Central Pacific Bank Review

Central Pacific Bank Personal Savings

0.02% APY

Central Pacific Bank is a Hawaiian bank that was founded in 1954 by a group of World War II veterans. The bank says its original purpose was to help immigrant families build a life away from island plantations. Today, its commitment to its customers and communities remains the same, serving families and small business. 

You’ll find a variety of savings accounts and certificates of deposit with Central Pacific Bank. Do note that most accounts require a pretty high minimum deposit or balances to waive a monthly fee. The banks rates outperform big banks’ rates, but aren’t the most favorable rates out there. 

As a Central Pacific Bank customer, you’ll have access to free online banking, online statements and Infoline telephone access. 

Products Offered

Central Pacific Bank Interest Rate Comparison

Exceptional Super Savings Account

This savings account is available to Central Pacific Exceptional Plan members only. You can become an Exceptional Plan member by opening an Exceptional Checking account (detailed more below).

If you are one of these members, you’ll be able to earn at the bank’s highest savings rates. You can also earn at bonus rates when you make one deposit of $25 or more, but make no withdrawals during the month. 

Exceptional Savings Account

The Exceptional Savings account also requires you to be an Exceptional Plan customer. You’ll need at least $500 to open the account. This may place the account out of reach for some customers. 

The Exceptional Savings account earns interest according to balance tiers as well, without the bonus opportunity. However, the best rates are reserved for the highest balances. 

Personal Super Savings Account

The Personal Super Savings account offers the opportunity to earn at higher rates when you make one deposit of $25 or more and no withdrawals during the month. If you unlock these higher bonus rates, your balance will also determine your rate, with higher balances earning higher rates. Without the bonus rates, your account will earn at a low standard rate. 

The account also charges a pretty low monthly fee. You can waive this fee by maintaining a $500 minimum balance or by linking this account to an Exceptional Plan account. 

Personal Savings Account

Central Pacific’s Personal Savings account is its more standard savings account. It doesn’t really include any bells and whistles.

You will need a $300 minimum balance or a linked Exceptional Plan account to waive the monthly fee. 

Starter Savings Account

Want to start saving for your child’s future or to teach your child all about savings? The Starter Savings account is made just for that, designed for owners “newborn to 17 years old.” It requires the lowest minimum deposit and minimum balance to waive the lowest monthly fee out of all the bank’s savings accounts. When your child turns 18, the account will automatically convert to a Personal Savings account. 

For minors age 7 and younger, the account must be opened as a custodial account. For kids 8 and older, the account can be opened as a joint account with minor’s parent or legal guardian if the minor can sign their name. The account can also still be opened as a custodial account. 

Certificates of Deposit

Certificates of deposit offer a stricter approach to savings. Central Pacific requires a $500 minimum deposit to open its standard CDs, which is a relatively low requirement for this kind of account. Once you make your deposit, you can’t withdraw those funds until the account reaches the end of its term, also known as maturity. Then when your account reaches its maturity date, you can withdraw your funds, add more funds or simply leave it alone to renew automatically. 

Central Pacific Bank has a great variety of CD terms, from seven days to eight years. This makes it easy to create a CD ladder and to save for both long- and short-term savings goals. Just know that the rates here aren’t the best CD rates in the industry, so your savings may not be quite as high as you might like. 

Central Pacific allows Exceptional Plan customers to open Exceptional Preferred Certificates of Deposit. These come as six-month and 12-month accounts and earn at higher rates than the standard CDs. 

Jumbo Certificates of Deposit

Those looking to make a very large deposit will want to open a Central Pacific Bank Jumbo CD. These earn at slightly higher rates since they’re made for balances of $100,000 and over. 

Smart Saver Certificates of Deposit

The Smart Saver CD works a little differently than a standard certificate of deposit. These accounts require an automatic deposit on the 22nd of each month from an eligible Central Pacific Bank account. You’ll need to consult your local branch for the minimum automatic deposit amount. The accounts also require an end-of-term minimum amount of $5,000. If you fail to meet these requirements, the account will be closed and you’ll face penalties. 

Also unlike standard CDs, Smart Saver CDs automatically close at maturity. The funds will automatically transfer to the same account you made your deposits from. 

Exceptional Checking

Opening an Exceptional Checking account is all you need to do to become an Exceptional Plan customer. You will need to meet a few high-level requirements to waive the high monthly fee, however. 

The Exceptional Checking account includes a ton of perks. A big perk is the lack of Central Pacific Bank fees when you use a non-CPB ATM anywhere in the world. Then if you have to pay an ATM surcharge, CPB will rebate those fees for you. The account also includes free or discounted checks, free incoming wire transfers and free Personal Express Line of Credit overdraft protection. 

In addition, all Exceptional Plan customers receive free notary services, travelers checks, paper statements and one free or discounted safety deposit box. 

Value Checking Account

If all the checking account bells and whistles aren’t quite your style, the Value Checking account is Central Pacific Bank’s simpler checking account. You’ll receive your first order of 50 checks for free so you can start writing checks and making debit card transactions with your Platinum Debit MasterCard®. 

Branch Locations 

Central Pacific Bank has locations on four Hawaiian islands: Oahu, Hawaii, Maui and Kauai. You’ll also have access to the bank online and over the phone. 

Financial Statistics & Bank Health Rating

Central Pacific Bank currently has $7.4 billion in assets and $5.34 billion in loans, according to the FDIC. CPB customers hold $6.64 billion in deposits with the bank. 

To know whether your deposits will be safe at Central Pacific Bank, you can look at its Texas Ratio. This ratio indicates the risk a bank poses in protecting its loans and deposits. It’s calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. Central Pacific Bank has one of the best Texas Ratio scores at an “excellent” 1.95%, indicating a very low risk.