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Cathay Bank Review

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Cathay Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1962, Cathay Bank has $16 billion in assets and deposits totaling $13 billion, which makes it a very large bank. Cathay Bank, whose headquarters are in Los Angeles, California, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset experts rated Cathay Bank 3.4 out of 5 stars, indicating that it is a satisfactory bank that you should further scrutinize to see if it fits your needs. Cathay Bank provides customers with a mixture of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Cathay Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking account maintains a monthly fee of $6.00, making it a rather expensive bank for checking. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is your best bet for getting the most income on your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.4/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.2
SmartAsset Average: 3.5

Cathay Bank has a savings rate of 0.10%, which is poor compared to other U.S. banks. Its one-year CD has a rate of 0.80% and the five-year CD earns at a rate of 1.46%, while its highest-yielding money market account earns at a rate of 0.20%. Given Cathay Bank's poor savings rate, you should think about taking a look at other banks for savings accounts.

How Cathay Bank's Savings Rates Compare

Cathay Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

Cathay Bank typically has high fees in comparison to other U.S. banks. At $6.00 per month, Cathay Bank's checking account is not the best product for those who want a hassle-free banking experience. Cathay Bank unfortunately does not refund out-of-network ATM charges, which means you'll have to locate a Cathay Bank ATM or accept the withdrawal fee.

Monthly Fee $6.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.4
SmartAsset Average: 3.7

Cathay Bank is a brick-and-mortar bank, with 68 total bank locations in California, Illinois, Massachusetts, Nevada, New Jersey, New York, Texas and Washington. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 6:00 a.m. to 7:30 p.m. PT. Cathay Bank gets inferior marks from users for its mobile platform. The Cathay Bank mobile app has an overall rating of 3.3 out of 5 (with 53 customer reviews on iOS and Android) compared to the national average of 3.8. You can access Cathay Bank's app to control your finances by checking current statements, sending and receiving funds and accessing support representatives. Cathay Bank gets a superb consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Cathay Bank is a very large bank and owns $16 billion in assets as well as deposits totaling $13 billion. It has an excellent Texas Ratio of 2.81%, suggesting that Cathay Bank is in outstanding financial shape and improbable to fail. Additionally, Cathay Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Cathay Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.1% APY $2000
Certificates of Deposit
  • 12 Month: 0.80% APY
  • 24 Month: 0.90% APY
  • 36 Month: 1.46% APY
  • 48 Month: 1.46% APY
  • 60 Month: 1.46% APY
$2500 for all terms
Money Market Accounts 0.15% APY 0.2% APY $10000 $15000

Cathay Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Cathay Bank does not have the best savings rate, which means you should consider looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Cathay Bank's CD rates are fair as compared against the national average.

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Find a Cathay Bank Near Me

Cathay Bank has 68 physical locations across the U.S.

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