Hawaii is an exciting place to call home. It offers incredible weather, scenic views, friendly people, and a slow-paced lifestyle. If you’re lucky enough to live or work in Hawaii, you might be looking for the best banks in the state.
While the Aloha State has fewer banks than other states, there are still plenty of reputable, member FDIC options available to you.
12 Best Banks in Hawaii
To make your search for a bank a bit easier, we’ve done some research and compiled this list of the best banks in Hawaii.
1. First Hawaiian Bank
First Hawaiian Bank, the oldest and largest bank in the state, holds the distinction of having the most branches in Hawaii. This makes it a convenient choice for many people looking to open a checking account, as it provides three different options.
2. SoFi
SoFi serves as a top-notch alternative to traditional banking, catering to individuals seeking the convenience and flexibility of online banking. The SoFi Checking & Savings account offers a unique combination of checking account accessibility and high-yield savings account returns in a single, streamlined account.
3. Current
Current is a popular fintech company in the U.S., bringing easy online banking solutions to over a million people. It stands out because it doesn’t use ChexSystems or check your credit report, making it easier to start an account if you have a low credit score or no credit history.
4. Central Pacific Bank
Central Pacific Bank has been around since 1954 and has physical locations in Hawaii, Oahu, Maui, and Kauai as well as mobile banking services. It was originally founded to help immigrants build a safe life.
5. Bank of Hawaii
Headquartered in Honolulu, Bank of Hawaii is a regional bank and the second-oldest bank in the state. It serves local communities with a comprehensive suite of products and services as well as sponsorships and volunteerism.
6. Hawaii National Bank
Hawaii National Bank is a local bank that made its debut in 1960 and has branch locations in Oahu, Maui, and Hilo. It offers several checking accounts, including the Household Checking, Personal Checking, 55+ Checking, Super NOW, and VIP Money Market Deposit.
7. American Savings Bank
As the third-largest bank in Hawaii, American Savings Bank serves the Aloha State with a variety of products and services.
8. CIT Bank
CIT Bank is a branch of First Citizens Bank that offers several attractive products for Hawaii residents. Savings Connect is a savings account that offers a competitive interest rate you might not be able to find elsewhere.
9. Ally Bank
Ally Bank is an online bank that serves residents in every state, including Hawaii. It’s worth considering if you’re seeking an interest bearing checking account or competitive rates on high yield savings accounts, CDs, and money market accounts.
10. First American Trust
Located in Honolulu, First American Trust stands out for its detailed wealth planning services, designed for individuals and families aiming to secure their financial future.
11. Territorial Savings Bank
Territorial Savings Bank has served Hawaii customers since its inception in 1921. If you open a checking account, you’ll be able to earn interest as long as you deposit $100. You’ll have to maintain a $100 daily balance to avoid the minimum balance fee.
12. Finance Factors
Headquartered in Honolulu, Finance Factors has 13 branches throughout Hawaii. The bank’s deposit products are savings, CDs, and retirement accounts. However, it does not offer checking accounts.
How to Choose the Best Bank in Hawaii
Choosing the best bank in Hawaii involves careful consideration of your needs, preferences, and the features of various banks and credit unions in the region. Whether you are a resident or planning to move to the picturesque islands, here is a guide to help you make an informed decision:
Scope of services: Banking services vary from bank to bank. Some focus on basic banking solutions such as checking and savings accounts. Others provide a comprehensive suite of financial services including loans, mortgages, and investment products. Consider the services you anticipate requiring and choose a bank or credit union that caters to those needs.
Fee structure: A critical aspect to scrutinize is the fee structure of different bank accounts. Consider elements such as monthly maintenance fees, ATM fees, and overdraft charges. Aim to select a bank that offers a fee structure that aligns with your lifestyle to avoid unnecessary charges.
Accessibility: Check out the availability of the bank’s branches and ATMs in Hawaii. Consider whether the financial institution has a sufficient number of branches near your home or workplace. In addition, check whether they provide online and mobile banking options for easy access to your funds from anywhere.
Customer service: Quality customer service can significantly enhance your banking experience. Look for banks known for their excellent customer support, both in their branch operations and online.
Community engagement: For those who prefer banking with institutions that invest in the local community, research the bank’s community engagement initiatives. Many banks and credit unions in Hawaii take part in community development programs and offer financial education to the locals, fostering a stronger community bond.
Reviews and recommendations: Consider seeking recommendations from friends, family, or online reviews to gather insights on the reputation of various banks in Hawaii. Understanding other customers’ experiences can give you a realistic perspective on what to expect.
Security: Ensure that the bank uses stringent security measures to safeguard your sensitive information. Reputable banks invest heavily in securing their online platforms and provide protections such as fraud monitoring and alert services to keep your funds safe.
Types of Banks in Hawaii
In Hawaii, you have a wide variety of banking institutions to choose from. These include:
National Banks
First, we should note that there are actually no national banks in Hawaii due to its small population and the high cost of real estate. However, you may still be able to open an account online at a national bank. You’ll also find many local banks in Hawaii that offer just as many products and services as big banks.
National banks are large banks that have branches and ATMs across the country, possibly even internationally. They tend to offer a wide range of services, including sophisticated online and mobile banking platforms.
Regional Banks
These institutions operate in specific regions, providing a broad range of services while maintaining a closer connection to local communities than national banks. Regional banks may offer more localized products and understand the unique conditions of the Hawaiian market.
Examples of regional banks in Hawaii include First Hawaiian Bank, Central Pacific Bank, Bank of Hawaii, and American Savings Bank.
Community Banks
Focused on serving the local populace, community banks are smaller local banks, often centered around a specific community. They are known for offering personalized services and fostering close-knit relationships with their customers, understanding and catering to local interests effectively.
Examples of community banks in Hawaii include Hawaii National Bank, First American Trust, Territorial Savings Bank, and Finance Factors.
Online Banks
These are digital-centric banks providing services primarily or exclusively through online platforms and mobile apps. Online banks typically offer competitive interest rates on savings and lower fees due to reduced overheads associated with physical infrastructure. It is a go-to option for tech-savvy customers looking for convenience and better rates.
Examples of online banks available to Hawaiians include SoFi, Current, CIT Bank, and Ally Bank.
Credit Unions
Credit unions are member-owned entities emphasizing service over profit. They often provide more favorable interest rates and lower fees compared to other banking institutions. Being community-focused, they work toward the betterment of their members and the local communities they serve.
There are 48 credit unions headquartered in Hawaii with more than 150 branch locations.
Each type of bank comes with its own set of advantages, so consider your individual needs and preferences when choosing.
Bottom Line
As you can see, there are a variety of banks in Hawaii. Before you move forward with one, it’s a good idea to weigh the pros and cons of all your options. Factors like your particular banking needs and whether you prefer an online or in-person banking experience will help you make the best choice for your unique situation. Good luck with your search for the best bank in Hawaii.
Frequently Asked Questions
What is the largest bank in Hawaii?
First Hawaiian Bank holds the title as the largest bank in Hawaii, establishing a significant presence with a total of 49 branches scattered across the state. Founded in 1858, it boasts a long history and deep roots in the local community.
Should I choose an online bank or a traditional bank in Hawaii?
An online bank is your best bet if your goal is to land the best interest rate and lowest fees. However, if personalized service is important to you, you’d likely be better off with a traditional bank. Fortunately, most traditional banks offer mobile apps and online portals.
What are the best credit unions in Hawaii?
Some of the best credit unions in Hawaii based on customer reviews, services offered, and community reputation are:
- Hawaii State Federal Credit Union
- HawaiiUSA Federal Credit Union
- Hawaiian Financial Federal Credit Union (HiTel)
- Kauai Government Employees Federal Credit Union
- Maui County Federal Credit Union
Remember to consider factors such as location, fees, services, and customer reviews when choosing a credit union.