We consider spectral radius algebras associated with C 0 contractions. When the operator A is algebraic, we describe all invariant subspaces that are common for operators in its spectral radius algebra B A . When the operator A is not algebraic, B A is weakly dense and we characterize a set of rank-one operators in B A that is weakly dense in L(H).2000 Mathematics subject classification: primary 47A15; secondary 47A65, 47B15.