American Savings Bank: Local Banking With Competitive Savings
Written by
Dawn Allcot
Edited by
Elizabeth Constantineau
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Enjoy local banking with perks and competitive rates.
Headquartered in Honolulu, Hawaii, American Savings Bank supports Hawaiian residents and businesses with a full line of products. They have high-yield CDs, low- and no-fee checking and savings accounts and a premium checking account with tons of perks. Recognized as one of the Best Banks in Hawaii for 2025 by GOBankingRates, it offers standout options for local banking.
Hawaiian residents looking for a local bank with plenty of perks and competitive interest rates on savings and CDs will find much to like at American Savings Bank. Loyal customers can also enjoy a premium checking account with easily waived fees.
American Savings Bank Checking Accounts
ASB Hawaii offers three choices in checking accounts for adults and a teen checking account with no fees.
- The Kalo Essentials account has no monthly fee.
- The Plus and Deluxe offerings waive the monthly fee when customers meet minimum deposit and/or loan balance requirements or have qualifying direct deposits within a statement cycle.
- Visa debit card offers discounts and perks at local Hawaii businesses.
- Kalo Deluxe account waives savings overdraft transfer fees.
- Multiple ways to avoid overdrafts.
- Minimum opening deposit of $20 on all checking accounts.
Best For
Banking in Hawaii
Mobile App
Low Monthly Fees
Loan Options
Low Minimum Deposit
Low Minimum Opening Deposit
ASB Hawaii provides checking accounts to fit different needs, including a no-fee option and premium accounts with perks like ATM fee rebates and local business discounts.
Fees
$0 to $25 monthly
APY
Up to
Min Opening
$20
Pros
- Low minimum opening deposit of $20
- Plus and Deluxe accounts offer ATM fee rebates
- No fees for paper statements on Plus and Deluxe accounts
Cons
- May be difficult for some customers to meet requirements to have monthly fees waived
- Essentials account has many associated fees
- Few perks on Essentials account
Quick Take
ASB Hawaii’s Essentials checking account is a basic checking account with no monthly fee but very little in the way of perks and benefits. Customers who meet the requirements to waive the monthly fee can benefit by upgrading to a Plus or Deluxe checking account.
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American Savings Bank Savings Accounts
ASB offers a variety of savings accounts, including the Moneyhune Savings designed for kids under 18. Offerings for adults include a low-cost statement savings, tiered savings, a holiday account with no monthly fee and education savings to save for college.
- All savings accounts except for Moneyhune require $20 minimum opening deposit.
- Interest rates vary based on account and balance but go up to .
- Most accounts include an ATM card for easy withdrawals.
- Easily waive fees on Statement Savings with a minimum balance of $300 or a monthly automatic transfer.
Best For
Banking in Hawaii
Mobile App
Low Monthly Fees
Loan Options
Low Minimum Deposit
Tiered Rates for Higher Balances
ASB offers savings accounts with features like low minimum deposits, easy fee waivers and ATM access. Ideal for Hawaiian residents who want a straightforward savings account to pair with their ASB checking account.
Fees
$0 to $10
APY
Up to
Min Opening
$5 to $20
Pros
- Low monthly fees, easily waived
- All accounts (other than Holiday Savings) provide an ATM card
Cons
- Tiered savings pays no interest on balances below $5,000
- Requires $100 minimum daily balance to earn interest with Statement Savings
- Low interest rates compared to competitors
Quick Take
Many other banks offer higher yield savings accounts with no monthly fees. The ASB savings accounts are best if you’d like easy, convenient access to your money and already have an ASB checking account.
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American Savings Bank CD Accounts
American Savings Bank offers CD accounts in terms from 30 days up to 10 years. To earn the best, promotional CD rates, you’ll want to make a minimum deposit of $10,000. Otherwise, ASB requires just $1,000 to open a CD.
- Earn up to APY when you transfer $10,000 from another financial institution into an ASB 5-month special CD.
- Terms up to 10 years, sure to fit various savings timelines.
- Great for securing funds for short-term goals like vacation or home projects.
- Early withdrawal penalties apply.
Best For
Banking in Hawaii
Mobile App
Low Monthly Fees
Loan Options
Low Minimum Deposit
Short-Term Savings With Big Returns
American Savings Bank CDs offer flexible term options and competitive promotional rates. With a low minimum deposit requirement and the chance to earn higher returns by transferring new funds, these CDs are an excellent choice for Hawaiian residents.
Fees
Early withdrawal penalties may apply
APY
Up to
Min Opening
$1,000 to $50,000
Pros
- High yields when you deposit $10,000 in a 3- or 5-month CD
- Best to save for a short-term goal
- Only $1,000 minimum deposit for other CDs with lower rates
Cons
- Other CD terms have low rates
- Early withdrawal penalties
- Funds for promotional CDs must come from another financial institution
Quick Take
If you’re saving for a short-term goal, such as a vacation, home renovations or the down payment on a new car, a 5-month promotional CD with a yield can put extra money in your pocket to reach your financial objective.
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American Savings Bank Money Market Accounts
American Savings Bank’s Money Market Account offers flexible access to your savings with tiered interest rates.
- Earn up to APY on balances in your ASB Money Market account.
- Open with a $20 minimum opening deposit.
- Access your money at any time by checks or ATM withdrawals.
- The $10 monthly service fee is waived with a $1,000 minimum daily or $2,500 minimum monthly average balance.
Best For
Banking in Hawaii
Mobile App
Low Monthly Fees
Loan Options
Low Minimum Deposit
Interest Compounded Daily
With check-writing privileges, an ATM card and ways to waive monthly fees, the American Savings Bank Money Market account makes saving simple and convenient.
Fees
$10 monthly
APY
Up to
Min Opening
$20
Pros
- Check writing capabilities make money easy to access
- ATM card
- Small minimum opening deposit
Cons
- Low APY compared to competitors
Quick Take
The ASB Money Market offers a lackluster interest on balances above $100,000. But if you are an American Savings Bank customer seeking a way to build up emergency savings with easy access to your money, the account might be worth a second look.
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Banking Experience
The American Savings Bank app for mobile banking is available on Google Play, where it earned 4.2 stars, and in The App Store, where it garnered a rating of 4.7 stars with more than 10,000 reviews. Although one Android user called the app “basic,” and said the mobile deposit process was “frustrating,” other reviewers gave it five-stars and hailed the app’s ease-of-use.
Hawaii residents can find banks that offer higher APYs for savings and CDs, but the local banking experience offered by ASB stands out because of its commitment to local communities, the environment and its nearly 100-year reputation.
Comparable Regional Bank Options
Here’s how American Savings Bank compares to other regional banks.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $25 monthly
$0 to $25, waivable
No monthly service fee
APY
APY
APY
Up to
Up to with Shaka Checking
Min Opening
Min Opening
Min Opening
$20
$25 to $500
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $10
$0 to $6, waivable
$0
APY
APY
APY
Up to
Up to
Min Opening
Min Opening
Min Opening
$5 to $20
$10 to $100
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Early withdrawal penalties may apply
No monthly service fee
No monthly service fee
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$1,000 to $50,000
$0
$0
American Savings Bank vs. First Hawaiian Bank
First Hawaiian Bank is Hawaii’s largest bank, with 48 branches across the state. FHB was listed amongst the Best CDs Account for 2025 in GOBankingRates Best Banks rankings.
You can open a CD at FHB online or in a local branch. Online CDs require a $500 minimum deposit, and deliver competitive yields. You’d need to deposit $100,000 in branch to approach the top rates, making FHB a better choice to help you meet your savings goals.
American Savings Bank vs. Central Pacific Bank
Central Pacific Bank first opened in 1954 in Honolulu. CPB provides multiple options in checking accounts, including a fee-free digital bank account offering early direct deposit, interest and refunds on ATM surcharges up to $20 per month. For Hawaii residents seeking a local bank with robust digital capabilities, CPB might be a good choice.
American Savings Bank vs. American Express Bank
American Express®, Member FDIC, is a national bank ranked as one of the Best CD Accounts and Best Online Accounts by GOBankingRates for 2025. With a great Annual Percentage Yield, no monthly fee and interest compounded daily, American Express Bank is worth considering for your savings needs.
All information about American Express accounts has been collected independently by GOBankingRates and has not been reviewed or approved by American Express. Bank accounts are not available through GOBankingRates.
Final Take
American Savings Bank is best for Hawaii residents seeking in-person banking services, multiple choices in checking and savings accounts, and premium checking options that offer plenty of perks.
American Savings Bank FAQ
Here are the answers to some of the most frequently asked questions about American Savings Bank.- What is the maximum withdrawal from American Savings Bank?
- Most ASB accounts have a daily ATM withdrawal limit of either $1,000 or $1,500. ASB ATMs have a maximum withdrawal limit of $500 per transaction.
- Does American Savings Bank send text messages?
- American Savings Bank may send text alerts related to your balance or transactions. If you enroll in text banking through ASB, you can send and receive texts to initiate transactions, request an account history, transfer funds and check your balance. ASB will never initiate a text to request personal information.
- What is the minimum balance for American Savings Bank?
- Most ASB accounts have no minimum daily balance required. You may need to maintain a minimum daily balance to waive the monthly service fee or to interest on some American Savings Bank accounts.
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 19, 2024.
To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 19, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
