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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


Established in 1962, Cathay Bank has assets totaling $16 billion as well as $13 billion in deposits, which makes the institution 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 conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, Cathay Bank is a fair bank that you should further scrutinize to see if it fits your needs, with a rating of 3.4 out of 5 stars from the SmartAsset experts. Cathay Bank offers a varied choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account has a monthly fee of $6.00, although banks sometimes have requirements that allow you to waive the fee. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best option for accruing the most income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

Cathay Bank features a savings rate of 0.10%, which is poor compared to other U.S. banks. Its CDs feature a rate of 0.80% and 1.46% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.20%. Given Cathay Bank's below average savings rate, you should think about looking at the competition to open savings accounts.

How Cathay Bank's Savings Rates Compare

Cathay Bank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, Cathay Bank charges customers high fees in comparison to other U.S. banks. At $6.00 per month, Cathay Bank is less than ideal for people who want a basic checking account. Cathay Bank does not refund out-of-network ATM fees, meaning you will be required to locate a Cathay Bank ATM or pay the cost of withdrawal.

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

SmartAsset Average: 3.7

Cathay Bank is a brick-and-mortar bank, with 68 total branches in California, Illinois, Massachusetts, Nevada, New Jersey, New York, Texas and Washington. With mobile and web apps, Cathay Bank makes account access straightforward, even on the go. It does not have all-day customer service with 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 receives inferior marks from customers for its online presence. The Cathay Bank mobile app rates a 3.3 out of 5 (out of 53 reviews on iOS and Android) compared to the national average of 3.8. You can use Cathay Bank's mobile app to manage your finances by checking current statements, transferring funds and accessing support representatives. Cathay Bank receives an excellent consumer satisfaction rating based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

SmartAsset Average: 4.8

Cathay Bank is currently a very large bank owning assets totaling $16 billion as well as $13 billion in deposits. Its Texas Ratio is 2.81%, signifying that the bank is in excellent financial well-being and far from failure. 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 Account 0.15% APY $10000

Cathay Bank has several deposit products including 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 in comparison to the average U.S. bank.

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Find a Cathay Bank Near Me

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

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