Best Banks and Credit Unions in Hawaii
While banking can seem quite complicated, it doesn’t have to be. We’re here to help you choose the right bank for you with our list of the best banks in Hawaii.
Find the best CD rates in Hawaii.
1. CIT Bank
Savings APY: 3.85% on a minimum opening deposit of $100
CD APY: Upto 4.75% depending on the term
Monthly Fees: $0
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? CIT is an online bank based in Southern California. There is only one physical location at their headquarters in Pasadena. CIT Bank does not have an ATM network. But it doesn’t charge any ATM fees and even reimburses up to $30 per month in other banks’ ATM fees.
Pros:
- High APY rates
- Refunds on ATM fees
- 24/7 customer service
- No monthly fees
- Interest in checking accounts
Cons
- The APY on CDs is low compared to other institutions
First on our list of the best banks in Hawaii is CIT Bank, which is an online financial institution. The bank started in 1908 and is headquartered in Salt Lake City, UT. It is a division of First Citizens Bank. The bank offers its services through CITI BANK SAVINGS CONNECT which is available in all 50 states of the country.
The bank offers financial and banking solutions to individuals and businesses. Their product portfolio includes savings accounts, checking accounts, CDs, home loans & mortgages, and more. It is America’s leading bank in lending, leasing, and banking services to middle-market companies and small businesses.
2. HomeStreet Bank
Savings APY: 0.05% with a minimum deposit of $100
CD APY: 4-month – 3.25%, 7-month – 3.50%, 13-month – 3.75%, and 18-month – 4.00% with a
Monthly Fees: $1 to $10 (waivable)
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)How many branches in the State
How many branches are in the State? The HomeStreet Bank has around 67 branches across Washington, Oregon, Idaho, California, Arizona, and Hawaii.
Featured Product Offerings Best CD rates even for short-term certificates. It also offers a variety of accounts in both savings and checking.
Pros:
- Waivable monthly fees
- Offers a variety of products
Cons
- Not the best APY on savings account
Another contender for one of the best banks in Hawaii is HomeStreet Bank, a financial institution that provides a wide range of banking services to both individuals and businesses. It was founded in 1921 by W. Walter Williams as Continental Mortgage and Loan Company and is headquartered in Seattle, Washington.
The HomeStreet Bank also offers personal loans for borrowers who need help with expenses such as home renovations or emergency funds for unexpected events like medical expenses or car repairs.
3. First Hawaiin Bank
Savings APY: 0.02% with a minimum balance of $100 (only in a business savings account).
CD APY: 1-year – 2.70%, and 2-year – 2.85 with a minimum balance of $1000.
Monthly Fees:
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)How many branches in the State
How many branches are in the State? There are 57 branches of First Hawaiin Bank in the state.
Featured Product Offerings It offers various CDs with impressive interest rates in both the short and long term.
Pros:
- Various CD options are available
- A low minimum balance required
Cons
- Very low-interest rates
First Hawaiian Bank is the only locally-owned bank in Hawaii. It was founded in 1858 and has been operating for more than 150 years. The bank is headquartered in Honolulu and has a total of 57 branches across the state.
First Hawaiian Bank offers a variety of banking products to its customers, such as checking accounts, savings accounts, certificates of deposit, personal loans, and mortgages. It also offers investment services such as brokerage services, retirement plans, and life insurance, making it one of the best banks in Hawaii.
4. HawaiiUSA Federal Credit Union
Savings APY: 0.05%
CD APY: 1-year – 0.75%, 2-year – 1.00%, and 5-year – 1.50% with a minimum deposit of $500.
Monthly Fees: $1
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? The HawaiiUSA Federal Credit Union has around 14 branches in the Hawaii.
Featured Product Offerings As low as 3.99% APR* for 12 months. Loans up to $50,000
Pros:
- Multiple branches
- 24/7 customer service
- Low monthly fees
- Interest in checking accounts
Cons
- Average APY rates
HawaiiUSA Federal Credit Union is headquartered in Honolulu and is the 2nd largest credit union in the state of Hawaii. It is also the 189th largest credit union in the nation. It was established in 1936 and as of September of 2022, it had grown to 379 employees and 134,785 members at 14 locations.
As a not-for-profit, federally insured financial cooperative, their values—not shareholders—drive their culture and the way they do business. Guiding members on a path to financial health and sustainability. Providing personalized solutions and support. Delivering convenience that empowers. These are ways HawaiiUSA fulfills its Life matters commitment.
Chartered in 1936, the credit union’s more than 132,000 members include individuals and family members in the field of education including employees, retirees, students and their parents of a majority of schools on Oahu, Maui, the Big Island, and Kauai, as well as a large number of companies and associational groups. HawaiiUSA is the largest credit union in the State of Hawaii with assets of $2.2 billion.
5. Hawaii State Federal Credit Union
Savings APY: 0.10%
CD APY: 1-year – 0.40%, 2-year – 0.40%, and 5-year – 0.50% with a minimum deposit of $10,000.
Monthly Fees: $5 to $20 (waivable)
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? The Hawaii State Federal Credit Union (HSFCU) has around 8 branches in the state.
Featured Product Offerings: Term share savings account of 4.00% APY with a minimum deposit of $1000 and also personal loan at as low as 7% for 5 years.
Pros:
- Variety of products to choose from!
Cons
- Charges monthly fees
Next on our list of the best banks in Hawaii, Hawaii State Federal Credit Union is a federally chartered credit union headquartered in Honolulu, Hawaii, and was established in 1936. It has $1.3 billion in assets and approximately 77,000 members.
Hawaii State Federal Credit Union offers a wide range of financial services to its members. These include checking, savings, and money market accounts, certificates of deposit and IRA accounts, personal loans and mortgages, auto loans and leases, credit cards, lines of credit, and more.
6. Aloha Pacific Federal Credit Union
Savings APY: 0.05%
CD APY: 6 months: 1.50%1-year – 0.25%, 2-year – 0.25%%, and 5-year – 1.00 % $1,000 minimum & early withdrawal penalty may be imposed.
Monthly Fees: $10 ( $10 minimum to open; no minimum to earn rate. $2,500 minimum balance to open; $10 monthly fee for Average Daily Balance below $2,500.)
Federally Insured by: NCUA/Equal Housing Lender
How many branches are in the State? The Aloha Pacific Federal Credit Union has around 8 branches in the state.
Featured Product Offerings: Term share savings account of 4.00% APY with a minimum deposit of $1000 and also personal loan at as low as 7% for 5 years.
7. Navy Federal Credit Union
Savings APY: 0.25% with a minimum deposit of $5
CD APY: 1-year – 3.00%, 3-year – 3.30%, and 5-year – 3.35% with a minimum deposit of $1,000.
Monthly Fees: $0
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Among Navy Federal Credit Union’s 350 branches, many are located near military bases in places like Virginia, Maryland, and California. It also has 30,000+ free ATMs.
Featured Product Offerings: Term share savings account of 4.00% APY with a minimum deposit of $1000 and also personal loan at as low as 7% for 5 years.
Pros:
- No monthly fee
- Free ATMs
- Competitive interest rates
Cons
- Very few branches
To conclude our list of the best banks in Hawaii, we have Navy Federal Credit Union, which was founded on March 13, 1933, as Navy Department Employees’ Credit Union. It has a total of $158.85 Billion in assets and around 11 million customers. The CO-OP Network offers free access to more than 30,000 ATMs.
Its headquarter is in Vienna, Virginia, United States. The Navy Federal Credit Union has competitive interest rates that benefit many potential customers. Even though it has a small number of branches around the USA, it helps its customers via mobile applications and provides the best customer support.