Best CD Rates in Hawaii

When it comes to optimizing your savings strategy, finding the best Certificate of Deposit (CD) rates can make a significant difference, especially in places like Hawaii.

CDs are a popular savings tool for those looking to earn a higher interest rate than the typical regular savings account. In this regard, investing in a CD can be a smart way to ensure your savings grow while you enjoy the luxury lifestyle.

For exploring the best CD rates in Hawaii, here is an analytical overview stated next. Let’s find the further details in the section below;

Overall Best CD rates in Hawaii

No.	Name of the Bank	APY %	Term Length	Address
1	American Airlines Federal Credit Union	5.50%	6-month	300 Rodgers Blvd Honolulu, HI 96819
2	Windward Community Federal Credit Union	4.91%	6-month	6699 Mokapu Rd Kailua, HI 96734
3	North Hawaii Community  Federal Credit Union	4.85%	6-month	45-3600 Mamane St Honokaa, HI 96727
4	West Oahu Community Federal Credit Union	4.80%	12-month	Online
5	Big Island Federal Credit  Union	4.80%	24-month	66 Lono St., Hilo, HI 96720
6	Finance Factors, Ltd.	4.75%	6-month	605 Laukapu St Hilo, HI 96720
7	HFS Federal Credit Union	4.75%	6-month	632 Kinoole St Hilo, HI 96720
8	Bank of Hawaii	4.64%	6-month	130 Merchant Street, Honolulu, HI 96813
9	American Savings Bank	4.64%	12-month	300 North Beretania Street, Honolulu, HI 96817
10	Garden Island Federal  Credit Union	4.60%	18-month	Online
11	Windward Community Federal Credit Union	4.50%	60-month	6699 Mokapu Road, Kailua, HI 96734
12	Maui County Federal  Credit Union	4.45%	6-month	1888 Wili Pa Loop, Wailuku, HI 96793
13	Ewa Federal Credit Union	4.41%	6-month	Online
14	Maui Teachers Federal  Credit Union	4.40%	36-month	2145 Wells Street, Suite 101, Wailuku, HI 96793
15	The Queen’s Federal  Credit Union	4.01%	6-month	715 S. King Street, Suite 110, Honolulu, HI 96813
16	Hawaii State Federal  Credit Union	4.01%	36-month	560 Halekauwila Street, Honolulu, HI 96813
17	CU Hawaii Federal Credit  Union	4.00%	6-month	155 W Kawili St Hilo, HI 96720
18	Ohana Pacific Bank	3.93%	6-month	1357 Kapiolani Blvd, Suite 102, Honolulu, HI 96814
19	First Hawaiian Bank	3.92%	12-month	999 Bishop Street, Honolulu, HI 96813
20	Honolulu Fire Department  Federal Credit Union	3.86%	17-month	1200 N. School Street, Honolulu, HI 96817
21	Aloha Pacific Federal Credit Union	3.69%	18-month	832 South Hotel Street, Honolulu, HI 96813
22	Pearl Hawaii Federal  Credit Union	3.59%	18-month	94-449 Ukee Street, Waipahu, HI 96797
23	Hawaii Community Federal  Credit Union	3.50%	18-month	73-5611 Olowalu Street, Kailua-Kona, HI 96740
24	Wailuku Federal Credit Union	3.44%	18-month	133 Ma’a Street, Wailuku, HI 96793
25	Waimea Federal Credit Union	3.44%	18-month	Online
26	HFS Federal Credit Union	3.43%	18-month	632 Kinoole Street, Hilo, HI 96720
27	Hamakua Coast Community  Federal Credit Union	3.35%	17-month	45-690 Pakalana St, Suite A, Honokaa, HI 96727
28	Waipahu Federal Credit  Union	3.35%	18-month	94-020 Leokane St, Waipahu, HI 96797
29	Kauai Teachers Federal  Credit Union	3.35%	12-month	2969 Umi Street, Lihue, HI 96766
30	PenFed Credit Union	3%	6-month	1 Jarrett White Rd Tripler Army Medical Center, HI 96859
31	NAVFAC Federal Credit Union	3.00%	6-month	4250 Radford Dr Honolulu, HI 96818
32	Molokai Community Federal  Credit Union	3.00%	6-month	135 Puali Street, Kaunakakai, HI 96748
33	Lanai Federal Credit Union	3.00%	60-month	1144 Ilima Ave #102, Lanai City, HI 96763
34	Kahului Federal Credit Union	3.00%	48-month	25 W Kamehameha Ave, Kahului, HI 96732
35	Bishop Street Commercial Bank	3.00%	6-month	Online
36	Kauai Federal Credit Union	2.96%	3-month	2976 Ewalu Street, Lihue, HI 96766
37	Valley Isle Community  Federal Credit Union	2.75%	6-month	160 Paahana Street, Kahului, HI 96732
38	Hawaii Law Enforcement  Federal Credit Union	2.75%	36-month	1537 Young Street, 3rd Floor, Honolulu, HI 96826
39	Kona Community Federal  Credit Union	2.75%	3-month	73-5611 Olowalu St., Kailua Kona, HI 96740
40	University of Hawaii Federal Credit Union	2.70%	15-month	2019 S King St, Honolulu, HI 96826
41	Hawaii Federal Credit Union	2.60%	12-month	1244 Kaumuali’i Street, Honolulu, HI 96817
42	Bank of Hawaii	2.50%	6-month	58 Maui Lani Pkwy Wailuku, HI 96793
43	Operating Engineers Local Union #3 Federal Credit Union	2.50%	6-month	2181 Lauwiliwili St Kapolei, HI 96707
44	Schofield Federal Credit  Union	2.50%	3-month	Online
45	Hickam Federal Credit  Union	2.50%	12-month	590 Farrington Hwy #140, Kapolei, HI 96707
46	Pearl Harbor Federal  Credit Union	2.50%	12-month	94-449 Ukee Street, Waipahu, HI 96797
47	Oahu Federal Credit Union	2.47%	3-month	2219 Pauoa Road, Honolulu, HI 96813
48	Honolulu Federal Credit  Union	2.43%	12-month	1226 College Walk, Honolulu, HI 96817
49	Hawaii National Guard Federal Credit Union	2.33%	6-month	3949 Diamond Head Road, Honolulu, HI 96816
50	First Insurance Federal Credit Union	2.33%	6-month	Online
51	Central Pacific Bank	2.08%	12-month	220 South King Street, Honolulu, HI 96813
52	HawaiiUSA Federal Credit  Union	2.00%	24-month	1226 College Walk, Honolulu, HI 96817
53	Pacific Rim Bank	1.90%	3-month	Online
54	Territorial Savings Bank	1.90%	24-month	1000 Bishop Street, Honolulu, HI 96813
55	North Hawaii Community  Federal Credit Union	1.90%	6-month	67-1191 Mamalahoa Hwy, Kamuela, HI 96743
56	City & County  Employees Federal Credit Union	1.09%	3-month	Online
57	Leahi Federal Credit Union	1.08%	48-month	Online
58	Hilo Community Federal Credit Union	1.06%	12-month	217 Waianuenue Ave, Hilo, HI 96720
59	Kamehameha Federal Credit  Union	1.05%	36-month	2200 Kamehameha Hwy #202, Honolulu, HI 96819
60	Kauai Government  Employees Federal Credit Union	1.00%	60-month	2976 Ewalu Street, Lihue, HI 96766
61	CU Hawaii Federal Credit  Union	0.25%	5-years	476 Hinano Street, Hilo, HI 96720
62	Kekaha Federal Credit Union	0.16%	24-month	8254 Kekaha Road, Kekaha, HI 96752

Current CD Rates of Hawaii

The current CD rates in Hawaii contain versatie appealing options to secure and grow their savings. It offers a blend of safety and higher yield potential compared to standard savings accounts.

This ensures that individuals who are looking to manage their savings efficiently can capitalize on competitive rates, CDs could be a strategic move for those aiming to achieve specific financial goals.

Best 6 Month CD Rates

For short-term savers looking to earn more without a long commitment, the best 6-month CD rates in Hawaii offer a perfect balance between accessibility and improved yield.

1. CommunityWide FCU

Minimum Amount: $1000.00

APY / Rate: 3.50% APY

Pros:

• NCUA Insured to at least $250,000
• Dividends can be compounded in certificates / deposited to another share/ transferred to another institution
•  Option to renew on the maturity

Rules:

• Any withdrawal before maturity is charged with a penalty
• Penalty= amount of the withdrawal x  the remaining term (days) of the certificate at the rate of 2x the current APR (divided by 365)
• Dividends are paid at the end of the month

2. Quontic Bank

Minimum Amount: $500.00

APY / Rate: 3.25 % APY

Pros:

• Instant account opening
• Low minimum balance
• FDIC insured

Rules:

• Interest is compounded daily and credited to the account at the end of every month
• A periodic rate is applied to the balance (principal + interest) in the account
• CD can be withdrawn upon maturity within 10 days after which, it is automatically renewed on the same terms.

3. PenFed Credit Union

Minimum Amount: $1,000.00

APY / Rate: 2.00% APY

Pros:

• Easy renewal without any conditions
• Can be accessed at the branch, mobile or online
• Insured by NCUA insurance

Rules:

• Dividends are calculated on a simple interest basis
• Monthly dividends are paid on CD maturity

Best 1 Year CD Rates

The top 1-year CD rates provide an ideal opportunity for individuals with a modest term investment. It enables the investors to take advantage of higher interest rates while maintaining a relatively short investment horizon.

1. CommunityWide FCU

Minimum Amount: $1000.00

APY / Rate: 4.00% APY

Pros:

• NCUA Insured to at least $250,000
• Dividends can be compounded in certificates / deposited to another share/ transferred to another institution
•  Option to renew on the maturity

Rules:

• Any withdrawal before maturity is charged with a penalty
• Penalty= amount of the withdrawal x  the remaining term (days) of the certificate at the rate of 2x the current APR (divided by 365)
• Dividends are paid at the end of the month

2. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.50% APY

Pros:

• Excellent for earning a competitive interest rate on a savings account or CD.
• Without monthly services.
• Free domestic incoming wire transfers on savings account

Rules:

• APYs are subject to change at any time without notice
•  The penalty will be applied for early withdrawals on CDs
• At maturity, your CD will automatically renew and earn the base interest rate

3. First National Bank of America

Minimum Amount: $1000

APY Rate: 4.40% APY

Pros:

• Competitive APY on online CDs and high-yield savings accounts
• Fee-free access to 55,000 all ATM networks.
• Digital banking access online and via an app

Rules:

• Interest rates and APYs are subject to change without notice.
• Early withdrawal will reduce earnings and impose the penalty
• APY on all services will remain deposited until maturity.

Best 2 Year CD Rates

People who want to get a middle ground between short and long-term investments will find the best 2-year CD rates in Hawaii appealing.

1. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.50% APY

Pros:

• Excellent for earning a competitive interest rate on a savings account or CD.
• Without monthly services.
• Free domestic incoming wire transfers on savings account

Rules:

• APYs are subject to change at any time without notice
• The penalty will be applied for early withdrawals on CDs
• At maturity, your CD will automatically renew and earn the base interest rate

2. Synchrony Bank

Minimum Amount: $0.00

APY / Rate: 4.30% APY

Pros:

• Best APY rate
• No minimum balance required
• High-yield savings options
• No penalty on premature interest withdrawal
• 10 days grace period after maturity to add more funds to the CD

Rules:

• The interest is compounded monthly and added to the account at the end of the month.
• There is no minimum balance required to earn interest.
• Also no penalty on premature withdrawals.

3.  First National Bank of America

Minimum Amount: $1000

APY Rate: 4.40% APY

Pros:

• Competitive APY on online CDs and high-yield savings accounts
• Fee-free access to 55,000 all ATM networks.
• Digital banking access online and via an app

Rules:

• Interest rates and APYs are subject to change without notice.
• Early withdrawal will reduce earnings and impose the penalty
• APY on all services will remain deposited until maturity.

Best 3 Year CD Rates

With the best 3-year CD rates, investors can lock in competitive interest earnings for a medium term. This aspect makes it a prudent choice to get advantages.

1. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.50% APY

Pros:

• Excellent for earning a competitive interest rate on a savings account or CD.
• Without monthly services.
• Free domestic incoming wire transfers on savings account

Rules:

• APYs are subject to change at any time without notice
• The penalty will be applied for early withdrawals on CDs
• At maturity, your CD will automatically renew and earn the base interest rate

2. PenFed Credit Union

Minimum Amount: $1000

APY / Rate: 4.05% APY

Pros:

• Easy online and mobile access.
• Checking account dividends are compounded daily and paid monthly
• 85,000 free ATM network access nationwide.
• Competitive APY rates.

Rules:

• NCUA insured.
• Rates are the same and are subject to change.
• Penalties applied for early withdrawal.
• The penalty will be 30% of the gross amount of dividends after 365 days of the open date.

3.   First National Bank of America

Minimum Amount: $1000

APY Rate: 4.40% APY

Pros:

• Competitive APY on online CDs and high-yield savings accounts
• Fee-free access to 55,000 all ATM networks.
• Digital banking access online and via an app

Rules:

• Interest rates and APYs are subject to change without notice.
• Early withdrawal will reduce earnings and impose the penalty
• APY on all services will remain deposited until maturity.

Best 5 Year CD Rates

For the long-term investors, the highest 5-year CD rates in Hawaii provide the opportunity to maximize earnings over a longer period.

1.  Popular Direct

Minimum Amount: $10000

APY / Rate: 4.50%

Pros:

• Highly competitive rates for 6-month CDs
• 24/7 access to the bank account
• No hidden fees or charges
• Customer support for all sorts of queries and concerns
• FDIC insured bank up to maximum

Rules:

• APY can be earned assuming the interest and the principal remains on deposit until maturity.
• Interest is compounded monthly and added to the account at the end of the month.
• Early withdrawal fetches a penalty and there is a grace period after maturity to add additional funds to the CD

2. Synchrony Bank

Minimum Amount: $0.00

APY / Rate: 4.30% APY

Pros:

• Best APY rate
• No minimum balance required
• High-yield savings options
• No penalty on premature interest withdrawal
• 10 days grace period after maturity to add more funds to the CD

Rules:

• The interest is compounded monthly and added to the account at the end of the month.
• There is no minimum balance required to earn interest.
• Also no penalty on premature withdrawals.

3. PenFed Credit Union

Minimum Amount: $1000.00

APY / Rate: 3.90 % APY

Pros:

• High-yield checking account with easy-to-waive monthly fees
• Opening checking and savings accounts require a low minimum deposit.
• Online savings account with a competitive dividend rate

Rules:

• On early withdrawal, account earnings will be reduced.
• Require a written notice of up to 60 days of the intention to withdraw funds

Economic Statistics for Hawaii

For investors and savers in Hawaii, Hawaii presents a nuanced landscape with a median household income of approximately $88,005. It reflects the state’s higher cost of living compared to the national average​​.

The average home value in Hawaii stands as a testament to the state’s pricey real estate market, further emphasizing the importance of savvy investment strategies like securing the best CD rates.

Moreover, with a population of about 1.45 million people, the islands offer a diverse and dynamic economic environment. This setting explains the significance of CDs as a relatively safe investment vehicle that can help residents navigate the financial intricacies of living in one of the most beautiful, yet expensive, locations in the United States.

Statistic	Detail	Relevance for Investors
Average Income	$88,005 median household income	Higher incomes can provide more capital for investment in CDs, offering a safe way to grow savings.
Average Home Value	Highly Specified	Reflects the state’s expensive real estate market, highlighting the need for strategic financial planning and saving.
Population	Approximately 1.45 million	A diverse economic environment suggests varied investment opportunities and risks.

How to Get Best CD Rates in Hawaii

To secure the best CD rates in Hawaii;

• Start by shopping around and comparing rates offered by various financial institutions, including banks, credit unions, and online banks, as they often have different rates and terms.
• Consider joining a local credit union, as they frequently offer higher interest rates compared to traditional banks.
• Pay keen attention to promotional rates and special offers that institutions may provide for new deposits or for certain terms.
• Additionally, leveraging online comparison tools can streamline the process of finding the highest rates available.
• Additionally, don’t overlook the importance of reading the fine print for any potential fees or conditions that could affect your earnings.

Last but not the least, staying informed about the general economic conditions and Federal Reserve rate changes can help you time your investment to maximize returns.

CD Rates Methodology

The methodology for reviewing CD rates typically involves a comprehensive analysis of offerings from a wide range of financial institutions.

In this instance, the review process encompassed CD rates from 89 banks, spanning a variety of sizes, and geographic locations. Out of these, 62 banks made the list, indicating that their CD rates were competitive enough to stand out from the rest.

This selection criteria likely included factors such as;

• Interest rates offered
• Terms of the CDs
• Minimum deposit requirements
• Customer experience.

Conclusion

For residents of Hawaii and potential investors, taking the time to research and compare CD rates can lead to more fruitful savings outcomes. It aligns with both short-term and long-term financial goals.

Given the unique economic landscape of Hawaii, leveraging CDs as part of a broader financial strategy can provide a secure and potential way to grow savings.

FAQs