A savings account is a type of bank account that safely stores your money and earns you interest.
To open a savings account, you will need to provide acceptable forms of identification such as a Driver’s License, State ID, or Passport.
Both a Money Market Savings account and Tiered SavingsSM account pay higher interest for higher balances. The Money Market account provides the ability to write checks. Compare All Personal Savings Accounts.
Interest is compounded daily and credited to your account monthly. If your account is closed or is transferred to a non-interest bearing account before interest is credited, you will not receive the accrued interest. If the interest amount calculated for the monthly cycle is less than half a cent, interest will not be paid.
Setting up automatic transfers including loan payments is easy with Online Banking. Click here to learn how >
You may also 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
P.O. 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.
For checking and money market accounts, a statement will be provided to you monthly. For savings accounts a statement will be provided to you at the end of each calendar quarter. You will receive an additional statement for any month in which you perform electronic fund transfers. If your savings account is part of the combined statement, a monthly statement will be provided instead of a quarterly statement.
The interest rate and annual percentage yield ("APY") on your account are shown in the separate Customer APY and Interest Rate Sheet ("Rate Sheet"). Your interest rate and APY may change. At our discretion, we may change the interest rate on your account at any time. An APY is an annualized rate that allows you to compare rates across deposit products. View our current rates.
A checking account is considered dormant at 12 months of inactivity and a savings account is considered dormant at 36 months of inactivity. While your account is dormant, you will not be able to access the ATM or use your debit card at point-of-sale (POS) terminals.
