What AM Savings Bank Is and Who Runs It

AM Savings Bank is a state-chartered bank based in Hawaii that offers savings accounts, checking accounts, and other deposit products to individuals and businesses. The bank is regulated by the Hawaii Division of Financial Institutions and also by the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account type are insured against bank failure.

AM Savings Bank operates physical branches on the islands of Hawaii, Maui, and Oahu, and you can also conduct business by phone or mail. The bank has been operating since 1925, so it has a long history in the Hawaiian financial system. If you're opening an account or already have one, you're dealing with a state bank, not a national bank or credit union.

The bank's deposit insurance coverage works the same way as any other FDIC-insured institution: your money is protected up to the legal limit if the bank fails. That limit applies per depositor, per bank, per account ownership category — so a joint savings account and an individual savings account at AM Savings Bank are each insured separately up to $250,000.

Key Takeaways

  • AM Savings Bank is a Hawaii-based state bank regulated by both the Hawaii Division of Financial Institutions and the FDIC, with branches on Hawaii, Maui, and Oahu.
  • Deposits are FDIC-insured up to $250,000 per account type per depositor, so your money is protected if the bank fails.
  • You can open an account in person at a branch, by phone, or by mail, and you'll need a government ID and proof of address to start.
  • Interest rates on savings accounts vary based on the account type and current market conditions, so contact the bank directly for current rates.
  • If you need to close your account or transfer money, AM Savings Bank can process requests through branches or by phone during business hours.

How to Open an Account at AM Savings Bank

To open a savings account, you'll need to visit a branch in person, call the bank, or request an application by mail. The bank requires a valid government-issued ID (driver's license, passport, or state ID card) and proof of your current address, such as a utility bill, lease, or bank statement dated within the last 60 days.

You'll also need to provide your Social Security number so the bank can verify your identity and check for any history of fraud or unpaid accounts. If you're opening a joint account, both account holders must provide ID and proof of address. The bank will ask how you want to fund the account — you can deposit cash at a branch, transfer money from another bank, or mail a check.

Once your application is approved, the bank will issue you a debit card and provide online banking access so you can check your balance, transfer money, and pay bills from home. The approval process usually takes one to three business days if you apply in person or by phone, and longer if you apply by mail.

Interest Rates and Account Features

AM Savings Bank offers different types of savings accounts, each with its own interest rate and minimum balance requirement. The rates change based on how much money you keep in the account and what the Federal Reserve is doing with interest rates nationwide. You should contact the bank directly to learn the current rates, because they vary month to month and are not published on a single public page.

Most savings accounts at AM Savings Bank have a minimum opening deposit — often $100 to $500 — and a minimum balance you must keep in the account to avoid a monthly fee. If your balance drops below that minimum, the bank may charge a maintenance fee of $5 to $10 per month. Some accounts waive the fee if you set up direct deposit or maintain a linked checking account.

The bank also offers money market accounts and certificates of deposit (CDs), which typically pay higher interest rates than regular savings accounts but require you to lock your money away for a set period — usually three months to five years. If you withdraw money from a CD before the term ends, you'll pay an early withdrawal penalty, usually equal to a few months of interest.

How to Access Your Money and Manage Your Account

Once your account is open, you can access your money through several methods. You can withdraw cash at any AM Savings Bank branch during business hours, use your debit card at ATMs and stores, or transfer money electronically to another bank account. The bank's online banking platform lets you check your balance, review transactions, and set up automatic transfers 24 hours a day.

If you need to move money between your own accounts at AM Savings Bank, you can do that instantly through online banking or by calling the bank. Transfers to other banks usually take one to three business days, depending on the receiving bank. If you need to send money urgently, ask the bank about wire transfer options, which are faster but may carry a fee of $15 to $25.

The bank sends statements either by mail or electronically, depending on what you choose when you open the account. You can change your preference anytime through online banking or by calling customer service. Keeping your contact information current — phone number, email, and mailing address — helps the bank reach you if there's suspicious activity on your account.

Fees and Charges You Should Know About

AM Savings Bank charges fees for certain services and situations. A monthly maintenance fee (usually $5 to $10) applies if your balance falls below the minimum, though some accounts waive this if you meet other conditions like setting up direct deposit. Overdraft fees apply if you spend more money than you have in your account — typically $25 to $35 per overdraft.

If you need a cashier's check, the bank charges $5 to $10. Wire transfers cost $15 to $25 depending on whether you're sending money domestically or internationally. Stopping payment on a check costs $25 to $35. ATM fees apply if you use an out-of-network ATM — usually $2 to $3 per transaction — though you can avoid this by using AM Savings Bank ATMs or branches.

The bank does not charge fees for basic services like checking your balance, transferring money between your own accounts, or receiving electronic deposits. Ask about the specific fees that apply to your account type when you open it, because different accounts have different fee structures.

What Happens If You Need to Close Your Account

You can close your AM Savings Bank account anytime by visiting a branch, calling the bank, or sending a written request by mail. The bank will ask how you want to receive any remaining balance — by check, electronic transfer to another bank, or cash at a branch. If you have a debit card, the bank will deactivate it once the account is closed.

Before you close, make sure all automatic payments and direct deposits linked to the account have been moved to another account, or they will fail and may trigger overdraft fees at your new bank. If you have a CD that hasn't matured yet, closing the account will trigger an early withdrawal penalty unless the CD term has ended.

The bank will send you a final statement showing all activity up to the closing date. If you owe the bank money — for example, because of unpaid overdraft fees — the bank will deduct that from your remaining balance before sending you the rest. Keep your final statement for your records.

FDIC Insurance and What It Covers

Your deposits at AM Savings Bank are protected by FDIC insurance up to $250,000 per account type per depositor. This means if the bank fails and cannot return your money, the FDIC will pay you up to that limit. The coverage applies separately to different account ownership categories: an individual account, a joint account, and an account held in trust are each insured separately.

For example, if you have $200,000 in an individual savings account and $150,000 in a joint savings account with your spouse, both are fully covered because they are different account types. But if you have $300,000 in an individual savings account, only $250,000 is insured — the extra $50,000 is not covered.

FDIC insurance does not cover investment products like stocks or mutual funds, even if they are held at a bank. It also does not cover safe deposit boxes or the contents inside them. If you have more than $250,000 to deposit, you can spread it across multiple banks or multiple account types to keep all of it insured.

Frequently Asked Questions

What is the current interest rate on AM Savings Bank savings accounts?

Interest rates change frequently based on market conditions and account type. Contact AM Savings Bank directly by phone, visit a branch, or check their website for the most current rates. Rates typically range from less than 1% to 4% or higher depending on the account and how much money you deposit, but you need to ask the bank for exact figures.

Can I open an account online without visiting a branch?

AM Savings Bank allows you to start the process by phone or mail, but you may need to visit a branch in person to complete the account opening and verify your identity. Call the bank to ask whether you can complete the entire process remotely or whether an in-person visit is required.

What should I do if I notice unauthorized activity on my account?

Call AM Savings Bank immediately at the number on your debit card or statement. The bank has procedures to investigate fraud and may issue you a new debit card and reverse unauthorized charges. Federal law limits your liability for unauthorized transactions if you report them promptly, usually within 60 days of receiving your statement.

Does AM Savings Bank offer online bill pay?

Most AM Savings Bank accounts include online bill pay through their online banking platform, which lets you schedule payments to businesses and individuals. Check your account features or call the bank to confirm whether bill pay is included with your account type and whether there are any fees.

What happens to my account if I move off the islands?

You can keep your AM Savings Bank account open even if you move away from Hawaii. You can manage it through online banking, phone transfers, and mail. However, you won't be able to visit a branch in person, so plan ahead if you need to deposit cash or handle matters that require a signature.