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Andover Bank offers:

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


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 $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.

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Preferred Money Market Account
Andover Bank offers a Money Market Account with five balance tiers that determine your interest rate. Interest is variable and compounds monthly. Minimum deposit of $1,500. Account balances below $1,500 will be charged a $10 per month service fee. 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 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
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 Christmas 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 next year.

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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.

Andover Bank offers long and short term certificates of deposit with a minimum deposit of $1,000.

All certificates have minimum penalties for early withdrawal.

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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 requires an opening deposit of $100 and minimum deposits of $20 thereafter. The plan is ideal for someone interested in weekly or monthly IRA deposits.

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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.

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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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