Andover Bank offers:
For current Rate Quotes, please call the New Accounts
Representative at your nearest Andover Banking Center.
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 $1 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.
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. You may make six (6) withdrawals or transfers to another account of yours or to a third party by means of a preauthorized 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 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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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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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.
have minimum penalties for early withdrawal.
for a term of 30, 91, or 182 days. A minimum deposit of $1,000 is required.
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.
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.
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
- 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.
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