1.50% Reward Checking Account at a Hawaii Bank (Central Pacific)


Update 11/22/09: The top rate has fallen to 1.50% APY.

Central Pacific Bank has a reward checking account called Free Plus Checking that pays 1.50% APY on balances up to $25,000 (0.05% for above) and refunds ATM fees (up to $3/transaction and $20/month) if the following monthly requirements are met: 1) 15 Visa Check Card purchases, 2) Direct deposit, and 3) Check Safekeeping service (e-statements when available). If these are not met, the rate falls to 0.05%. The minimum opening deposit is $50. There are no minimum balance requirements or monthly service fees.

Most of the branches are located on Oahu, but there are a few branches on each of the other major Hawaiian islands. The bank has been FDIC insured since 1954 (FDIC Certificate # 17308). It has $5.7 billion in assets, which makes this one of the largest institutions offering a reward checking account.

For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
11/18/09: 1.50% APY up to $25K
10/15/09: 2.00% APY up to $25K
06/01/09: 3.00% APY up to $25K
03/01/09: 3.50% APY up to $25K
04/15/08: 4.00% APY up to $25K

Edit 1/7/09: Reward checking now called Free Plus Checking.
Edit 2/10/09: Updated requirements
Anonymous   |     |   Comment #1
Correct me, but their reward checking program is called Free Plus Checking.
Anonymous   |     |   Comment #2
Please reverify "Automatic payment from your account" as a requirement. Thanks.
Anonymous   |     |   Comment #3
Top rate has fallen to 3.50% APY.
4.00% 4-Month CD at Central Pacific Bank in Hawaii
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A branch visit appears to be required to open an account. Branches are mostly located in Oahu, but there are a few in Maui, Kauai and on the Island of Hawaii.

This bank also offers a reward checking account that currently pays 4% APY on balances up to $25,000 (see post). I don't post on many Hawaiian bank deals...

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4GB iPod nano Checking Account Bonus at a Hawaii Bank (Central Pacific)
Central Pacific Bank is offering an iPod when you open one of its checking accounts and make the necessary initial deposit. Here's the promotional page. The 1GB iPod shuffle gift requires a $1,000 opening deposit, and the 4GB iPod nano gift requires a $10,000 opening deposit.

Some of the important small print of the offer includes:
  • For this offer, Central Pacific Bank reserves the right to charge a $200 fee if the new account is closed within 180 days.
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