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Guide to College Savings

ASB May 08, 2019 | 5 min read N/A

Worried about how you’ll be able to afford your child’s higher education? You’re not alone! With tuition costs rising year after year, many families are concerned with how they can send their kids to college.

According to a Value Penguin report, the average cost for a public, in-state university is over $25,000 per year. For a private college, that cost jumps to over $50,000, including tuition, room and board, and other fees. As a parent, the idea of paying for college is downright nerve-racking. With proper financial planning, however, you can help secure your child’s future education.

At American Savings Bank, we want you to know that you’re not alone in your worries about college. To make this process easier, we’ve put together some tips on different college savings accounts. Use our guide to financial planning for college expenses to save for your child’s future.

WHEN SHOULD I START SAVING FOR COLLEGE?

Like many long-term financial goals, the earlier you can start saving for your child’s college, the better. Every small amount you put towards paying for college contributes to your overall savings. 

SAVINGS ACCOUNTS

A standard savings account offers one of the most straightforward methods of saving for college. The benefit, of course, is that a savings account is likely much safer than storing cash elsewhere, such as in your home. With a savings account, the money you put into the account earns interest. Over time, this interest can add up.

A savings account can be a good starting point in your financial planning for college. Unlike accounts dedicated to education funding, a savings account doesn’t have limitations on how the money can be used. 

CERTIFICATE OF DEPOSIT (CD)

Much like a savings account, a Certificate of Deposit (CD) allows you to put money into an account that earns interest too. The return rate for a CD is usually higher than a savings account, and your interest rate is fixed, meaning it won’t change during the term of the CD. The major difference between CDs and typical savings accounts is that CDs have maturity terms. When you open a CD, you can choose how long you want to keep the money in the account. 

SECTION 529 COLLEGE SAVINGS PLAN

Designed for college savings, 529 plans provide a great way to save for college expenses as part of your financial planning strategy. These plans may offer more risk than a typical savings account because they are investment accounts. The advantage to this risk, however, is the ability to take money out tax-free, including investment gains, for qualified education expenses. Please visit hi529.com.

Before investing in a 529 plan, investors should carefully consider whether the investor’s or beneficiary’s home state offers any state tax or other benefits available only from that state’s 529 plan.


COVERDELL EDUCATION SAVINGS ACCOUNTS (CESA)

Coverdell Education Savings Accounts, or CESA, provide similar benefits to a 529 savings account. Anyone is allowed to contribute to a CESA. That means you can have relatives contribute to your child’s education fund as a birthday or other gift. There are annual contribution limits. The plus side to this is that contributions grow tax-free. You can also withdraw funds tax-free so long as the money is used for a qualified education expense. Money in a CESA must be used by age 30, but any unused funds can be rolled over without penalty to another family member that’s under 30.

CUSTODIAL ACCOUNTS

Custodial accounts under the Uniform Transfer to Minor Act (UTMA) and Uniform Gift to Minors Act (UGMA) are not designed only for college savings. Though the account is set up in your child’s name, you are in control of the funds until your child reaches a certain age (21 for UTMA and 18 for UGMA). Unlike 529 accounts or CESAs, you don’t have to use the money for education expenses. A withdrawal can be made for any expenses that benefit your child.

FINANCIAL PLANNING FOR COLLEGE EDUCATION

If you have young children or are getting ready to start a family, make college planning a part of your overall financial planning strategy. Worried about saving for your child’s future? Speak with one of our knowledgeable American Savings Investment Services* financial planning consultants about education planning. We’ll help you prepare for the cost of college, setting you and your children up for future financial success.

Please consult your tax advisor for more information regarding your individual situation.

*Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFGIS Insurance Agency), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investment services are offered. Registered address and phone number: 300 North Beretania Street, Honolulu, HI 96817, (808) 735-1717.

NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NOT A BANK DEPOSIT.

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What Are the Advantages of Building Credit?

ASB May 09, 2019 | 5 min read N/A

Carrying some manageable debt is necessary for building credit. Your credit score has a big impact on your ability to finance big purchases. Knowing how to build credit and maintain a good credit score can help set you up for financial success in the future.

You might think your credit score isn’t important, or that building your score is too difficult to manage. Lucky for you, we’ve included a few tips below to help you build a high credit score – which can be instrumental in helping you buy your first house or finance a new car. 

ADVANTAGES OF A HIGH CREDIT SCORE

Unless you have an unlimited supply of cash, a high credit score can help you pay for many of life’s big events. Securing a great interest rate on a loan is a lot easier if you have a credit history and have built a high credit score. There are many different situations where a solid credit score can give you an advantage, including:

BIG PURCHASES

Have you thought about buying a house someday? Or, are you looking to purchase a new car? Both of these purchases likely require financing. Having a high credit score is essential. When you’re taking out a loan for a major purchase, your credit score is used by your lender to determine if you’re responsible enough to pay back the loan on time. Plus, good credit generally gives you access to better loan rates than if you have a bad credit score.

CREDIT CARDS

Much like a loan for a new car, buying a house, or making a big purchase with a personal loan, your credit score affects your approval and interest rates for credit cards. Many credit cards with rewards, for example, require good credit. With a high credit score, you may also be approved for a higher credit limit on a new credit card.

OTHER PERKS TO GOOD CREDIT

While getting the best interest rate available is a great advantage to a high credit score, there are some perks that are often overlooked. For example, a high credit score may help you qualify for lower car insurance rates. Credit is one of the factors that many insurance providers take into account when giving you an auto insurance quote. With good credit, you may also get an easier approval when renting an apartment. Once you’ve moved into that new apartment, a high credit score can reduce or eliminate the deposit you have to pay to set up utilities in your name.

WAYS TO START BUILDING CREDIT

If you’re starting from scratch, building credit can seem almost impossible. To get good credit, you need some form of a loan or credit line. You can use the following strategies to build credit if you don’t have a credit history.

SECURED CREDIT CARDS

Without a credit history, or if you are rebuilding your credit history, it can be hard to get approved for a credit card. Secured credit cards, unlike other credit cards, can be a good start.  A secured card requires a cash deposit to open. This deposit is retained as collateral in case you default on payments on your credit card. Generally, the amount of your deposit is your credit limit for your new credit card. Once you’re approved for a secured card, you use it just the same as a regular credit card, making sure to pay the full balance each month.

FIND A CO-SIGNER

Sometimes you may need cash to pay for something when you don’t have an established credit history. When this happens, a co-signer can help you get the money you need and build your credit. A co-signer is someone with good credit who agrees to pay your loan or debts if you don’t make payments. Many young adults have their parents or grandparents co-sign on their loan. As long as you make your payments on time, your co-signer will not be responsible for any of your debts.

A similar method to finding a co-signer for building credit is to become an authorized user on someone else’s credit card. If you’re in college, for example, your parents may add you as an authorized user on their credit card. You’ll get your own card, but your parent will be responsible for paying the bill each month. Many families use this method to build credit for their children. Parents often require their children to pay them back for their monthly purchases.

RENT AND UTILITIES

You may be able to build a positive credit history by making on-time rent and utility payments. There are several companies that allow you to record your rent payments. These are sent to the credit reporting agencies. Several months or years of on-time rent payments can help demonstrate that you make monthly payments reliably.

HOW TO MAINTAIN A GOOD CREDIT SCORE

You’ve finally built up a good credit score, but how do you maintain that score? The most important factor in keeping your good credit score is to make payments on time and in full. If you regularly use your credit card, for example, make sure to pay the full balance before it’s due. Likewise, make your loan payments on time each month. Getting behind on payments can quickly decrease your credit score.

You can also maintain a high credit score by not taking out too many loans or having too many credit cards. Each time you take out a new loan or open a new credit card, you will receive an inquiry on your credit history. Multiple credit inquiries can have a negative effect on your credit score.

LEARN MORE ABOUT BUILDING CREDIT
Building credit doesn’t have to be confusing or difficult. Knowing how to build your credit score can help you establish healthy financial habits for the future. Stop by one of our convenient branch locations to speak with an ASB teammate and start building your credit history today.

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What's a Health Care Directive?

ASB May 01, 2019 | 5 min read N/A

Planning ahead is an important part of life. Many of us plan ahead for exciting major life events like buying a home or retirement. It’s also important, however, to plan for the unexpected. Deciding what advance health care decisions you prefer if you become unable to make them for yourself is daunting, to say the least. In addition to being a difficult topic to think about, there’s also a lot of confusing medical and legal language involved.

At American Savings Bank, we know that you don’t want to spend any more time than you have to on complicated matters like this. We’ve put together a list of suggested go-to tips to help you better understand your options when it comes to advance care directives. But, first and foremost, we strongly recommend speaking with your attorney before making these important decisions.

WHAT ARE ADVANCE DIRECTIVES?

You may have heard the term “living will” before. A living will is your declaration of what types of treatments or medical procedures you will or won’t accept if you become unable to make these decisions for yourself. These personal instructions for end-of-life care generally include instructions for the administration of pain medications or the use of treatments to prolong life without a chance for recovery.

If you’re confused by the term, you’re not alone. To prevent confusion among Hawaii residents, the State of Hawaii stopped using the term “living will” and instead uses the term “individual instruction.” Individual instructions are only one part of an advance health care directive. Health care directives can be legal documents or oral instructions, usually given to your doctor to be included in your medical records. They cover your individual instructions for end-of-life treatment as well as other important health care concerns, such as appointing a person of your choice to make decisions for you.

OTHER TYPES OF ADVANCE HEALTH CARE DIRECTIVES

Your health care directive lets you state exactly what your end-of-life decisions are even if you can’t communicate those wishes in the future. In addition to your individual instructions, or living will, your directive can include:

  • DURABLE POWER OF ATTORNEY FOR HEALTH CARE: A legal document that appoints a person of your choice to make decisions on your behalf if you are unable. Known as your “health care agent,” many Hawaii residents think this person must be your attorney. This isn’t true; your “health care agent” can be anyone you trust. Many people choose to appoint their adult child, spouse, or trusted family friend. Generally, the only restriction in choosing an agent is that the person can’t be an owner or employee of the medical facilities where you wish to receive care unless you are related.

  • PROVIDER ORDERS FOR LIFE SUSTAINING TREATMENT (POLST): Not technically a health care directive, POLST are provided in a form signed by a physician or Advanced Practice Registered Nurse (APRN) and used for immediate action. Generally, a POLST form is used as a summary of sorts that details what is included in a person’s advance health care directive. When a medical decision needs to be made, the instructions from a health care directive are documented on the POLST form. The form allows medical professionals to act upon your wishes right away.

  • DO NOT RESUSCITATE (DNR) ORDER: A health care order made to a doctor or other medical professionals, such as emergency crews, refusing CPR in the event a person has stopped breathing or is suffering a heart attack. DNR orders can be made by a health care agent or, if the patient is able to communicate, by the patient themselves in an emergency. Many people who wish to include a DNR order add it to their health care directive so that the decision is made well before an emergency takes place.

  • ORGAN DONATION: Unlike other health care directives, organ donation is generally made through the Department of Motor Vehicles. You can choose to become an organ donor when you apply for or renew your driver’s license. If a person has specific wishes for their body or organs, they can include additional instructions on their health care directive document.

     

HOW TO CREATE HEALTH CARE DIRECTIVES IN HAWAII

Though it can be tedious to go through the legal language used in advance directives, it should be an important part of your life planning process. Fortunately, Hawaii has made it easy to create your own health care directive. The state provides a fillable form that can be downloaded and completed on your computer. They also include a checklist so that you know you’re on the right track to creating a legally accurate directive.

Be sure to speak with your attorney about your health care directive options. As you think about your end-of-life treatment wishes, be sure to remember the financial aspect of health care planning. A life insurance or long-term care policy may help your family members pay for the treatment you wish to receive. Planning for the end of your life can be uncomfortable, but remember that by making these decisions now, you will save your family from difficult decisions in the future.

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In the Spirit of “Building” a Stronger Community, ASB Donates Nearly $320,000 to 15 Local Nonprofits

ASB April 29, 2019 | 5 min read N/A

HONOLULU, HI – American Savings Bank (ASB) today announced that in the first quarter of 2019, it donated $318,133 to 15 nonprofit organizations in the state of Hawai‘i. The majority of the funds were raised through ASB’s 2019 Kahiau Giving Campaign, an annual workplace giving program that benefits local community organizations.

In the Hawaiian language, “kahiau” means “to give from the heart without expecting anything in return.” This meaning translated well in the bank’s 2019 Kahiau Giving Campaign, during which the LEGO-themed workplace fundraiser generated a total of $170,633 – matched with an additional $100,000 from ASB. The campaign also broke a company record – with an astonishing 95 percent of the bank’s 1,100+ teammates participating.

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ASB teammates presented their donation to Kahiau Giving Campaign beneficiaries at the bank’s new Campus.

 

“Our teammates truly showed the power of coming together around a good cause with a phenomenal 95 percent turnout for our 2019 Kahiau Giving Campaign,” said Rich Wacker, president and CEO of ASB. “These gifts further our continued support for these community-based organizations and the life-changing services they provide to the people of Hawai‘i.”

The Kahiau funds were donated to Child & Family Service, Kapi‘olani Health Foundation, Kupu, Partners in Development Foundation and United Way. In addition to these monetary gifts, ASB supports its Kahiau Community Partners year-round through the bank’s Seeds of Service volunteer program and financial literacy workshops.

In addition to the gifts made through the Kahiau Giving Campaign, ASB announced grants to several other community organizations: Education Incubator in partnership with Superpower Academy (supporting a program with Kamiloiki Elementary School, an ASB Bank for Education ‘Ohana School), Habitat for Humanity Hawai‘i Island, Island School (an ASB Bank for Education ’Ohana School), Maui Youth and Family Services, One Shared Future in partnership with Child & Family Service, and Pacific and Asian Affairs Council, to support four Bank for Education ‘Ohana Schools.

ASB supports initiatives that promote educational excellence and financial literacy, strengthen families and foster innovation and entrepreneurship through donations, sponsorships, grants, scholarships, internships and volunteerism. In total, ASB has donated millions of dollars to Hawai‘i’s nonprofits and community organizations, including nearly $2 million raised through the Kahiau Giving Campaign since 2011.

ASB’s gift recipients include:

  1. Aloha United Way
  2. Child & Family Service
  3. Education Incubator/Superpower Academy/Kamiloiki Elementary
  4. Friendly Isle United Fund
  5. Habitat for Humanity Hawai‘i Island
  6. Hawai‘i Island United Way
  7. Island School Capital Campaign
  8. Kaua‘i United Way
  9. Kapi‘olani Health Foundation*
  10. Kupu
  11. Maui United Way
  12. Maui Youth and Family Services
  13. One Shared Future/Child & Family Service
  14. Pacific & Asian Affairs Council
  15. Partners in Development Foundation*
  16. Kahiau Partner

 

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Kahiau Giving Campaign

 

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Education Incubator/Superpower Academy/Kamiloiki Elementary From left to right: Beth Whitehead, EVP, Chief Administrative Officer, American Savings Bank; Pamela Joe, Founder, Superpower Academy; Miki Tomita, Founder & Chief Executive Officer, Education Incubator and Michelle Bartell, FVP, Director, Communications & Community Advancement

 

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One Shared Future/Child & Family Service From left to right: Beth Whitehead, EVP, Chief Administrative Officer, American Savings Bank; Rachael Wong, Founder & Strategic Advisor, One Shared Future; Karen Tan, President & Chief Executive Officer, Child & Family Service and Michelle Bartell, FVP, Director, Communications & Community Advancement

 

About American Savings Bank
American Savings Bank (ASB) has been serving Hawai‘i’s businesses and communities since 1925 and currently provides a full range of financial products and services, including business and consumer banking, home loans, insurance and investments. ASB is one of Hawai‘i’s leading financial institutions, with e-banking services and branch locations throughout the state offering evening, weekend and holiday hours. ASB provides Hawai‘i’s consumers and businesses with more extended weekday and weekend hours than other similarly sized local banks, as well as convenient in-store branches. ASB was the first Hawaii bank to introduce remote-deposit capture with a mobile banking application.

ASB matches its exceptional customer experience with an employee experience that has garnered local and national awards. ASB has been recognized nationally as one of the “Best Banks to Work For” by American Banker Magazine and locally as one of the “Best Places to Work” by Hawai‘i Business Magazine for 10 consecutive years and honored nationally as one of the “Best Banks to Work For” by American Banker Magazine. Fortune Magazine has recognized ASB as one of the 100 Best Workplaces for Women and 50 Best Workplaces for Diversity. For more than 90 years, ASB has been helping build strong communities. Through its Seeds of Service program, ASB teammates have contributed nearly 48,000 hours of volunteer service, and ASB has donated millions of dollars to Hawai‘i’s nonprofits and community organizations. For more information, visit https://www.asbhawaii.com/ or follow American Savings Bank on Facebook, Instagram and LinkedIn.

Media Contact

Karwin Sui
Communications Manager
(808) 539-7268
ksui@asbhawaii.com

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How to Save for a Rainy Day

ASB April 24, 2019 | 5 min read N/A

A sudden, unexpected expense can really put a damper on your mental wellbeing. In fact, in a 2017 study by the Federal Reserve, 40% of Americans said they wouldn’t be able to pay for an unexpected $400 expense.

So, how can you avoid being part of that 40%? Consider creating a rainy day fund so that you’re ready for the unexpected. Of course, we at American Savings Bank know that’s easier said than done. That’s why we’ve put together this list of actionable steps you can use to start your own rainy-day fund today!

WHAT’S A RAINY-DAY FUND?

First thing’s first when building a rainy-day fund: what is it exactly? Your idea of a rainy-day fund might be slightly different than your neighbor’s. The important part is to determine how you would use this fund for you and your family.

Some people like to consider a rainy-day fund and emergency fund as two separate entities for saving. Usually, if you keep your rainy-day money and emergency money separate, you use the rainy-day fund for smaller expenses and the emergency fund only in serious financial emergencies. For example, let’s say your refrigerator stops working. You call a repair company and they tell you they can fix it for $350. This is money you would probably take out of your rainy-day fund. On the other hand, if you suddenly lost your job and needed to cover a couple months’ worth of expenses, you probably need to take money out of your emergency fund.

Alternatively, you can choose to use your rainy-day fund and emergency fund as one savings account. You’ll want to keep enough money in the single account to cover both big and small unexpected expenses. No matter what approach you choose for your family’s rainy-day fund, the most important part is that you work to build savings for sudden expenses.

SET SAVINGS GOALS

The best way to save for a rainy day is to think about how much you want to save and a timeframe for saving up. Sit down with your family and look at the past year’s unexpected expenses or potential upcoming expenses. Do you have an older car or appliance that might need repair work soon? Do your children play sports and you’re concerned about unexpected medical bills due to injuries? Think about these things to determine approximately how much you might need to save.

Once you have an amount in mind, decide on your savings timeline. If, for example, you’re hoping to save $600 in the next year, you’ll need to put $50 a month into your rainy-day fund. It’s important to be realistic when deciding on a timeline for your rainy-day fund. You can make setting savings goals easier by taking a quick financial checkup to determine the health of your finances right now.

AUTOMATE SAVING

You’ve set a savings goal and have a timeline for your rainy-day fund, but how can you be sure that you and your family will reach these goals? An easy way to meet your savings goals is to automate your savings with an automatic transfer into your rainy-day fund. Automating your savings means you won’t have to worry about you or your family members being tempted to use the money that’s meant for a rainy day.

USE EXTRA CASH FOR YOUR RAINY-DAY FUND

Even if you’re sticking to your savings goals, having extra money is a good thing. Finding you have some extra cash at the end of the month after paying your bills? Go ahead and deposit it into your rainy-day fund. Not only will you reach your set goal sooner, but you’ll also end up saving more over the course of your savings timeline.

EXAMINE AND CUT YOUR EXPENSES

Have you taken a look at your expenses recently? Look over your expenses for the past month or two and see if there are any places where costs could be cut. Of course, some expenses can’t be cut down. Things like your mortgage payment or other loan payments are usually set expenses. On the other hand, you might be able to slim down how much you spend on smaller things. For example, instead of grabbing a coffee from the coffee shop each morning on your way to work, commit to taking a coffee from home even just three days a week. These small savings can quickly add up over time.

CREATE A RAINY-DAY FUND TODAY

Starting a rainy-day fund doesn’t have to be complicated. Use our simple tips to open a new savings account and start saving today. If you’re not sure what type of account is best for your family’s rainy-day fund, contact us to learn about our different savings account options. Our friendly ASB Dream Team can help you set up an account and get started!

Note: Please be aware that the effect of inflation over time could have an impact on your savings plans.

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Introducing Our New Financial Checkup

ASB April 18, 2019 | 5 min read N/A

How often do you really think about your financial goals? Do you know if you’re on track to reach them? Managing your finances while also trying to plan for the future doesn’t necessarily come second nature to all of us. Fortunately, there’s no need to figure it out all on your own. At American Savings Bank, we know that financial planning isn’t always easy, especially here in Hawaii. That’s why we’re here to help you get your financial planning on track!

The first step to securing your future financial goals is to know where you stand today. Just like a physical checkup at your doctor’s office, our new Financial Checkup lets you check the health of your current financial situation. Read on to learn how our Financial Checkup can get you started on reaching your financial goals.

HOW DOES IT WORK?

Using a quick online quiz, our Financial Checkup reviews your current saving, spending, and financial planning habits. The quiz is only 9 questions long and quick and easy to complete. You’ll be asked questions on topics such as retirement and budgeting. The Checkup then analyzes your answers to determine your financial health.

Once you’ve completed the Financial Checkup survey, you’ll be given a score out of 100. A higher score indicates that you’re on the right path with your financial planning. A score somewhere in the middle likely means you’re ready to take your financial planning to the next level. Lower scores provide an opportunity for you to get started on saving and planning for the future. We get that while living in Hawaii is a wonderful experience, it can be financially challenging. The goal of the ASB Financial Checkup is to help you learn where you’re at and how you can improve your financial situation over time.

asb financial checkup result

WHAT DO I NEED TO DO TO TAKE THE FINANCIAL CHECKUP?

It’s super easy to see where you are in meeting your financial planning goals with our Financial Checkup. Don’t worry; we’re not going to make you sign up for anything to get your results! In fact, you should be able to answer all of the questions on our short financial survey without needing any resources like bank statements or other documents.

GET CUSTOMIZED FINANCIAL PLANNING RESOURCES

Your financial goals and needs might be unique, but you’re not alone if you worry about money or are concerned about your financial health. Unfortunately, living in Hawaii comes with a higher cost of living than other places. Our ASB Dream Team understands the struggles that come with living in paradise. When you use our Financial Checkup, you’ll get customized recommendations for financial resources based on your answers. We’ve divided our helpful articles, calculators, and banking services into four main categories: Managing Your Money, Preparing for the Unexpected, Borrowing Wisely, and Saving for the Future.

MANAGING YOUR MONEY

If your Financial Checkup answers reveal that you could use some help planning and maintaining a budget, we have resources related to money management. From text alerts to online bill pay, we offer resources to help you understand where your finances are, even when you’re on the go. Use our tools to create a budget that helps you stay financially healthy.

PREPARING FOR THE UNEXPECTED

Life isn’t always predictable, and sometimes those unpredictable moments can be costly. Even the wealthiest person may not be able to afford an unforeseen expense or life change if they don’t prepare for the unexpected. Luckily, our Financial Checkup provides you with the resources you need to plan ahead for almost any situation.

BORROWING WISELY

Knowing your credit score and staying up to date on any potential changes can help you improve and maintain it. The better your credit score, the more likely you are to get desirable rates on loans like personal lines of credit or a home loan for first-time buyers. Our resources for borrowing wisely show you how to build credit, increase your score, and leverage credit wisely for the big purchases in your life.

SAVING FOR THE FUTURE

Sometimes life feels like it’s flying by. As you approach various life events, your savings needs will likely change. Your financial plan should take these changes into effect. If your Financial Checkup indicates you need help saving for life’s big moments, we’re here to help with resources tailored towards growing your savings.

asb make appointment

LET US HELP YOU REACH YOUR FINANCIAL GOALS

Financial planning doesn’t have to be scary or difficult. The ASB Financial Checkup lets you answer a few “yes” or “no” questions about your financial situation to get information and encouragement tailored to your financial needs. Check out the Financial Checkup today to get started on reaching your financial goals.

Note: Please be aware that the effect of inflation over time could have an impact on your savings plans.

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What Should You Think About Before Getting Married?

ASB April 12, 2019 | 5 min read N/A

In the whirlwind of excitement that comes with planning a wedding, it’s easy to forget some of the most important conversations. While talking about finances isn’t always romantic, it’s much better to have these conversations well before you say, “I do.”

At American Savings Bank, we want you and your future spouse to be prepared for your life together. Our first tip? Make time to sit down and have a chat about these important topics. Being open and honest about your finances with each other can help make your relationship (and your bank accounts) stronger.

DIVING INTO DETAILS

Talking about money can be uncomfortable and awkward at best. While you may not want to have a financial discussion as early as the third date, you and your partner should consider being open about your perspective on finances as your relationship grows. Though every couple is on a different timeline, you should be aware of your partner’s financials before tying the knot. In fact, once you feel the relationship has gotten serious, it’s probably time to talk about money.

You don’t want to give out your online account login information or PIN numbers, but talking about your financial situation with your partner should be an open and honest conversation. This might include discussing your credit score and any debt you might have, such as student loans. You may also want to discuss how much money you have in savings, retirement accounts, and other accounts like health savings accounts. Though it can be uncomfortable, you’ll be better prepared for your future if you know of any financial concerns that may affect your life together.

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LET’S TALK ABOUT HABITS

Part of creating a financial plan in your marriage involves learning and accepting one another’s spending and saving habits. Before you take the next step in your relationship, talk about how much you like to save or what you tend to spend money on. Do you like to go out to a nice dinner every weekend when your partner prefers to save money and eat in? Do you make an effort to stash away cash for a rainy day when your significant other enjoys spending a little more to live in the moment?

Asking yourselves these kinds of questions can help you determine if one of you is a saver and one is a spender, or if you happen to both be one or the other. This also presents a great opportunity for you to outline your separate incomes and look for areas where you can both improve on your saving and spending patterns. For example, perhaps you discover both you and your partner are impulse buyers in the first few days after payday. Consider setting up an automatic transfer to a savings account to set aside a little from each paycheck for a big purchase, such as your next vacation together, your wedding or even your honeymoon.

HANDLING ACCOUNTS IN MARRIAGE

Combining your finances may seem like the most logical route after getting married. However, many couples actually choose to use a combination of joint and individual accounts to manage their money. Couples who live together before marriage also face this dilemma. It may seem easier to pay for rent and utilities from one account that you can both contribute to, versus one person paying the bills and the other sending money via an app or online banking (such as ASB’s Pay-A-Friend feature). However, putting all of your money into one joint account can make it difficult to achieve individual savings goals. Things like a birthday present surprise might lose some of its excitement if the recipient gets a notification when you buy it. Plus, individually, you do not have full control over the money in the account once you share it with another person.

Be sure to discuss all of the pros and cons of using a joint account with your partner. If you’re unsure which works best for you, consider opening a joint account with a limited amount of money to test the waters. Both of you can retain your individual accounts and still put a set amount into the joint account for bills or savings.

LONG TERM PLANNING

When discussing money with your partner, one thing you want to be sure to do is create a joint budget. Use our handy guide to creating a budget as a guideline for making a household budget. Not only will a budget be a great resource to keep you both on the same page financially, but it gives you a chance to understand each other’s approach to managing money. You’ll be able to see what your partner cares about most by how much they allot in the budget to certain things.

Another great part about setting a budget together is that it gives you a chance to talk about the future. Finances and marriage go way past the wedding day. Once you’ve exchanged vows and returned from the honeymoon, you’ll need to get straight to work on your combined financial goals. Set goals together and talk about your future. For example, if you plan to have kids, buy a house, or retire early, you will want to adjust your budget to save for these things.

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NEED SOME HELP?

Talking about money with your significant other doesn’t have to be scary or uncomfortable. By having financial conversations often, you’ll be more aware of your partner’s finances, and your plans for the future. Need some help on what to discuss? Stop by a branch and let an ASB Dream Team member help you get started.

Note: Please be aware that the effect of inflation over time could have an impact on your savings plans.

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Budgeting for a New Baby

ASB April 03, 2019 | 5 min read N/A

Are you expecting? Congratulations!

Welcoming your keiki into the world is a major life milestone. As many parents will tell you, the unconditional love you experience for your child is unlike any other. When you discover you have a baby on the way, your excitement may be overshadowed by the sheer amount of tasks you must accomplish to prepare for your new family member’s arrival. On top of doctor visits and preparing a nursery, you also have to consider the impact on your financial situation.

Not sure where to start? American Savings Bank is here to help! We understand you’ve got a lot going on and the last thing you may want to think about is how to budget for baby. Take a look at our guide below for a few useful tips and tricks you can cross of your list and get you prepared, right away.

ASB baby

ADD BABY TO THE BUDGET

Perhaps you’ve been sailing smoothly on your current budget for a long time, or maybe your current budget is already facing some strain. Either way, you’ll want to reevaluate your existing budget before baby comes. It’s best to think ahead and consider all of the new expenses that come with raising a child.

New expenses that you didn’t have before might include daily necessities like diapers, large one-time expenses such as a crib, and ongoing costs such as childcare and doctor visits. Just remember, your first year of parenthood is likely to be one of your most expensive. As your keiki ages, needs and expenses will change. So, while you might be worried about the cost of childcare, remember that your child will eventually need to start school. Additionally, the cost of formula and diapers will transition to school lunches and clothes.

CUT DOWN SPENDING TO ONE INCOME

Having a baby almost always requires taking time off – and that often results in a drop in income. One way you can prepare for this sudden change is to factor this into your budget and plan accordingly. If you or your spouse plan to return to work after maternity/paternity leave, you may have to play for daycare or a nanny. Or, if you or your spouse decides to take a break from work and be a stay-at-home parent, you’ll then lose one income in your household completely.

To prepare for this shift, go through your expenses and see where you can cut down on your spending. Some expenses will be easier to slim down than others. Going out to dinner or on date nights, for example, will likely be cut down when the baby comes, simply because much of your free time will go to caring for your child. Your home loan payment or rent, on the other hand, can’t exactly be chopped in half due to a lower household income.

Once you’ve gone through your expenses and reduced as much as possible, you can use the money from your second income as a savings booster until the baby comes. Not only will this allow you to practice living on less, but you’ll have the nice bonus of a savings account that can serve as a baby emergency fund.

LOOK FOR SAVINGS ON BABY NEEDS

You already know that your baby’s needs are going to add to your monthly expenses. However, there are several ways to save on baby items. Daily necessities like diapers or baby food can be bought in bulk to reduce cost. You may be able to find large items, such as a dresser, in your local classifieds, discount stores or online marketplaces. Consider reaching out to friends or family members who have had children and may no longer need baby items.

You can easily save on the things your baby needs, but you can also save by restraining yourself from purchasing unnecessary baby items. As cute as they are, name-brand baby shoes really don’t give your child any benefits. Additionally, you might be tempted by expensive items like a high-end stroller when you can get one that serves the same purpose for half the price.

THINK ABOUT THE LONG TERM

Many new parents jump right into saving for college. This is a great idea, of course, but don’t lose focus of your needs as well as those of your child. When planning your long-term financial goals with a baby on the way, don’t forget about yourself. Instead of putting all of your savings into a college fund, remember to distribute some money to your liquid savings accounts and retirement funds.

FINANCIAL PLANNING FOR NEW PARENTS

Becoming a parent is an exciting time in your life. With a baby on the way, your financial health is more important than ever before. Get started on your financial planning needs early by speaking with ASB’s friendly financial planning team. We’re here to help you plan for a happy and financially stable future with your growing family.

Note: Please be aware that the effect of inflation over time could have an impact on your savings plans.

ASB Campus Branch, Honolulu

Campus Branch, Honolulu

Easy Personal & Business Banking at the Campus Branch

WE ARE A GREAT BANK, MAKING PEOPLE'S DREAMS POSSIBLE.

Branch Manager: Yoshimi Yoshida
Assistant Branch Manager: Bobo Ky
Make an Appointment

We believe a great banking experience starts with great people. At our recently opened bank at ASB Campus Honolulu you’ll get the friendly customer service you expect in a completely new building. Located on the corner of North Beretania Street and ‘A’ala Street, the Campus branch is a convenient stop when you’re in Honolulu. The branch is just down the road from popular dining options, including Pho Huong Lan and Duc’s Bistro. Visit us the next time you’re in Honolulu for all of your ASB Campus Oahu banking needs.
Visit our featured ASB Campus page >

 

 

HOME LOANS FOR YOUR DREAM HOME
Owning your home shouldn’t only be a dream. With a variety of home loan options, the experienced mortgage team at our Campus branch can help you get started on the path to home ownership. First-time buyers may be able to take advantage of loan programs designed for new homeowners. These loans often require little to no down payment to make the up-front costs of home buying more affordable.

CHECKING ACCOUNTS WITH PERKS
A checking account provides easy access to your funds when you need them. However, a checking account can offer a lot more than a checkbook. At ASB, we offer checking accounts with perks like interest rate discounts on loans and free checks. Our Kalo Plus Checking accounts give you access to services like Online Bill Pay and fees waived. With a Kalo Deluxe Checking account, you’ll get even more. Kalo Deluxe customers can enjoy preferred rates on CDs and ATM fee rebates, subject to limitations.

GET THE FINANCING YOU NEED
If you’re planning to make a big purchase in the near future, you may be wondering how you’re going to pay for it. After all, no one wants to clear out their savings for something like new furniture. You may want to consider taking out a personal loan to make your purchase. Speak with the friendly lending team members at our Campus branch to learn more and apply for a personal loan. We offer loans from $2,500 up to $50,000 with competitive rates for qualified applicants.

USE YOUR HOME’S EQUITY AS COLLATERAL
Hawaii features some of the highest home values in the country. You can put your Hawaii home’s value to use for your next project or purchase with a Home Equity Line of Credit. Home equity lines of credit allow you to use the existing equity in your home as collateral for a line of credit. Qualified Hawaii homeowners may be eligible for a line of credit up to $1,000,000. Make an appointment to visit our ASB Campus branch to learn more about HELOCs and apply.

PLAN FOR YOUR FINANCIAL FUTURE
An important part of our ASB Campus Honolulu banking experience is the chance to sit down with one of our team members and learn how we can help you reach your financial goals. We want you to feel comfortable and confident in your financial future. Whether you’re looking to save for retirement or create a college savings plan, our team can help you get started.

BUSINESS BANKING SOLUTIONS
Our Campus branch offers business checking accounts, business savings accounts, merchant services, and cash management services to meet the needs of businesses both big and small. Small business owners can relax knowing they’re not being charged excessive fees with our Biz Essentials Checking. Owners of large businesses in Hawaii can enjoy the extra perks of our Biz Plus Checking and Biz Deluxe Checking. Created for businesses with larger balances and higher volume of transactions, these high-end business banking solutions feature no monthly service fee if requirements are met. Click on the the links to learn more!

Our full-service business solutions near you include business loans and lines of credit to help your business flourish. A business loan or business line from ASB gives you the power to fund your business dreams. Whether your business is expanding to a new location or you need to purchase new equipment, we know that securing financing quickly is essential to your success. We have business loans and business lines perfect for both big and small businesses in Hawaii. Biz Deluxe Checking account offers rate discounts on new business loans to promote the growth of your business. Business banking at ASB allows you to expand your business with an ease of mind.

Schedule your appointment at our ASB Campus location in Honolulu for all your business and personal banking needs. See our branch locations across Hawaii for easy, convenient banking.

 

Address

300 N. Beretania St.
Honolulu, HI 96817

Corner of Beretania Street and ʻAʻala Street

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Mon - Thu 9:00 a.m. to 5:00 p.m.
Fri 9:00 a.m. to 6:00 p.m.


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American Savings Bank Unveils ASB Campus, Setting a New Standard in Innovative Workplace Design

ASB April 09, 2019 | 5 min read N/A

The 11-story, 373,000-square-foot Campus features a teammate amenities floor, high-tech work areas and a full-service bank branch

HONOLULU, April 9, 2019 – American Savings Bank (ASB) has unveiled its brand new ASB Campus – the first new office building in downtown Honolulu in nearly 25 years. The 11-story, 373,000-square-foot Campus is located at 300 N. Beretania Street, directly across from ‘A‘ala Park. In true ASB style, the bank celebrated the official grand opening of the building with an epic, festive party for all of its 1,100 teammates on Sunday, April 7, 2019.

The Campus, which features a teammate-focused workspace design, brings together over 650 teammates from five separate locations on O‘ahu and serves as a home base for the bank’s 1,100+ teammates across the state.

“We couldn’t be more excited and proud to open the doors of our ASB Campus to our teammates and the community,” said Rich Wacker, president and CEO of ASB. “Now that our entire team is together under one roof, we look forward to working more efficiently, collaboratively and innovatively than ever before, furthering our vision of being a great bank making people’s dreams possible.”

The grand opening celebration included the presentation of a custom chant written for ASB by Kumu Hula Nalani Kanaka‘ole, a traditional Hawaiian blessing and maile lei untying guided by Kahu Kordell Kekoa and Chinese lion dance. Teammates also enjoyed live entertainment and food and drink from nearby Chinatown merchants and ASB business customers.  

“Much like the central staircase that connects American Savings Bank teammates to one another in this magnificent new building, the decision to place a $100 million headquarters across the street from ‘A‘ala Park shows ASB is a company committed to connecting with the community it serves, said Honolulu Mayor Kirk Caldwell. “I want to thank the entire ASB ‘ohana for making this meaningful investment that will continue to pay dividends for decades to come.”

A Modern Space for a Modern Workforce

Designed to promote a culture of openness and efficiency, the new ASB Campus puts workplace collaboration at the forefront. By breaking down former silos and physical barriers between teams and implementing a design more conducive to partnership, the new Campus serves as one of the most modern and dynamic worksites in the state and will enable the ASB team to make banking easier for customers.

The building team included national architect Leo A. Daly; local architect hiarchy, llp; and general contractor Nordic PCL. The Campus’ pre-cast design allows for open-floor layouts on each office floor, with meeting rooms and an elevator lobby at the core of the building. Sustainable features include EV charging stations, photovoltaic panels, reclaimed wood furniture, water dispensers, energy-efficient appliances and a “green benefit” that encourages teammates to carpool, walk, bike or take public transportation to work. It is also the first office building in the state to use View Dynamic Glass, a digitally connected glass that intelligently tints to control glare and heat to create a more comfortable environment.

Developed with the ASB teammate in mind, the Campus features a wide variety of amenities, including a training center, 4,500-square-foot teammate lunchroom, complimentary self-serve Starbucks coffee hui on each office floor, relaxation rooms, arcade, employee fitness center, and 10,000 square feet of outdoor lanai space. Wi-Fi is accessible throughout the building, allowing teammates to work from their desks, at collaborative workspaces and even on one of the two outdoor lanai.

A Partnership in Artful Banking

In commemoration of the Campus, ASB partnered with acclaimed Native Hawaiian designers Manaola Yap and Sig Zane to produce custom art pieces that tell the story of ASB and honor the history and culture of the land.

The ASB/Manaola partnership represents the first corporate undertaking for MANAOLA Group, an ASB customer. Yap incorporated his signature use of ‘ohe kāpala (bamboo stamp), an ancestral Hawaiian stamping method that draws inspiration from repetitious patterns found in nature, to create a custom pattern for the bank.  The pattern was digitized into bold prints that are incorporated into art throughout the Campus, including wall wraps on the 1st and 10th floors, as well as in ASB’s refreshed branding – from marketing collateral to the new ATM design.

Sig Zane Designs worked closely with ASB teammates to develop a set of art elements that combine several Native Hawaiian art techniques such as ʻohe kāpala, kinolau (the drawing of natural elements) and watermark. Through a collaboration with ASB teammates, Sig Zane’s design team incorporated the overarching themes of growth, abundance and unity into the custom artwork displayed throughout the building.

ASB worked with several additional local artists and designers to bring the building to life, including Noel Magtanong of Island Reclaimed Wood, Solomon Enos, BLKCORAL, Welcome Stranger and Lauren Trangmar. In addition, the first floor is home to The Lo‘i Gallery - a rotating gallery of local artists. Current artists on display include Ka‘ili Chun, John De Mello, Abigail Romanchak and Noe Tanigawa.

An Investment in the Community

For years, ASB has committed to being a good neighbor in the community through its bi-annual Seeds of Service Community Cleanups. Since 2015, ASB teammates have contributed more than 8,000 volunteer hours to beautify the area around its Campus, including ʻAʻala Park, College Walk, and Sun Yat-sen Mall. ASB’s ninth cleanup event is scheduled for mid-May, and will incorporate the support of area legislators and fellow community organizations.

In addition, to commemorate its grand opening, ASB announced an annual commitment of $15,000 to the Lawakua Charitable Fund, which will provide a full-year tuition scholarship to a student from Mayor Wright Housing to attend private school on O‘ahu. Over its 30-year history, Lawakua has guided hundreds of disadvantaged youth to a more hopeful future. The program uses martial arts to teach youth confidence, coordination, structure, and discipline, with a focus on children who live in O‘ahu public housing.

Opening Events

The community is invited to celebrate the new ASB Campus at two upcoming events, free and open to the public:

  • ASB Campus Branch Grand Opening, Thursday April 18 at 8:45 a.m.: ASB will host a grand opening celebration of its Campus Branch, located on the ground level of the building. Festivities will include a traditional Hawaiian blessing, prize giveaways and light refreshments.
  • ASB Campus Community Open House, Sunday, May 5 from 1-4 p.m.: The public is invited to free building tours, which will spotlight artwork throughout the building, panoramic views and other amenities. Attendees will also have an opportunity to visit The Lo‘i Gallery, featuring artwork by Ka‘ili Chun, John De Mello, Abigail Romanchak and Noe Tanigawa.   

About American Savings Bank

American Savings Bank (ASB) has been serving Hawai‘i’s businesses and communities since 1925 and currently provides a full range of financial products and services, including business and consumer banking, home loans, insurance and investments. ASB is one of Hawai‘i’s leading financial institutions, with e-banking services and branch locations throughout the state offering evening, weekend and holiday hours. ASB provides Hawai‘i’s consumers and businesses with more extended weekday and weekend hours than other similarly sized local banks, as well as convenient in-store branches. ASB was the first Hawaii bank to introduce remote-deposit capture with a mobile banking application.

ASB matches its exceptional customer experience with an employee experience that has garnered local and national awards. ASB has been recognized nationally as one of the “Best Banks to Work For” by American Banker Magazine and locally as one of the “Best Places to Work” by Hawai‘i Business Magazine for ten consecutive years and honored nationally as one of the “Best Banks to Work For” by American Banker Magazine. Fortune Magazine has recognized ASB as one of the 100 Best Workplaces for Women and 50 Best Workplaces for Diversity. For more than 90 years, ASB has been helping build strong communities. Through its Seeds of Service program, ASB teammates have contributed nearly 48,000 hours of volunteer service, and ASB has donated millions of dollars to Hawai‘i’s nonprofits and community organizations. For more information, visit https://www.asbhawaii.com/ or follow American Savings Bank on Facebook, Instagram and LinkedIn.

Media Contact

Karwin Sui
Communications Manager
(808) 539-7268
ksui@asbhawaii.com

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