We also have other great savings tools, like our Christmas Club Account and Health Savings Account:
Christmas Club
A fun and easy way to save for holiday shopping. Save as much or as little as you want, and receive a deposit, plus interest, to your linked checking or savings account in time for holiday shopping.
Available to use year after year.
Health Savings Account (HSAs)***
HSAs are one of the best ways to offset healthcare costs, allowing you to earn interest on tax-free deposits. Distributions are tax free when used for qualified medical expenses. Best of all, unused funds roll over from year to year, affording you a cushion for medical expenses and peace of mind.
Account features:
- Tiered interest compounded monthly
- 5 free debits per statement cycle ($0.50 per debit thereafter)
- $25 annual fee
- Individual and family plans available
To qualify for an HSA, the owner must have a high deductible health plan (this is not a product for the uninsured), may not have other health insurance coverage, is not entitled to Medicare benefits and cannot be claimed as a dependent on someone else's tax return. Contribution limits apply.
Statement Savings Account
A simple, straightforward savings option that pays interest on daily balance.
- Account compounds quarterly
- $3 per month service fee for account balances below $100
- No fee if account owner is under 18 or over age 60
- Up to 6 withdrawals per month (a $5 fee applies for each additional withdrawal)
Smart Saver Account
Earn a great introductory rate on balances of $10,000 or more for the first 90 days after account opening, and a great tiered rate thereafter.
- Tiered interest
- $10 per month service fee for account balances that fall below $1,000 at any time
- Up to 6 withdrawals per month (a $5 fee applies for each additional withdrawal)
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Companion Savings
Maximize your savings when you link a Companion Savings account to your Rewards Checking account! Earn a special bonus rate* with interest paid monthly, plus no monthly service fee or minimum balance.
- Interest paid monthly
- Earn a bonus rate*
- No monthly fee
- No minimum balance
- E-Statements required
*To earn bonus rate: must make 12 debit card (POS) transactions of $10 or more each statement cycle (must post and clear in cycle) on linked Rewards Checking Account, and receive e-statements.
Preferred Money Market
Our Money Market account is perfect for your larger balances. With tiered interest, the higher your balance, the more you earn.
- Tiered interest compounded monthly
- $10 per month service fee for account balances below $1,500
- Limited check writing ability**
**You may make six (6) withdrawals or transfers to another account of yours or to a third party by means of a pre-authorized or automatic transfer or telephone order or instruction, computer transfer or by check, draft debit card or similar order to a third party. If there are more than 6 withdrawals in any statement cycle there is a $15 per withdrawal fee starting with the 7th withdrawal.
Ready to get started, or need help choosing the right account?
Andover Bank has your back. Give us a call at (844) 259-5473 or stop by one of our banking centers to meet with a personal banking specialist and find the account that best maximizes your savings.