East West Bank Review

East West Bank Savings

0.01% APY

East West Bank is one of the largest independently owned banks headquartered in California.

The bank offers a number of savings account and checking account options, as well as a money market account(MMA) and several certificates of deposit (CDs). Opening any of these accounts will require you to visit one of the bank's physical locations, although online banking is available for some accounts after you've opened them.

Originally opened to serve the Chinese-American community of Southern California, East West Bank now operates branch locations in California, Georgia, Massachusetts, Nevada, New York, Texas and Washington in the U.S. and several branches in China as well.

It may best serve students in Southern California and has more limited online accessibility, but if you live in the regions with brick-and-mortar locations, this is a highly reliable and versatile bank with an array of account offerings that may meet your needs. Read on to find out more about East West Bank.

Products Offered

East West Bank Interest Rate Comparison

Premier Savings Account

The Premier Savings account is the standard savings option at East West Bank. The $100 minimum opening balance is fairly low, and the $3 monthly service fee is waivable if your monthly average balance is at least $2,500. 

You can make as many deposits and teller withdrawals as you wish, but like most savings accounts, you’re limited to six preauthorized transfers/withdrawals per statement cycle. If you link this account with a checking account at East West Bank, you’ll have ATM access as well.

Student Plus Savings Account

The Student Plus Savings account is very similar to the Premier Savings account. The only difference is in regards to how the $3 monthly service fee can be waived. Instead of a balance threshold, the fee is waived by having either a direct deposit or an automatic transfer deposit attached to your account. If you link this account with a Student Plus Checking account, then you’ll have ATM access as well.

Senior Savings Account

Once you turn 62, you’ll be eligible for the Senior Savings account, which doesn’t have a monthly service fee. Other than the absence of a monthly fee, the features of the Senior account are similar to the Premier account - no teller withdrawal or deposit limits, six preauthorized transfers/withdrawals per statement cycle and ATM access if linked with a checking account.

Premier Maximizing Money Market Checking Account

The Premier Maximizing Money Market Checking account is a sort of hybrid account, combining features of both the Premier Savings and Premier Checking accounts. You’ll have access to checks as well as a Visa Debit Card, but you’ll be limited to maximum of six checks per statement cycle. But you’ll need to link your account with an East West checking account in order to gain ATM access.

The $10,000 minimum opening balance is significantly higher than that of any other account at the bank, and you’ll also have to pay a $12 monthly service fee. You can waive the fee with either a monthly average balance of $2,500 or a combined average monthly balance of $10,000 between qualifying East West accounts.

Certificates of Deposit

East West Bank offers certificate of deposit (CD) accounts with a variety of term lengths ranging from 32 days up to five years. Interest on all CDs compounds daily, and the frequency at which it’s credited to your account will depend on the term length you choose. If you have to make a withdrawal from your CD before your maturity date, you’ll have to pay a penalty, the amount of which will depend on the term of your CD.

Value Checking Account

With the Value Checking Account, you’ll have access to East West, Allpoint and MoneyPass ATMs. If you use fewer than three non-qualifying ATMs in a statement cycle, you’ll avoid those fees as well. You can also waive the monthly service fee if you have a balance of $5,000 in a combination of qualifying East West deposit accounts.

For New York state residents banking at one of the East West branches in New York, the monthly service fee is waived and the minimum opening balance requirement is lowered to $25. 

Premier Checking Account

The Premier Checking account has all the features of the Value Checking account, and it also earns interest. The rate offered may vary from branch to branch, so make sure to call or visit your preferred branch to get the most accurate information. With the extra features comes double the monthly service fee. However, you can get around that by either maintaining a monthly average balance of at least $2,500 or a combined average monthly balance of at least $10,000 in a combination of qualifying East West accounts. 

Student Plus Checking Account

The big draw of the Student Plus Checking account is that there’s no monthly service fee. However, you must be over 18 and a full-time student at a university or vocational school in order to qualify. Once you graduate, you’ll have to convert your account into either a Premier or a Value Checking account. You’ll also be able to use any ATM in the U.S. without having to worry about surcharges.

Senior Checking Account

If you’re age 62 or older, then you’ll qualify for the Senior Checking account at East West Bank. This account grants you unlimited check writing without charging a monthly service fee. Like the Value Checking and Premier Checking, you’ll be able to use two non-proprietary ATMs per statement cycle without paying a surcharge. If you have a Value Checking account, it’s a good idea to switch to Senior Checking once you turn 62.

Branch Locations

EastWest Bank operates more than 101 locations in the U.S. and China. More than half of those branches are located in California. The bank also has a partnership with Allpoint and MoneyPass ATMs.

Financial Statistics and Bank Health Rating

East West Bank has $72.33 billion in assets and $52.1 billion in loans. Its customers currently hold $60.36 billion in deposits. 

An important factor when deciding whether you should trust a bank with your deposits is its Texas ratio. The Texas ratio indicates how risky the bank’s current credit situation is. 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. Ratios nearing 100% indicate a precarious credit situation for the bank. East West Bank’s ratio is 2.56%, which is considered excellent.