8 Best Banks in Hawaii – The Safest Place To Park Cash

1. Chase

Chase has no branches in Hawaii. That matters less than it used to, because both the $400 new-checking bonus and the day-to-day running of the account happen entirely in the app. Hawaii residents who bank by direct deposit, debit card and transfer can collect the largest new-checking bonus any major bank is offering and never miss the lobby.

Here is the entire requirement. Open a new Total Checking account, then have $1,000 or more in qualifying direct deposits arrive within 90 days of enrolling in the offer. It is cumulative, so two or three ordinary paychecks clear it, and the bonus is paid within 15 days of you meeting the requirement. The $15 monthly service fee drops to $0 in any statement period with $500 or more in qualifying electronic deposits, a $1,500 daily beginning balance, or $5,000 in average beginning day balance across linked accounts. One trap to know: Zelle, cash, checks, wires and interest do not count toward either number.

What replaces a local branch is the national network. Chase runs 5,000+ branches and 14,000+ ATMs on the mainland, so the account is useful the moment you travel, and mobile check deposit, Zelle and fraud monitoring all work from Honolulu. Be honest with yourself about one thing: if you regularly need to hand cash to a teller in Hawaii, this is not the account for that job. If you do not, the missing branches never come up.

The catch worth naming: the bonus is only open to people who are not already Chase checking customers, and you can collect one new-checking bonus every two years. It is reported to the IRS on a 1099-INT. If that fits you, open a Total Checking account and route your paycheck to it.

If you want the biggest checking bonus on the market and you are content to bank from your phone, claim the $400 with Chase here.

2. Current

Groceries and rent in Honolulu make the gap between paydays the real budget problem. The gap between when a bill is due and when your paycheck lands is where most budgets actually break, and it is the specific problem Current is built for.

The signup math is simple. Open an account with promo code WELCOME75 and get $75 once your Eligible Payroll Deposits total $1,500 or more in your first 35 days. It is cumulative rather than one big deposit, it is new customers only, and the cash arrives about 10 business days after you cross the line. Recurring wages from an employer, a payroll provider or a government payer count. Non-direct-deposit ACH transfers, Venmo, Cash App, Zelle, PayPal, Google Pay, mobile check deposits, cash and one-off deposits such as a tax refund do not.

The feature that earns its keep after the bonus is Paycheck Advance, which lets you draw up to $750 of pay before payday and is offered by Finco Advance LLC rather than a bank. There is no monthly fee on the account, and the whole thing opens from your phone, which is the point in a state where the nearest branch may not be convenient.

One thing to be clear about, because it is routinely written up wrong: Current is a financial technology company, not a bank. Banking services come from Choice Financial Group and/or Cross River Bank, both Member FDIC, so deposit insurance reaches you on a pass-through basis up to $250,000 and depends on those conditions being met. If that structure is fine with you, open an account with code WELCOME75 and claim the $75.

3. American Savings Bank

Ranked as the third-largest bank in Hawaii, American Savings Bank is also known for offering some of the best money market accounts. You can easily use American Savings Bank to manage your finances through checking and savings accounts. 

American Savings Bank was established relatively recently in 1987. However, it continues to offer Hawaiian residents several perks, including an extensive network of ATMs. 

If you live in Hawaii, American Savings Bank can offer you discounted rates on various loans. You can also use American Savings Bank to invest and bank on your smartphone. 

Checking accounts from this regional bank come with low minimum balance requirements. You can also waive the monthly maintenance fees in several ways, some of which can be difficult to achieve. 

Nonetheless, banking in Hawaii is easy with American Savings Bank. Then again, it’s not the only bank in Hawaii you can use to manage your money. 

4. Bank of Hawaii

You’ll have to scroll back to 1897 to find the beginnings of the Bank of Hawaii. This historic regional bank continues serving customers from generation to generation. 

Bank of Hawaii has made itself a name due to the best checking accounts it offers. These accounts typically support locals who want to better their finances for a more stable lifestyle. 

In addition to personal loans and mortgages, the Bank of Hawaii fosters a network of volunteers with fundraising and sponsorships. You can also earn Hawaiian Miles with your Bank of Hawaii credit card. 

You’ll find many branches throughout the Hawaiian islands, giving you the freedom to manage your money from practically any beach. Bank of Hawaii charges low or no fees and incorporates several ways to waive monthly maintenance fees. 

5. Central Pacific Bank

Establishing a life on the Hawaiian islands can be difficult for many. After all, you don’t have the resources many of us take for granted on the mainland. 

Central Pacific Bank recognized this struggle and opened in 1954 to help immigrants establish themselves on these beautiful islands. This regional bank continues to support the local community in making a better life for themselves and those surrounding them. 

You’ll find some of the highest CD rates in Hawaii here at Central Pacific Bank. This bank also hosts savings accounts aplenty with low minimum balance requirements. 

If it’s more traditional banking services you’re looking for, Central Pacific Bank offers mortgages, loans, business products, and credit cards. You may even find better rates or a higher rate of acceptance with Central Pacific Bank. 

6. First Hawaiian Bank

You’ll come across quite a few old banks on our list, but First Hawaiian Bank earns that name. It’s the oldest and largest bank in Hawaii, founded in 1858. 

First Hawaiian Bank has undoubtedly grown since the mid-1800s. In fact, there are quite a few branches scattered across Hawaii that you can use to manage your funds. 

In addition to essential personal banking services, First Hawaiian Bank also offers the following: 

• Business banking
• Investments
• Wealth management

You can easily waive your monthly maintenance fee if you open a First Hawaiian Bank checking account. Low minimum balance requirements also make opening and funding an account easy. 

7. Hawaii National Bank

Hawaii National Bank was opened in 1960 as the first national bank in Hawaii. It offers members several ways to waive their monthly fees to put more money back into their pockets. 

Hawaii National Bank is also locally owned and operated. It has 11 branches you can visit if you’d like. 

In addition to low interest rates on loans such as home equity lines of credit, Hawaii National Bank offers a checking and debit account for kids that parents can manage. This is a great way to get the conversation of bank accounts going if you’re a family looking for a new one. 

8. Territorial Savings Bank

Opened in 1921, Territorial Savings Bank offers a complete selection of banking products, from basic checking and savings accounts to business banking accounts. This bank continues to flow with the times to bring more perks to its members. 

You only need $100 to deposit into your new Territorial Savings Bank account to earn a competitive interest rate. You can also earn a high interest rate on certificates of deposit (CDs) from this Hawaii-based bank. 

One of the best things about banking with Territorial Savings Bank is that you can access discounts from local merchants. This can be well worth it if you want to support local businesses and manage your finances, all in one place.