If you're self-employed, or if you own a small business with fewer than 10 employees, a SEP IRA (Simplified Employee Pension IRA) may be your best bet. Just like Traditional IRAs, SEP IRA earnings grow tax-free until withdrawal at retirement.†
Once you've set up a SEP plan for your business, you can open SEP IRAs for all eligible employees, including yourself.
Bank IRAs
- Offered through American Savings Bank
- FDIC-insured accounts
- Fixed Terms
Brokerage IRAs†
- Offered through Cetera Investment Services
- Non FDIC-insured investments (mutual funds, annuities)
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† Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investments are offered. Advisory services are only offered by Investment Adviser Representatives. Registered address and phone number: American Savings Investment Services, 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
Click to view Cetera Investment Services Privacy Policy and other Important Information.
This site is published for residents of the United States only. Registered Representatives of Cetera Investment Services LLC may only conduct business with residents of the states and/or jurisdictions in which they are properly registered. Not all of the products and services referenced on this site may be available in every state and through every advisor listed. For additional information please contact the advisor(s) listed on the site, visit the Cetera Investment Services LLC site at www.ceterainvestmentservices.com.
Pension plans are best for businesses with more than ten employees, and are valuable for attracting and retaining top employees.
Traditional pensions are commonly referred to as Qualified Plans, and there are two types: Defined-Benefit and Defined-Contribution. Defined-Benefit Plans are funded by employer contributions and are guaranteed by the Pension Benefit Guaranty Corporation (PBGC). Employee-sponsored retirement plans such as 401(k), 403(h) and 457 plans are called Defined-Contribution plans. Defined-Contribution plans are funded in large part by employee contributions and are not guaranteed by the PBGC.
Defined Benefit Plan
- Maximum Contribution - Amount needed to provide an annual benefit not larger than the smaller of $160,000 or 10% of the participant's average compensation for his or her highest three consecutive calendar years.
- Maximum Deduction - Based on actuarial assumptions and computations.
Talk to your tax advisor to learn more about how pension plans can benefit your business.
Defined Contribution Plan
- Maximum Contribution
- Money purchased: smaller of $40,000 or 100% of the participant's compensation.
- Profit sharing: smaller of $40,000 or 100% of participant's compensation.
- Maximum Deduction
- Money purchased: 25% of all participant's compensation.
- Profit sharing: smaller of $40,000 or 100% of participant's compensation.
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Common Questions
† Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investments are offered. Advisory services are only offered by Investment Adviser Representatives. Registered address and phone number: American Savings Investment Services, 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
Click to view Cetera Investment Services Privacy Policy and other Important Information.
This site is published for residents of the United States only. Registered Representatives of Cetera Investment Services LLC may only conduct business with residents of the states and/or jurisdictions in which they are properly registered. Not all of the products and services referenced on this site may be available in every state and through every advisor listed. For additional information please contact the advisor(s) listed on the site, visit the Cetera Investment Services LLC site at www.ceterainvestmentservices.com.
The Benefits Add UP!
One of the best things you can do for your employees is help them set aside money for their retirement. Offer them a Pension Plan or IRA from American Savings Bank, and you'll have more great options for attracting and retaining employees.
All contributions are tax-deductible for employers and earnings are tax deferred until they're withdrawn. Best of all, these IRAs are simple to set up and administer – with no extra IRS reporting necessary.
- Helps employees prepare for retirement
- Offers tax-advantaged savings to employers and employees
- Available at any of our branches
- Federal deposit insurance up to FDIC limits for bank IRAs
- Talk to your tax advisor to learn more about how IRA Accounts can benefit your business
Our History
Timeline
It started more than 90 years ago, with a commitment to the community. Since our humble beginnings in downtown Honolulu, American Savings Bank has grown into one of Hawai‘i's leading financial institutions with many branches throughout the state.
1925 — Thomas Anson Waddoups is appointed district manager of the first American Building & Loan Co office in Honolulu.
1942 — We change our name to American Savings & Loan Association, a name we keep for the next 45 years.
1955-58 — American Savings & Loan Association increases account holders to 21,640 with offices on O‘ahu and Hawai‘i Island.
1968 — American Savings & Loan Association branch and corporate offices open in the newly constructed Financial Plaza of the Pacific at 915 Fort Street. The building was built over the same spot that the main office had occupied for the previous 40 years.
1970's — The 70s was an era of neighbor island expansion as American Savings & Loan Association purchases Kaua‘i Savings (1971) and Maui Savings & Loan (1973) and acquires Pacific Savings & Loan Association of Hawai‘i (1977).
1987 — American Savings & Loan Association announces the formation of a separate subsidiary to conduct its Hawai‘i operations. This subsidiary, a Honolulu-based federally chartered savings bank, is called American Savings Bank.
1990 — American Savings Bank acquires First Nationwide Bank.
1997 — American Savings Bank acquires Bank of America's Hawai‘i Operations in 1997, transforming it into Hawai‘i's third-largest financial institution with a deposit base of $600,000,000.
2002 — American Savings Bank unveils a new corporate identity, kalo, or taro leaf. Kalo symbolizes growth, nourishment and strength.
2010 — President and Chief Executive Officer Richard Wacker joins the ASB ‘ohana.
2015 — ASB celebrates 90 years of serving island residents and businesses and unveils plans for the construction of a new corporate campus in Chinatown.
2019 — ASB unveils new campus - the first new office building in downtown Honolulu in nearly 25 years.
2021 — Ann Teranishi is appointed President and Chief Executive Officer.
Services
BusinessProTecLine is subject to credit application and approval. Certain terms, conditions and restrictions apply.
Current Promotional Rate:
AS LOW AS
8.24% APR**
Good Until 5/31/21
What is a Personal Loan?
Personal Unsecured Loans give you quick access to the cash you need to make a major purchase, pay off debt, or cover an unexpected expense. Some people consolidate credit card debt with a Personal Unsecured Loan. We make it easy to apply for a loan with competitive rates. Just visit your nearest ASB branch to learn more. With no collateral required, it’s easy to apply for a Personal Unsecured Loan.
Features:
- Fixed rates and fixed monthly payments
- Loans from $2,500 to $50,000*
- No annual fee
- No collateral required
- Free Online Banking with eStatements
Not sure if a Personal Line of Credit or Personal Unsecured Loan is right for you?
Click here to take a quick questionnaire >
Common Questions:
Wondering what Personal Unsecured Loan funds can be used for? With affordable interest rates, the possibilities are almost endless. Put your loan funds towards the purchase of new items, refinancing an existing loan, or as a way to affordably cover a sudden emergency. Some of the things you can use a Personal Unsecured Loan include:
- Weddings: Getting married is expensive, but a Personal Unsecured Loan from ASB helps you and your partner plan the wedding of your dreams.
- Home Remodels: Whether you’re sprucing up a small bathroom or redoing the kitchen, use a Personal Unsecured Loan to get the funds to pay contractors without draining your savings.
- Debt Consolidation: Pay off expensive credit card balances, outstanding medical bills, and other high-interest debt with a new Personal Unsecured Loan. Enjoy the simplicity of one convenient monthly payment.
- Emergency Expenses: Cover the cost of unexpected medical expenses or car repair work using loan funds to save on interest costs from other financing options.
Both a Personal Unsecured Loan and a Personal Line of Credit provide Hawaii residents with funds when they need them. They have similar requirements in order to qualify but there are several key differences between the two options. A Personal Unsecured Loan and Personal Line of Credit are paid out differently. Personal Unsecured Loans are paid in a lump sum once you are approved for the loan. On the other hand, a Personal Line of Credit is a revolving credit line. This means you can take out funds as you need them, instead of all at once.
Another major difference between Personal Unsecured Loans and a Personal Line of Credit is the method of repayment. For Personal Unsecured Loans, you will have a set monthly payment with a fixed interest rate. Personal Lines of Credit generally have a minimum monthly payment, but you will only be required to pay back on what you borrow.
Use the Automatic Payments and Transfers form to set up automatic transfers to or from your accounts. If you are withdrawing from a non-ASB account, you will need the account number and routing number, a voided check, or a copy of your statement. Return the form to any branch or mail to:
American Savings Bank
Attn: ACH Services
PO Box 2300
Honolulu, HI 96804-2300
We need 5 business days from the date of receipt of your form to set up, change, or cancel your transfer. For loan payments we will send you a letter confirming the start date of your first automatic payment. Please continue to make your payments until you receive your confirmation letter. You may also set up automatic transfers including loan payments using ASB Online Banking.
To cancel automatic transfers, complete Section II of the Automatic Payments and Transfers form and submit it to us at least 5 business days before the scheduled cancel date. For your automatic transfers to continue without interruption, complete Section I of the form and return it in at least 5 business days before the scheduled transfer date. For more information, visit common forms.
Yes, on the Automatic Payments and Transfers form select the Minimum monthly payment + additional principal of $__________ option. You can make additional payments and apply them towards your principal balance. The additional amount you provide will not change until you notify us in writing.
Monthly payments will begin one (1) month from the date of your Note and continue on the same day of each following month. However, if there are lesser number of days in the month than the date of the Note, then your payment will be due on the last day of that month
For example, the payment due date for the month of February will be on the 28th (29th for Leap Year) when your monthly payments are due on the 29th, 30th or 31st of the month.
* Loan application required. Offer is for creditworthy applicants who qualify for an American Savings Bank (ASB) Personal Unsecured Loan (PUL).
** The Annual Percentage Rates (APR) are for new, approved PUL applications received 03/01/2021 to 05/31/2021 that fund by 06/30/2021. Depending on the information contained in your credit report, the discounted rate may be 8.24% APR to 18.24% APR and accordingly, monthly payment amount will differ. For example, if you are approved for a 48-month loan of $10,000 at 8.24% APR, you will have to make 48 monthly payments of principal and interest of approximately $245.26. This example is for demonstrative purposes only and is not necessarily the terms and APR that a qualified borrower will receive. Offer is subject to submission of a PUL application, credit history, income verification, and ASB’s underwriting policy. Contact ASB or refer to the current consumer loan rate sheet on asbhawaii.com. This offer is not for business purpose or real estate secured loans. Other terms, conditions and restrictions apply. Rates are subject to change at any time without prior notice.
Finance what you need.
Competitive Rates
Check out our low promotional rates for loans and lines of credit. Plus, receive a rate discount when you set up auto-pay from an American Savings Bank checking account.
Wide Range of Loan Options
With loans from $2,500 to $50,000 and lines of credit from $3,000 to $1 million, we'll help meet your borrowing needs.
Convenient Access
Online Banking makes managing your account easy - view your balance, set up automatic payments, deposit checks, and receive eStatements.
Money When You Need It
Services
Common Questions
- How do I set up auto transfers including payments from my accounts?
- How do I cancel or change auto transfers including payments for my accounts?
- Can I schedule an additional automatic monthly payment to be applied toward my loan’s principal?
- When is my first payment due for my loan?
Secured Visa Credit Card
Features:
- Annual fee of $351
- Request your own credit limit by providing a single deposit between $300 and $5,000 (multiples of $50) when you apply, subject to credit approval
- You may qualify for a credit limit increase without additional deposits within 7 months when using your card and making regular on-time bill payments, subject to credit approval
- In as little as 11 months, you may qualify for an unsecured card and have your deposit automatically refunded to you when you maintain a good payment history with us, subject to credit approval
- Automatic reporting to the 3 major credit bureaus to help establish credit
- U.S. citizenship is not required, but you must have a valid SSN or ITIN and a valid U.S. address
Services:
- View and pay credit card bills online at www.firstbankcard.com/asbhawaii
- View FICO® Score each month online - for FREE! - Knowing your FICO® Credit Score can help you maintain and better understand your financial health.
- Apple Pay
Please see the Summary of Credit Terms for important information on rates, fees, costs, conditions and limitations.
Can International Applicants Qualify for a Secured Visa Credit Card?
Just moved here from Japan? Recently landed from the Philippines? Visiting from China or South Korea? Transplant from Australia?
We offer secured visa credit cards that are well suited for people who have just moved to Hawaii and have not yet established credit in the United States. As long as you have a valid SSN or ITIN, as well as a valid US address, you can apply for our Secured Visa Credit Card.
Common Questions:
Credit cards are approved based on your creditworthiness, or the amount of risk your credit lender sees in you to make payments. Younger Hawaii residents, like students or immigrants, may not have an established credit history. No credit history usually makes it difficult to get approved for credit cards, since your lender doesn’t know if you’re responsible enough to make your payments. Likewise, if you have bad credit, it can be hard to get approved for credit.
A secured credit card gives people with little to no credit history or poor credit the chance to increase their odds for approval. If approved for a secured card, you’ll make an initial security deposit which is used by your credit card issuer to cover your balance if you suddenly can’t meet your payment.
Since secured card issuers report your payment history to the major credit bureaus, you can build your credit by using your credit card. You’ll add positive history to your credit score each time you make your credit card payment on time.
Have a recent financial hardship? The Secured Visa Credit Card can help people with poor credit improve their credit score. If approved for a secured card, you’ll make an initial security deposit which is used by your credit card issuer to cover your balance if you suddenly can’t meet your payment.
Since secured card issuers report your payment history to the major credit bureaus, you can build your credit by using your credit card. You’ll add positive history to your credit score each time you make your credit card payment on time.
For additional information on annual fees, please see the Summary of Credit Terms link for the product listed above.
It is a credit card that requires a security deposit which is held as collateral for your account. Request your own credit limit by providing a single deposit between $300 and $5,000 (multiples of $50) when you apply, subject to credit approval.
A cardholder's credit limit is dependent on how the cardholder meets our credit criteria. If a cardholder has questions with the assigned credit limit they should contact Consumer Card Customer Care at (888) 295-5540 or Commercial Card Cardholder Support at (800) 819-4249.
If you lose your card, contact us immediately at (800) 444-6938. We'll block your account and issue you a replacement card. In an emergency situation, such as when you're traveling, we'll send you a temporary replacement card. If you have any further questions, please contact our Credit Card Customer Service at (888) 295-5540.
- For additional information about Annual Percentage Rates (APRs), fees and other costs, see Summary of Credit Terms.
Cards are issued by First Bankcard®, a division of First National Bank of Omaha, pursuant to a license from Visa U.S.A. Inc. VISA is a registered trademark of Visa International Service Association and used under license.
FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries. Please note that new cardmembers will generally see their FICO® Bankcard Score 9 (the version of FICO® Credit Score we use to manage the account) within 45 days of account opening.
Apple, the Apple logo, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries.
Platinum Edition Visa Credit Card
Features:
- 0% introductory APR1 for the first 15 billing cycles after the account is opened on balance transfers. After that, a variable APR based on the Prime Rate between 14.24% and 23.24% APR depending on your creditworthiness.
- $25 statement credit when you make a purchase within the first 3 billing cycles after the account is opened.2
- No Annual Fee.1
Services:
- View and pay credit card bills online at www.firstbankcard.com/asbhawaii
- View FICO® Score each month online - for FREE! - Knowing your FICO® Credit Score can help you maintain and better understand your financial health.
- Apple Pay
Please see the Summary of Credit Terms for important information on rates, fees, costs, conditions and limitations. An introductory balance transfer fee1 of 3% applies to each balance tranfer you make in the first 15 billing cycles after the account is opened (minimum $10). After that, a balance transfer fee of 5% applies to each balance tranfer you make (minimum $10). Minimum monthly payments required.
You must pay your entire statement balance (including all promotional purchase and balance transfer balances) by the due date each month to avoid being charged interest on new purchases from the date those purchases are made, unless your new purchases are subject to a 0% interest rate.
Common Questions:
For additional information on annual fees, please see the Summary of Credit Terms link for the product listed above.
A cardholder's credit limit is dependent on how the cardholder meets our credit criteria. If a cardholder has questions with the assigned credit limit they should contact Consumer Card Customer Care at (888) 295-5540 or Commercial Card Cardholder Support at (800) 819-4249.
If you lose your card, contact us immediately at (800) 444-6938. We'll block your account and issue you a replacement card. In an emergency situation, such as when you're traveling, we'll send you a temporary replacement card. If you have any further questions, please contact our Credit Card Customer Service at (888) 295-5540.
- For additional information about Annual Percentage Rates (APRs), fees and other costs, see Summary of Credit Terms.
- You will earn a $25 statement credit after the first purchase is posted to the Account within the first 3 billing cycles after the Account is opened. Please allow 6-8 weeks after you qualify for the statement credit to be applied to your credit card account.
Cards are issued by First Bankcard®, a division of First National Bank of Omaha, pursuant to a license from Visa U.S.A. Inc. Visa and Visa Signature are registered trademarks of Visa International Service Association and used under license.
FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries. Please note that new cardholders will generally see their FICO® Bankcard Score 9 (the version of FICO® Credit Score we use to manage the account) within 45 days of account opening.
Apple, the Apple logo, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries.