Regular Savings

Andover Bank offers a passbook savings account that pays interest on the daily balance. This account compounds quarterly and offers unlimited deposits. If you exceed 6 withdrawals per month, there will be a $5 fee for each additional withdrawal. Account balances below $100 will be charged a $3 per month service fee. This charge will be waived if the account owner is under 18 or over age 60. Click here to view our deposit rates.

Christmas Club

A fun and easy way to save for Holiday shopping. Pay as little or as much as you want, and next year, in time for early holiday shopping, you’ll receive a deposit, plus interest, to your checking or savings account. Once you receive your funds, just start over again saving for the next year.

Certificates Of Deposit

Andover Bank offers long and short term certificates of deposit with a minimum deposit of $1,000. You may choose to receive your interest by check or deposited directly to your checking or savings account. Quarterly interest compounding is also available. Your have the option of choosing the interest payment plan which best suits your needs. All certificates have penalties for early withdrawal. Click here to view our deposit rates.

Preferred Money Market

Our Money Market has four balance tiers that determine your interest rate. Interest is variable and compounds monthly. Account balances below $1,500 will be charged a $10 per month service fee. Customers receive monthly statements. Click here to view our deposit rates.

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.

Health Savings Account

HSA's allow you to make contributions and earn interest tax free. Distributions are tax free when used for qualified medical expenses including health insurance deductibles, co-payments, certain over-the-counter medications and out-of-pocket expenses. Money not dispersed in the current year will stay in the account and can be used for future medical expenses.

The account features a tiered interest rate that compounds monthly. The account has a $25 annual fee and allows for 5 free debits per statement cycle. Debits can be by automatic withdrawal or check. If there are more than 5 debits per statement cycle, there is a $.50 charge per item thereafter. Individual and family plans are 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.

Individual Retirement Accounts

Andover Bank offers Roth and Traditional IRA’s. We also offer the Coverdell Education Savings IRA.


This plan offers an opening balance of $100 with minimum deposits of $20 thereafter. This plan is ideal for someone interested in weekly or monthly IRA deposits. The savings IRA has a tiered variable rate based on account balance, offers quarterly compounding and semi-annual statements.


This plan offers fixed rate certificates with a minimum deposit of $1,000. Individuals making their yearly IRA deposits as a lump sum may find this plan more suitable to their needs. The certificate IRA also offers quarterly compounding and semi-annual statements.

All IRA plans follow Federal and IRS regulations. There are substantial penalties for early withdrawal. If you have any specific questions, please call your nearest Andover Banking Center. Click here to view our deposit rates.