American Savings Bank Review 2024

American Savings Bank logo

American Savings Bank

8.9 rating

Expert Take

As the third largest bank in Hawaii, American Savings Bank has a very strong presence and offers full banking services to individuals and small businesses. Customers can open checking and savings accounts, money market accounts, several types of certificates of deposit, and more. While customers may find more competitive interest rates elsewhere, American Savings Bank has low minimum opening deposits for most accounts, which makes them more accessible.


  • Online and mobile banking
  • Low minimum opening deposits
  • Discounted loan rates with deposit accounts


  • Difficult to waive account fees
  • Low interest rates on savings accounts

Bonus Offers


Product Variety


Customer Experience


Interest Bearing Accounts




Free ATM Access


American Savings Bank logo

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at American Savings Bank

Choosing the right financial institution is a critical step toward achieving your financial goals. Among the options available for Hawaiian citizens, American Savings Bank (ASB) is an obvious choice as the third largest bank in Hawaii.

They have served their customers for nearly a century and have a legacy rooted in commitment to their customers and offering a diverse range of products and services designed to meet the unique needs of Hawaiian residents and businesses.

Read on for a full review of the key features and strengths that have positioned American Savings Bank as one of the top financial institutions in Hawaii.

What Is American Savings Bank?

Since 1925, American Savings Bank has serviced the community of Hawaii through comprehensive banking products and services. With over 60 branches across five islands, ASB has a rich history deeply intertwined with the Hawaiian islands and its people.

Over the past century, American Savings Bank has evolved with the ever-changing financial landscape and adapted to meet the diverse needs of Hawaiian individuals, families, and businesses. They offer consumer and business banking services, three different checking accounts, four different savings accounts, credit cards, investment services, and more. They have also adapted to the digital landscape through online and mobile banking.

American Savings Bank: Checking Accounts

American Savings Bank offers three different checking account options. These accounts range from basic, everyday banking to premium checking featuring preferred rates and loan perks.

1. Kalo Essentials Checking Account

The Kalo Essentials Checking account offers a seamless and accessible banking experience that is perfect for everyday budgeting and spending. This account stands apart from the other two in its simplicity.

There are no monthly service fees or minimum balance requirements, which allows account holders to bank without the hassle of additional fees. It also includes complimentary services like online bill pay, mobile checking deposit, and mobile banking to make managing finances on the go easier.

2. Kalo Plus Checking Account

The Kalo Plus Checking account is tailored for people seeking additional benefits beyond what the Essential Checking account provides.

Opening this account requires a minimum deposit of $20, and it comes with a $15 monthly service fee that is somewhat difficult to waive. You must maintain a combined personal monthly average balance of $7,000 or have direct deposits totaling at least $2,500 per statement period to avoid the fee.

However, this account comes with exclusive discounted rates on personal loans and lines of credit, which makes it an attractive option for people looking to finance their goals.

3. Kalo Deluxe Checking Account

With a host of exceptional features, the Kalo Deluxe Checking account is American Savings Bank’s most premium checking product. Customers can enjoy ATM rebates of up to $12 per statement cycle allowing for easy and convenient access to funds.

They can also benefit from exclusive discounted rates on lines of credit and personal loans that exceed the discounts offered by the Plus Checking account. As a special bonus, this account also offers a generous $150 off lender fees for residential mortgage loans, whether the customer is purchasing or refinancing a home.

American Savings Bank: Savings Accounts

American Savings Banks has four bank accounts to help customers reach their savings goals.

1. Statement Savings

The Statement Savings account is the standard savings account offered by American Savings Bank. It features a low balance requirement and low minimum opening deposit to help customers start saving and avoid extra fees.

You only need to have $20 to open an account, and you must have at least a $300 minimum balance to waive the $4.50 monthly service fee. This account will also accrue interest on any balance higher than $100. While ASB doesn’t disclose the current rates, the interest is compounded daily and credited monthly.

2. Tiered Savings

The Tiered Savings account by American Savings Bank offers a dynamic approach to growing your savings. The account offers tiered interest rates, meaning the more you save, the higher your interest rate will be.

With just a $20 minimum opening deposit, this account offers an accessible entry point for savers of all levels. To enjoy the account without the $5 monthly service fee, customers must maintain a $500 minimum monthly average balance. This account also comes with a range of convenient digital services, like online banking, eStatements, and mobile check deposits.

3. Holiday Savings

The Holiday Saving account is American Savings Bank’s solution to prepare for holiday season shopping. The account stands out for its simplicity and lack of monthly service fees, allowing you to focus solely on saving for the holidays.

To make saving even more effortless, you can arrange for automatic transfers from your checking or savings account into the Holiday Savings account. The funds will be transferred back to your chosen account on the last business day of October.

The account is eligible for interest if you maintain a minimum balance of $5. However, making any withdrawals ahead of the last business day in October will result in the account being closed and no interest paid.

4. MoneyHune Savings

The MoneyHune Savings account is a tailored savings solution designed for savers 18 years old and younger. With a minimum opening deposit of only $5, this account allows students to take their first steps toward establishing a savings routine.

There are no monthly fees as long as the account maintains a balance of at least $5. It also earns interest that is compounded daily and credited monthly, allowing savings to grow over time. Students aged 12 and above will receive an ATM card with parents’ approval to provide a tangible means of managing their funds. When the student reaches age 18, the account will transition into a Statement Savings account.

American Savings Bank: CD Accounts

American Savings Bank offers several different certificates of deposit (CD) for customers to grow their deposits with guaranteed returns.

They offer four different term lengths for customers to choose from six months, nine months, 12 months, and 24 months. Each term length offers a different interest rate and requires a different minimum opening deposit.

As of January 2024, American Savings Bank is offering promotional CD rates as high as 4.60% APY. While this isn’t the most competitive rate in the current market, it is a relatively high-interest rate for CDs among financial institutions in the state of Hawaii.

American Savings Bank: MMA Account

American Savings Bank’s money market account (MMA) offers a versatile and rewarding option for customers seeking higher yields on their deposit. This MMA is more accessible than other bank’s MMAs with its low minimum opening deposit of only $20. It also has a $10 monthly fee that can be waived by maintaining a minimum daily balance of $1,000 or a monthly average balance of $2,500.

What sets this account apart from other American Savings Bank accounts is the tiered interest rates. With the MMA, you will earn a higher interest rate with a higher balance, making this account an attractive option for those with substantial savings.

Additional Products

American Savings Bank offers consumer and business products for a comprehensive suite of banking services. Their additional products include:

  • Credit cards.
  • Lines of credit.
  • Mortgages
  • Personal loans.
  • Home equity lines of credit.
  • IRAs
  • Student loans.
  • Investment services.
  • Business checking and savings accounts.
  • Business credit cards.
  • Business cash management services.
  • Business CDs.
  • Commercial real estate loans.
  • Business lines of credit.
  • Business loans.


American Savings Bank has several features that parity it with other financial institutions and also features that set it apart.

Here are some of the top features you can enjoy when banking with American Savings Bank.

  • Zelle: Zelle enables customers to send money to individuals and businesses quickly and securely. This feature is integrated with the American Savings Bank mobile app, so you don’t have to worry about downloading and using another app.
  • Mobile app: American Savings Bank’s mobile app allows users to view balances, transaction history, and manage accounts on the go. It has an intuitive interface for easy navigation and includes convenient features, such as mobile check deposits.
  • Bill Pay: Bill pay allows customers to pay bills electronically through the online banking platform. It enables users to set up one-time or recurring payments to ensure bills are paid on time.
  • eStatements: If being environmentally friendly is important to you, American Savings Bank’s eStatements help you reduce paper consumption and create a more sustainable banking experience.

Pricing and Fees

No matter where you keep your money, every bank is going to have certain fees that crop up. These fees are meant to earn money for the bank, deter certain financial behaviors, or encourage customers to deposit new money into their accounts.

Here are some of the fees you may encounter when banking with American Savings Bank.

Monthly Service Fees

American Savings Bank charges monthly service fees to earn money for the bank and encourage people to deposit more money into their accounts.

Here are the monthly service fees charged by each of their checking and savings accounts:

  • Kalo Plus Checking: $15
  • Kalo Deluxe Checking: $25
  • Statement Savings: $4.50
  • ASB Tiered Savings: $5

Wire Transfers Fees

If you choose to wire money to or from your accounts, American Savings Bank will charge you a fee for the service. Outgoing wire transfers less than $5,000 will incur a fee of $45 per wire, and outgoing wire transfers over $5,000 will incur a fee of $75. All incoming wire transfers will come with a fee of $13 per transfer.

Overdraft Fees

Banks and credit unions charge overdraft fees to deter customers from spending more money than they have in their accounts. American Savings Bank charges $30 every time they pay for a purchase that overdrafts your account. There is a daily limit of four overdraft charges to prevent you from falling victim to predatory overdraft practices.

Getting Started

If you’re ready to open an account with American Savings Bank, the process to get started is straightforward. All you need to do is gather the necessary information, fill out an application, and fund your account.

The first step is to begin an application for your preferred account online or in person at a branch. You will need to be ready to provide certain information and documents, such as your name, social security number, and even a government-issued photo ID. This is to help American Savings Bank confirm your identity and prevent fraudulent account openings.

Once you have completed your application and American Savings Bank confirms your identity, you will be ready to fund your account. Each checking and savings account requires a different minimum opening deposit, typically ranging from $5 to $20.

After you’ve made your initial deposit, you will be ready to fund and use your account. You can sign up for additional features like Zelle, online banking, bill pay, and more.


In the age of bank failures and cybersecurity threats, security measures are more important than ever for banks like American Savings Bank. Thankfully, American Savings Bank places great importance on the security and protection of their customers’ financial transactions and personal information.

American Savings Bank’s online banking and mobile app are fortified with industry-leading security features, such as encryption technology and multi-factor authentication. Each layer of protection helps keep unauthorized users from accessing details of your account without your permission.

They also prioritize deposit safety through their membership with the FDIC. The Federal Deposit Insurance Corporation (FDIC) protects consumers by insuring their deposits up to $250,000 in case of a bank collapse. Their member FDIC status showcases their commitment to falling in line with industry standards and protecting their customers on all fronts.

Customer Support

American Savings Bank offers three different ways to contact their customer service team: in-person appointment, phone call, or secure message through the online banking platform. If you want to call their team, their hours are Monday through Friday, 8 a.m. to 7 p.m. HST, or Saturday and Sunday, 9 a.m. to 3 p.m. HST. They also allow you to make an appointment at a branch to receive in-person assistance.

Pros and Cons

Before opening an account with American Savings Bank, here are some important pros and cons to consider.


  • Low minimum opening deposits: American Savings Bank ensures they are accessible to a wide range of customers through their low minimum opening deposits. This allows customers to begin their banking relationship with ASB without a significant upfront investment.
  • Online and mobile banking: The highly-rated online and mobile banking platforms provide unparalleled convenience and accessibility to customers across the organization. It enables customers to manage their account, pay bills, transfer funds, and deposit checks remotely with nothing more than a smartphone.
  • Discounted loan rates with deposit accounts: When you open a Plus or Deluxe checking account, you can enjoy discounted rates on loans and lines of credit. This demonstrates ASB’s commitment to maximizing their value for their customers.


  • Low interest rates on savings accounts: While American Savings Bank provides a range of savings options, individuals seeking higher yields on their savings might want to explore other financial institutions.
  • Difficult to waive account fees: Some customers may find it challenging to waive certain account fees because of high minimum balance requirements or high transaction thresholds.

Alternatives to American Savings Bank

It’s important to weigh your options before deciding on a financial institution. Here are some of our top picks for financial institutions in the state of Hawaii.

Territorial Savings Bank

Since 1921, Territorial Savings Bank has catered to the needs of Hawaiian residents through comprehensive banking services. They offer a range of account options, including checking and savings accounts, certificates of deposit, and more. While they have a smaller branch network than American Savings Bank, they offer competitive interest rates on CDs and checking accounts. They also offer discounts and promotions from local merchants to help support the local Hawaiian economy and give back to their customers.

Bank of Hawaii

Established in 1897, Bank of Hawaii is one of the oldest and largest banks in the state. They offer a wide range of financial services and have a robust branch network and online presence. They are known for their deep roots in the community and have even been named the ‘Best Big Bank in Hawaii.’ One of the standout products they offer is their rewards credit card, which allows you to earn Hawaiian Miles for traveling across the islands.

Frequently Asked Questions

Is American Savings Bank a good bank?

Yes, American Savings Bank has an A+ overall rating with the Better Business Bureau (BBB), which indicates that they have ethical and exceptional business practices.

Where is American Savings Bank located?

American Savings Bank has 55 branch locations across Hawaii Island, Maui, Kauai, and Oahu.

Can you bank with American Savings Bank if you’re not a Hawaiian resident?

No, you must be a resident of the state of Hawaii, a U.S. citizen or permanent resident, and 18 years or older to open a bank account with American Savings Bank.

Our Methodology

The BankBonus editorial team has analyzed dozens of banks to provide our readers with thoroughly informed and accurate reviews.

We evaluate digital financial platforms, online banks, regional banks, and national banks across several metrics.

Our assessment of each bank factors in these considerations:

  • Product lineup: We review the types of accounts, loans, and services offered by each bank, as well as the number of accounts.
  • Fees and pricing: We also consider each institution’s fees, including monthly maintenance fees and other service charges.
  • Account features: To compare banks, we take a close look at the features, limits, and capabilities each one has to offer.
  • Interest: Along with these features, we consider whether or not the bank offers interest-bearing accounts and compare their rates to industry averages.
  • Brand reputation: The bank accounts we recommend have been carefully vetted to ensure they are legitimate, secure, and backed by FDIC insurance.
  • User experience: Additionally, we consider the ease of use and availability of resources on each bank’s website and factor in reviews of the mobile app from the Apple App Store and Google Play Store.
  • Branch and ATM access: To gauge convenience, we also look at each bank’s branch and ATM availability and consider their ATM reimbursement policies.
  • Customer service: In our review process, we also explore banks’ customer service channels, hours of availability, and third-party reviews.

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