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Central Pacific Bank Review

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by Lauren Perez Updated
Central Pacific Bank

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

Products Key Details
Savings Accounts
  • Five account options
  • High minimum deposit requirements 
Certificates of Deposit
  • Jumbo CDs available
  • Variety of terms
  • Lower-earning interest rates
Checking Accounts
  • Two account options, with one interest-earning account

Central Pacific Bank Interest Rate Comparison

Exceptional Super Savings Account

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee
Current Terms and Rates
  • Standard Rate: 0.03% APY
  • Bonus Rates
    • Account balances below $10,000: 0.09% APY
    • Account balances of $10,000 - $24,999.99: 0.10% APY
    • Account balances of $25,000 - $99,999: 0.12% APY
    • Account balances of $100,000 and over: 0.15% APY

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

Key Features Details
Minimum Deposit $500
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee
Current Terms and Rates
  • Account balances below $20,000: 0.04% APY
  • Account balances of $20,000 - $49,999.99: 0.06% APY
  • Account balances of $50,000 - $249,999.99: 0.08% APY
  • Account balances of $250,000 - $999,999.99: 0.09% APY
  • Account balances of $1,000,000 and over: 0.10% APY

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

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $6 monthly fee, waivable with $500 minimum balance 
Current Terms and Rates
  • Standard Rate: 0.03% APY
  • Bonus Rates
    • Account balances below $10,000: 0.05% APY
    • Account balances of $10,000 - $24,999.99: 0.06% APY
    • Account balances of $25,000 - $99,999.99: 0.08% APY
    • Account balances of $100,000 and over: 0.11% APY

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

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $5 monthly fee, waivable with $300 minimum balance 
Current Terms and Rates 0.02% APY

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

Key Features Details
Minimum Deposit $10
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $2 monthly fee, waivable with $25 minimum balance 
Current Terms and Rates 0.02% APY

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

Key Features Details
Minimum Deposit $500
Access to Your CD Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties may apply. 
Current Terms and Rates
  • 7 - 31 Day: 0.03% APY
  • 32 - 90 Day: 0.03% APY
  • 91 - 180 Day: 0.03% APY
  • 181 - 364 Day: 0.05% APY
  • 12 - 23 Month: 0.10% APY
  • 24 - 35 Month: 0.15% APY
  • 36 - 47 Month: 0.25% APY
  • 48 - 59 Month: 0.25% APY
  • 5 - 8 Year: 0.55% APY
  • Exceptional Preferred Certificates of Deposit
    • 6 Month: 0.55% APY
    • 12 Month: 0.60% APY

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

Key Features Details
Minimum Deposit $100,000
Access to Your CD Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties may apply. 
Current Terms and Rates
  • 7 - 31 Day: 0.05% APY
  • 32 - 90 Day: 0.05% APY
  • 91 - 180 Day: 0.05% APY
  • 181 - 364 Day: 0.10% APY
  • 12 - 23 Month: 0.15% APY
  • 24 - 35 Month: 0.20% APY
  • 36 - 47 Month: 0.30% APY
  • 48 - 59 Month: 0.35% APY
  • 5 - 8 Year: 0.60% APY

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

Key Features Details
Minimum Deposit $1,000
Access to Your CD Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties may apply. 
Current Terms and Rates
  • 12 Month: 0.20% APY
  • 18 Month: 0.20% APY
  • 36 Month: 0.35% APY

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

Key Features Details
Minimum Deposit $500
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $20 monthly fee, waivable with the following
  • Link qualifying personal deposit and loan accounts
  • Maintain a $10,000 minimum combined balance
Current Terms and Rates
  • Account balances below $50,000: 0.03% APY
  • Account balances of $50,000 - $249,999.99: 0.04% APY
  • Account balances of $250,000 and over: 0.05% APY

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

Key Features Details
Minimum Deposit $0
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee

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 $5.61 billion in assets and $3.74 billion in loans, according to the FDIC. CPB customers hold $4.97 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” 0.67%, indicating very low risk.

Tips for Saving Money

  • A financial advisor can look at your finances more comprehensively than you probably can and show you how to improve your finances even more. To find an advisor in your area that you might like to work with, try SmartAsset’s financial advisor matching service. You’ll tell us about your finances and your preferences and then we’ll pair you with the right type of advisors. 
  • Central Pacific Bank’s high balance and deposit requirements can be hard to meet. You don’t have to stretch your funds to meet those requirements, especially when there are a number of other options out there. You can check out online banks like Ally Bank, that offer the same types of accounts just with zero minimum requirements. Plus, you can grow your savings better there with its substantially higher rates. You just have to be comfortable with having no access to a branch. 
  • You may also want to check out your local credit unions. They offer the same community feel to banking as a small bank. Credit unions can typically offer much more favorable interest rates, though, making the banking experience a lot more worthwhile. 
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Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

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Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study