FDIC-Insured Bank

American Savings Bank: Smart Savings Accounts for Hawaii

Shoppers weighing savings accounts in Hawaii want clear pricing and easy access. American Savings Bank publishes rates, terms, and fees up front, with a named banker for follow-ups. Manage everything at a branch or through always-on digital tools. Eligible balances stay Member FDIC up to $250,000.

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In short

Worth knowing

  • You'll start earning interest on your Statement Savings account once your daily balance reaches $100 or more.
  • You can open a new savings account online using ASB Online Banking or the ASB Hawaii Mobile App.
  • Yes, you'll receive a 1099-INT form if you earn $10 or more in interest on your savings accounts during the calendar year.
  • You can avoid the $4.50 monthly service fee on your Statement Savings account in two ways.

Why American Savings Bank

American Savings Bank: savings accounts built for Hawaii

American Savings Bank gives you a secure, 24/7 way to handle savings accounts across Hawaii. Local lending since 1925 decisions pair with modern digital tools — and every account is Member FDIC up to $250,000.

ASB: Account-access security

American Savings Bank challenges unfamiliar devices. Biometric shortcuts are optional. Encrypted connections carry the session. Postings are watched for fraud continuously.

ASB: FDIC-insured deposits

Balances held at American Savings Bank receive Member FDIC protection totaling $250,000 for each depositor ownership bucket; joint titling can reach $500,000 together.

ASB: 24/7 digital access

Manage your savings accounts from anywhere with American Savings Bank online and mobile banking — check balances and move money around the clock. Deposit checks or pay bills in the same session.

ASB: Competitive rates, fewer fees

Use the disclosures published by American Savings Bank at asbhawaii.us.org to compare current yields, charges, and waiver rules.

When to Choose Which Savings Option

For each situation, which option fits better — Statement Savings or Money Market Account.
Your situation Statement Savings Money Market Account
You need immediate access to funds for unexpected expenses. Statement Savings: Offers easier access for your emergency fund, though APY might be lower. Certificate of Deposit (CD): Funds are locked for a term, providing higher APY but no immediate access.
You prioritize maximizing interest earnings on your savings. Statement Savings: Look for accounts with a competitive APY and tiered interest rates if applicable. Money Market Account: Often offers a higher APY than traditional savings, with check-writing privileges.
You want to set up automated savings without frequent manual transfers. Statement Savings: Can be linked to checking for automatic transfers to build your emergency fund consistently. Money Market Account: Similar to savings, allows for automatic transfers to grow your balance.

Choosing Your Savings Account

When selecting a savings account, consider the Annual Percentage Yield (APY) to maximize your earnings, the minimum balance required to avoid monthly fees and to earn interest, and the ease of access to your funds for your emergency fund needs. Evaluate the compounding frequency and how interest is credited to understand your true APY.

How Our Savings Accounts Help

Representative scenarios, not actual account holders.

  • A young professional

    needs to build a financial safety net for unexpected expenses.

    A savings account provides a secure place for an emergency fund, where the earned APY helps grow savings. This APY is applied with interest compounded daily.

  • A first-time homebuyer

    aiming to accumulate a down payment for a future home purchase.

    Consistent deposits into a savings account, benefiting from a competitive APY and compound interest, help grow funds steadily. The APY ensures your money works harder.

  • A small business owner

    requires a separate account to manage future capital expenditures or tax reserves.

    A business savings account keeps funds distinct, earning a favorable APY. Interest compounds daily and credits monthly, maximizing the overall APY return on balances over $100.

  • Many parents

    want to teach children financial responsibility and save for their future.

    A youth savings account, like the Moneyhune, starts with a $5 minimum, teaching value. The applied APY allows their savings to grow through consistent APY earnings.

At a glance

Benefits weighed against the tradeoffs

Pros & advantages

  • Account-access security: American Savings Bank challenges unfamiliar devices.

  • Use the disclosures published by American Savings Bank at asbhawaii.us.org to compare current yields, charges, and waiver rules.

  • You'll start earning interest on your Statement Savings account once your daily balance reaches $100 or more.

Cons & watch-outs

  • Eligibility, rates, and fees on savings accounts are not fixed — read the applicable American Savings Bank disclosure for today's terms before opening an accoun

Checklist before you submit an application

  • A government-issued photo ID, such as a driver license, state ID, or passport
  • The Social Security or individual taxpayer identification number tied to the applicant
  • Supply your present residence and preferred ways to reach you
  • A cash or transfer amount meeting the opening balance listed for your product choice
  • Numbers naming the outside account, provided a transfer will fund the opening

Plan ahead

Savings projection tool

Outcomes shown are for planning only — confirm current rates, tiers, and compounding directly with American Savings Bank.

Account facts

Product facts

Minimum to open
$20 Statement Savings ($5 Moneyhune)
Interest
Compounded daily, credited monthly when balance is $100 or more
Minimum balance to earn interest
$100 daily balance on Statement Savings
Monthly service charge
$4.50 unless $300 minimum daily balance (or automatic transfer)
sourceKind
sourced

As of 2026-09-01. Source: https://www.asbhawaii.com/personal/savings/statement-savings

ASB sources & references

American Savings Bank: configured savings accounts facts and American Savings Bank regulator links.

  1. FDIC Deposit Insurance for ASB
  2. CFPB Consumer Resources for ASB
  3. OCC Consumer Protection for ASB

Open Your American Savings Bank Savings Account Today

Open an American Savings Bank account today. Statement Savings starts at $20 ($5 for Moneyhune). A $4.50 monthly fee is waived with a $300 minimum daily balance or automatic transfer. Interest, compounded daily and credited monthly, requires a $100 daily balance.

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American Savings Bank FAQ

savings accounts guidance from American Savings Bank

What is the minimum balance required to earn interest on American Savings Bank savings accounts?

You'll start earning interest on your Statement Savings account once your daily balance reaches $100 or more. Interest is compounded daily and credited monthly.

How can I open a new savings account online with American Savings Bank?

You can open a new savings account online using ASB Online Banking or the ASB Hawaii Mobile App. Simply choose the savings account that fits your needs, like Statement Savings or Moneyhune keiki savings, and follow the guided steps. For more details, visit.

Will I receive a 1099-INT form for interest earned on my savings accounts?

Yes, you'll receive a 1099-INT form if you earn $10 or more in interest on your savings accounts during the calendar year. This form helps customers report their interest income accurately to the IRS. We provide this statement to ensure you have the necessary documentation for tax filing.

How can I avoid the monthly service fee on my Statement Savings account?

You can avoid the $4.50 monthly service fee on your Statement Savings account in two ways. Maintain a minimum daily balance of $300, or set up an automatic transfer from another American Savings Bank account. Meeting either condition waives the fee.

What is the monthly withdrawal limit for savings accounts under Regulation D?

Regulation D generally limits certain withdrawals and transfers from savings accounts to six per monthly statement cycle. If you exceed this limit, transactions may be declined or your account could be converted to a checking account. This rule helps distinguish savings from transactional accounts, maintaining their purpose for long-term accumulation rather than frequent spending.