Best Banks in Hawaii: 8 Undeniably Great Banks to Love

Considering opening a new bank account in Hawaii? Make sure you check out our guide to your top 8 choices first 

Updated April 2024
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Fact checked by Cathy Gresham
Hawaiian islands with money in the background

If you’re planning on moving to Hawaii, whether it’s for a short amount of time or the foreseeable future, you need to be aware of your options when it comes to banking.

There are many great reasons to move to Hawaii, including the incredible climate, delicious food, friendly residents, and more. However, it has to be said that compared to other U.S. states, the banking options in Hawaii are more limited.

With that said, there are still several good banks to choose from in the state of Hawaii. If you’re not sure where to start looking, there are the 8 best banks we recommend researching before you make your final decision.

From local and national banks to convenient online banking apps, you can pick a bank from this list to keep your money safe in a way that works for you!

1. Hawaii National Bank

Hawaii National Bank is one of the most popular banks in Hawaii. This bank has been established since the 1960s and for many years, it was actually Hawaii’s only national bank.

However, even now that there are more to choose from, it’s still the first choice for a lot of people who move to the state.

Just some of the great things about Hawaii National Bank include its various options for waiving service fees on a monthly basis and its introductory APRs, which are low compared to a lot of other banks.

If you want to set up a bank account for a child, Hawaii National Bank offers a kids’ checking and debit card account that you can manage yourself.

There are no less than 11 branches of Hawaii National Bank in the state, so you can easily get to a branch no matter where you are in Hawaii.

Online banking is also available, so you can handle many of your financial needs online without having to visit the bank in person.

2. Territorial Savings Bank

When you create an account with Territorial Savings Bank, you can benefit from a lot of useful services to help you save money as well as other financial perks.

For example, you can start earning interest on the money in your account as soon as you deposit your first $100, so unlike other banks, there’s no need to have a significant sum of money before you can start making interest. Additionally, the interest rates are comparatively high.

It’s also possible to get offers and discounts from specific merchants in Hawaii once you open your account, so this is a great way to save money while getting an incentive to support local businesses.

Territorial Savings Banks is one of the oldest banks in Hawaii. It was established in 1921 but has continued to grow and refine its services to suit the needs of the modern-day customer.

3. Bank Of Hawaii

Bank of Hawaii is one of the first banks that will come up when you start researching banks in Hawaii, and it’s a great choice for many different reasons.

Back in 2022, Newsweek named the Bank of Hawaii the state’s best big bank, and that’s not just because it’s been around since the end of the 19th century.

This bank is committed to providing individuals as well as local businesses with better financial solutions.

You can easily access a local branch of the Bank of Hawaii since they’re located throughout the islands.

You can choose to set up a regular consumer or business account, and depending on which one you choose, you can access different features to make your banking experience more convenient, streamlined, and efficient.

Bank of Hawaii also provides Hawaiian Miles when you use your credit card. This means that when you use your Bank of Hawaii credit card, you earn miles that can be used to book or upgrade flights.

4. First Hawaiian Bank

First Hawaiian Bank is so named because it is actually the oldest bank in Hawaii. This bank was founded in 1858, and in addition to being Hawaii’s first bank, it’s also the largest.

This banking establishment can help you to organize and grow your personal finances, but it’s also suitable for business owners with special accounts for corporations.

When you set up an account with First Hawaiian Bank, you can put your mind at rest because all of your banking needs will be taken care of.

You can use the wealth management service and take advantage of the other benefits offered by First Hawaiian Bank, including low balance requirements and fee-waiving options.

Because there are many First Hawaiian Bank branches in Hawaii, you can always visit your nearest branch if you can’t do what you need to do online.

Facts about the Hawaiian banking system

5. CIT Bank

CIT Bank is part of the First Citizens banking group. This bank has branches in more than 20 U.S. states. Overall, it’s one of the top 20 financial institutions in the United States, with 600 branches altogether.

There’s no monthly fee to use your CIT Bank account, and you don’t need to have a lot of money in your account before you can start earning interest, either. The APYs are some of the highest compared to other banking institutions.

While you can’t access a CIT branch directly in Hawaii, you can use the bank’s services online. This is actually a lot more convenient for a lot of customers since most banking tasks can now be completed online, with the exception of services requiring a photographic ID.

You can even get a mortgage loan from CIT Bank, so if you don’t mind not being able to access a physical branch, it’s well worth considering.

6. American Savings Bank

Ranking within the top 3 largest Hawaiian banks, American Savings Bank has been around since 1987. While it’s newer than some of the other banking options you can find in Hawaii, there are plenty of reasons to choose this banking institution over the competition.

You can open up savings, checking, money market, or CD account with American Savings Bank, and you can also use any of the ATMs that are part of the American Savings Bank network in Hawaii.

For the most part, the deposit accounts at American Savings Bank don’t require high minimum deposits, and you can get discounts on loans with this type of account. You can also make use of investment services.

If you don’t want to visit a bank in person, you can use the mobile banking services offered by American Savings Bank to make your life a lot easier.

Just be wary of the monthly account fees, since these can’t be waived and are a little higher than what some of the other Hawaiian banks offer.

7. Central Pacific Bank

At Central Pacific Bank, you can enjoy some of the best financial services you’ve ever experienced. Whether you want to set up a mortgage, secure a loan, or get a credit card, Central Pacific Bank can take care of this for you.

The CD rates at Central Pacific Bank are among the highest in the state, and in addition to deposit products, there are many savings products you can take a look at once you open your account.

If you don’t yet have a lot of money to put into your account, don’t worry. The balance requirements are fairly low.

Whether you just want to set up a personal account, a larger family account, or even a business account for your professional finances, Central Pacific Bank has you covered!

8. Chime

Chime is not a physical banking institution, meaning it doesn’t have physical branches in Hawaii or anywhere else in the United States.

However, if being able to visit your chosen bank in person isn’t a priority for you, Chime could be exactly the kind of bank you’re looking for.

There are a lot of mobile banking apps available to use in the United States, but Chime is trusted by more customers than most.

There’s no minimum deposit you need to hit when you open up an account, and you don’t even need to apply for a credit check. Additionally, there are no fees to pay every month, so there’s no stress.

Most Chime customers open a Chime Checking Account, which gets them a debit card with ATM access for major stores like Target, as well as other local Hawaiian stores.

However, you can also open a High Yield Savings Account and apply for a Chime’s Credit Builder Visa Credit Card, which can actually boost your credit score!

Just be aware that outgoing international wire transfers are not supported with an online Chime bank account.

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Wrapping up the best banks in Hawaii

Even though Hawaii doesn’t have as many banks as many other U.S. states, the banking options it does provide are high-quality, convenient, and customer-focused.

If you want to be able to visit an in-person branch while in Hawaii, you should consider opening an account with Hawaii National Bank, Bank of Hawaii, Territorial Savings Bank, First Hawaiian Bank, Central Pacific Bank, or similar establishments.

Alternatively, for a fully online banking experience, Chime and CIT bank are your best options.

Sources

Editor's Note:

At Personal Finance Guru, we want to help you maximize your lifestyle through personal finance. You can trust the integrity of our independent financial advice. Our opinions are our own and have not been provided, reviewed, approved, or endorsed by any advertiser or financial product provider. To support and grow the site, however, we may receive compensation from the issuers of some products.

John Wayman

John Wayman

Author

John has always been fascinated by money, wealth, and investing. He got a front row seat into how Ultra High Net Worth individuals, families, and entities manage their money while working for years in Goldman Sachs’ Private Bank. 

He learned a great deal about personal finance and wealth management from some of the most experienced professionals in the industry.

Now he enjoys helping all kinds of people grow their wealth and achieve their financial goals.

When he’s not advising clients, Cody enjoys playing golf and spending time with family and friends.