Andover Bank

Andover Bank offers:

Savings
Certificates of Deposit
Health Savings Account
Individual Retirement Accounts
Money Market Account

For current Rate Quotes, please call the New Accounts Representative at your nearest Andover Banking Center.

Savings

Regular Savings
Our Passbook Savings Account pays interest on the daily balance and compounds quarterly. You may make unlimited deposits, but if you exceed 5 withdrawals per month, there will be a 25¢ fee for each extra withdrawal.

Account balances below $100 will incur a $3 per month service charge. This charge will be waived if the account owner is under 18 or over age 60, and signs a waiver form.

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Preferred Money Market Account
Andover Bank offers a Money Market Account with four balance tiers that determine your interest rate. Interest is variable, could change weekly, and compounds monthly. Customers receive monthly statements. The Money Market account is subject to the following limitations: 6 non-window withdrawals per cycle. Non-window withdrawals may be by telephone transfer, pre-authorized automatic withdrawal or checks written to a third party. No more than 3 of the withdrawals per cycle may be by check. If there are more than 6 non-window withdrawals in any statement cycle there is a $15 per withdrawal charge starting with the 7th withdrawal. Call Andover Bank for a current interest rate quote.

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Christmas Club
We still offer a Christmas Club Payment Book for your ease and convenience.

Pay as little as $1.00 to $20.00 weekly, and next year, in time for early Christmas shopping, you'll receive a check from $50.00 to $1,000.00 plus interest.

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Certificates of Deposit
With an Andover Bank certificate of deposit you may have your interest paid monthly, quarterly, semi-annually or annually. You may choose to receive an interest check or have your interest directly deposited to your Andover Bank checking or savings account. Quarterly interest compounding is also available on certificates.

All certificates have minimum penalties for early withdrawal.

Short Term
Certificates purchased for a term of 30, 91, or 182 days. A minimum deposit of $1,000 is required.

Long Term
Purchased for 12, 14, 18, 24, 30, 36, 48, 56, or 60 months, long-term certificates require a minimum deposit of $1000.

Individual Retirement Accounts
Traditional and Roth IRA plans offer quarterly compounding, semi-annual statements, and follow all Federal and IRS regulations. There are substantial penalties for early withdrawal. If you have any specific IRA questions call the new account representative at your nearest Andover Banking Center.

Savings Plan
This plan offers a low opening deposit of $100 and minimum deposits of $20 thereafter. The plan is ideal for someone interested in weekly or monthly IRA deposits.

Certificate Plan
This plan offers fixed rate certificates. The minimum deposit is $1,000. Individuals making their yearly IRA deposits as a lump sum may find this plan more suitable to their needs.

Health Savings Accounts

Features

Tiered Interest Rate

Interest Paid Monthly

Monthly Statements

Check Writing Abilities

No Monthly Service Charge

$25 Annual Fee

5 free debits per month/$.50 charge per item thereafter

Individual and family plans available.

To Qualify for a Health Savings Account

The owner of the account must have a High Deductible Health Plan. This is not a product for the uninsured.

The HSA owner may not have other health insurance coverage (a few exceptions exist).

The owner is not entitled to Medicare benefits.

The HSA owner cannot be claimed as a dependent on someone else’s tax return.

Contribution limits apply.