savings accounts

Smart Saver

Earn 1.85% APY on balances of $10,000.00 or more for the first 90 days!

You'll still earn a fantastic rate afterwards:

Balance First 90 Days (APY) After 90 Days (APY)
$0.01 - 9,999.99 0.05% .05%
$10,000.00 - 49,999.99         1.85%          1.00%
$50,000.00 - 99,999.99 1.85%  1.25%
$100,000.00 + 1.85%  1.50%

If you exceed 6 withdrawals per month, there will be a $5.00 fee for each additional withdrawal. If the current balance falls below $1,000.00 at any time, there will be a $10.00 monthly service charge.

Companion Savings

Your savings grow faster when you link a Companion Savings account to your Rewards Checking account.

  • Interest paid monthly
  • Earn a bonus rate*
  • No monthly fee
  • No minimum balance
  • E-Statements required

* To earn bonus rate, account requirements must be met. Account requirements include, 12 debit card (POS) transactions of $10 or more to post and clear each statement cycle on your linked Rewards Checking Account, and receiving e-statements.

Statement Savings

Our simple, straightforward savings option. Andover Bank offers a statement savings account that pays interest on the daily balance.

  • Account compounds quarterly
  • $3 per month service fee for account balances below $100
  • No fee if account owner is under 18 or over age 60
  • If you exceed 6 withdrawals per month, there will be a $5 fee for each additional withdrawal.

Christmas Club

A fun and easy way to save for holiday shopping. Save as much or as little as you want, and next year, in time for early holiday shopping, you’ll receive a deposit, plus interest, to your linked checking or savings account.

  • Save automatically, year-round for the holidays
  • Available to use year after year

Certificates Of Deposit

Andover Bank offers long and short term certificates of deposit. You have the option of choosing the interest payment plan which best suits your needs.

  • Competitive rates with flexible terms available
  • Minimum deposit to open of $1,000
  • Early withdrawal penalties do apply

Preferred Money Market

Our Money Market account is perfect for your larger balances. With tiered interest, the higher your balance, the more you earn.

  • Tiered interest compounded monthly
  • $10 per month service fee for account balances below $1,500

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

HSAs are a great way to manage the cost of health care. HSAs allow you to make contributions and earn interest tax free. Distributions are tax free when used for qualified medical expenses. Money not dispersed in the current year stays in the account and can be used for future medical expenses.

  • Tiered interest compounded monthly
  • 5 free debits per statement cycle ($0.50 per debit thereafter)
  • $25 annual fee
  • Individual and family plans 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 IRAs. 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.