only and should not be used as the sole basis for financial decisions. Rate forecasts carry significant uncertainty. The actual trajectory will depend on Federal Reserve decisions, economic conditions, and competitive dynamics among financial institutions in Spencer, Indiana.
Savings Account Earnings in Spencer, Indiana
Annual interest earnings at current IN average APYs, based on the high-yield and standard savings averages tracked in our database. Compounding assumed monthly.
| Balance | HY Savings (2.376% APY) | Monthly Earnings | Standard Savings (0.373% APY) | Monthly Earnings |
|---|---|---|---|---|
| $5,000 | $118.78 / year | $9.90 | $18.67 / year | $1.56 |
| $10,000 | $237.55 / year | $19.80 | $37.33 / year | $3.11 |
| $25,000 | $593.88 / year | $49.49 | $93.33 / year | $7.78 |
| $50,000 | $1,187.75 / year | $98.98 | $186.65 / year | $15.55 |
| Earnings estimates use daily compounding. Actual earnings depend on exact rate, compounding frequency, and daily balance maintained. Rates are variable and subject to change. Source: Spencer, Indiana savings rate averages as of October 13, 2026. | ||||
About Our Spencer, Indiana Savings Rate Database
MonitorBankRates found 3 institutions with branches in Spencer (1 bank, 2 credit unions), plus 26 additional state-chartered and national online institutions available to Spencer residents. Our proprietary aggregation system pulls verified rate data directly from each institution’s official website, no estimates, no national averages passed off as real offers.
Every rate listed includes the institution’s Safety Grade (A+ to F), Star Rating (1 to 5), and Texas Ratio, objective financial health metrics calculated from FDIC and NCUA regulatory data, so you can compare yield and institutional safety in one place.
Current top rate: Peoples State Bank Ellettsville, IN offers a savings account at 3.56% APY. Use the rate table above to compare all current offers in Spencer, Indiana.
How to Find the Best Savings Rates in Spencer, Indiana
What to compare when shopping for a savings account in Spencer, Indiana
To find the best savings APYs in Spencer, Indiana, start with credit unions and online-only banks: Spencer, Indiana has 14 credit unions in our database, and they consistently offer some of the highest yields because they are member-owned nonprofits with lower overhead than traditional banks.
Always compare the APY (Annual Percentage Yield), not just the interest rate. APY reflects compounding and is the true measure of what you’ll earn. Savings accounts that compound daily earn slightly more than those compounding monthly at the same stated rate. The current IN high-yield savings average is 2.376% but top local institutions are offering as high as 3.56%, so shopping around pays off.
Unlike a CD, savings account rates are variable. Your rate can change at any time with Federal Reserve policy. Many institutions offer elevated introductory rates that reset after a promotional period. Review your account periodically to ensure your APY remains competitive.
When a High-Yield Savings Account Makes Sense
- Emergency fund: Financial experts recommend 3 to 6 months of expenses in a liquid, FDIC-insured account. Spencer, Indiana high-yield savings rates currently average 2.376% APY, far above a typical checking account.
- Short-term savings goals (6 to 24 months): If you may need the money soon, a savings account gives you immediate access without early withdrawal penalties.
- Parking cash between investments: A high-yield savings account at Spencer, Indiana institutions keeps idle cash working harder while remaining fully accessible.
- You prefer banking locally: 29 institutions in Spencer, Indiana report savings rates to our database.
- You’re among Spencer, Indiana’s 30.1% of residents aged 65+ for whom liquid, accessible savings complement fixed-income holdings.
- No rate lock-in risk: Unlike a CD, your rate moves up with the market if rates rise further.
Consider an Alternative If…
- You want a locked-in, guaranteed return Spencer, Indiana CD rates
- You want check-writing flexibility Spencer, Indiana money market rates
- You need daily transaction access Spencer, Indiana checking rates
Spencer, Indiana Financial Snapshot
Local demographics and economic context for savers. Source: U.S. Census Bureau
30.1% of residents are 65 or older, above the national average of 17.3%, making liquid, accessible savings accounts a particularly relevant option in this market. At today’s IN high-yield savings average of 2.376%, saving 10% of the local median salary ($3,062/year) would earn an additional $73 annually in interest.
Data: U.S. Census Bureau and U.S. Bureau of Labor Statistics.
Savings Accounts vs. Other Spencer, Indiana Options
How high-yield savings accounts compare to other deposit products available at banks and credit unions in Spencer, Indiana.
| Feature | High-Yield Savings | Standard Savings | Money Market | CD (12-Month) |
|---|---|---|---|---|
| Current IN Avg APY | 2.376% | 0.373% | View MMA Rates | View CD Rates |
| Rate Type | Variable | Variable | Variable | Fixed for term |
| FDIC / NCUA Insured | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K |
| Withdraw Anytime | ✓ Yes | ✓ Yes | ✓ Yes | ✗ Penalty applies |
| Check Writing | ✗ No | ✗ No | ✓ Often yes | ✗ No |
| Debit / ATM Card | Some institutions | ✗ Rarely | ✓ Often yes | ✗ No |
| Typical Min Deposit | $0 to $100 | $25 to $100 | $0 to $2,500 | $500 to $1,000 |
| Rate Risk | Variable, moves with Fed policy | Variable, moves with Fed policy | Variable, moves with Fed policy | None, locked for term |
| Best For | Emergency fund, short-term goals, parking cash | Everyday saving, low-balance accounts | Active savers wanting flexibility + check writing | Locking in a rate for a defined period |
APY data reflects Spencer, Indiana averages tracked in our database as of October 13, 2026. Rates are variable and may differ by institution. See individual product pages for full details.
Savings Calculators for Spencer, Indiana
At IN’s top rate of 3.56% from Peoples State Bank Ellettsville, IN, a $10,000 deposit earns $356 annually. Enter your balance to see your exact return.
Savings Goal CalculatorA 3-month emergency fund for the median Spencer, Indiana earner is roughly $7,700. At 2.376% APY, saving $640/month gets you there in about 12 months. Set your target and see your exact timeline.
CD vs. High-Yield SavingsIndiana’s high-yield savings average is 2.376% APY, variable and always accessible. A local CD may offer a higher fixed yield in exchange for locking in your deposit. Compare both side-by-side to find the better fit for your timeline.
Budget CalculatorBefore you can grow your savings, you need to know how much you can set aside each month. The median Spencer, Indiana earner makes $30,625/year. Track your income vs. expenses to find your monthly surplus, then put it to work at 2.376% APY.
Retirement PlannerA $25,000 high-yield savings balance earning 2.376% APY grows to roughly $39,982 over 20 years with compounding. See how your current savings trajectory lines up with your retirement income needs.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Spencer, Indiana savings rate tables are free for consumers to use, and we do not receive payment from any financial institution to be included or to be ranked in any particular order. Listings are based solely on the rates each institution publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Savings Rate Data: We aggregate savings account rates for Spencer, Indiana directly from the official websites of banks and credit unions using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every savings rate displayed on MonitorBankRates.com is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available yields in Spencer, Indiana. We feature a comprehensive mix of institutions, from neighborhood credit unions and competitive regional banks to large national institutions available to savers in IN.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update savings rates daily. Because savings account yields can fluctuate rapidly, every product listed features its own specific “last updated” date, giving you complete transparency.
Frequently Asked Questions about Savings Accounts in Spencer, Indiana
What is a High-Yield Savings Account (HYSA)?
Are savings accounts in Spencer, Indiana safe?
How often do savings rates change in Spencer, Indiana?
Do I need a minimum deposit to open a savings account?
What is the difference between a Savings Account and a Money Market Account?
Are online banks better than local banks in Spencer, Indiana?
How do I open a savings account in Spencer, Indiana?
Best Savings Rates in Spencer, Indiana
- Peoples State Bank Ellettsville, IN
Health Savings Account: 3.56% APY - Crane Credit Union
Money Market Savings: 2.27% APY - Baxter Credit Union
Rainy Day Savings: 1.90% APY - Beacon Credit Union
Ownership Share: 6.00% APY - Everence Trust Company
Youth savings: 5.00% APY
Spencer, Indiana Rates & Resources
