Hawaii is a beautiful 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 is the oldest and largest bank in the state, with more branches in Hawaii than any other bank.
2. SoFi
SoFi is a strong alternative to traditional banks, offering a fully online experience with no branches and low fees.
3. Upgrade
Upgrade is an online-only bank offering high-yield savings and cash-back rewards with no monthly fees.
4. Central Pacific Bank
Central Pacific Bank has served Hawaii since 1954, with branches on Oahu, Maui, Kauai, and the Big Island, plus a full-featured mobile app.
5. Current
Current is a popular fintech company in the U.S., bringing easy online banking solutions to over a million people.
6. Bank of Hawaii
Headquartered in Honolulu, Bank of Hawaii is the state’s second-oldest bank and has branches across Oahu, Maui, Kauai, the Big Island, and in cities like Hilo, Kailua, Pearl City, and Lihue.
7. Hawaii National Bank
Hawaii National Bank has served local communities since 1960, with branches across Oahu, Maui, and Hawaii Island.
8. American Savings Bank
As the third-largest bank in Hawaii, American Savings Bank serves the Aloha State with various products and services.
9. Ally Bank
Ally Bank is a nationwide online bank that serves customers in Hawaii with no physical branches.
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 been serving Hawaii residents since 1921 and operates more than two dozen branches across Oahu, Maui, the Big Island, Kauai, and in cities like Honolulu, Hilo, Kahului, Kailua, and Waipahu.
12. Finance Factors
Finance Factors has served Hawaii since 1952 and is the state’s largest locally owned depository financial services loan company.
How to Choose the Best Bank in Hawaii
The right bank in Hawaii depends on how you bank, what services you use, and whether local access matters to you. Here’s what to consider before opening an account.
- Services offered: Some banks stick to basics like checking and savings. Others include mortgages, auto loans, and investment products. Make sure the bank covers what you need now—and what you might need later.
- Fees: Check for monthly fees, ATM charges, overdraft penalties, and other costs. Some banks waive fees if you meet balance or direct deposit requirements.
- Branch and ATM access: If you prefer in-person banking, look for branches and ATMs near your home or work. Most banks in Hawaii also offer mobile apps for on-the-go account access.
- Customer support: If you run into issues, responsive support can make a big difference. Some banks offer live chat or 24/7 phone help, while others are only available during business hours.
- Local involvement: Many Hawaii-based banks and credit unions support local programs and education efforts. If giving back to the community is important to you, look into how each bank participates.
- Reputation: Ask people you trust which banks they use and read recent reviews online. Consistent complaints are a red flag.
- Security: Choose a bank with strong fraud protection, account alerts, and secure login features. Reputable banks should clearly explain their online security practices.
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, Upgrade, 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
The best bank in Hawaii depends on how you manage your money and what features matter most. Whether you want local branches, low fees, or strong mobile tools, make sure the account fits your day-to-day habits.
Take time to compare your options before opening an account. A little research upfront can save you money and frustration down the line.
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.
