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Industrial and Commercial Bank of China USA Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Industrial and Commercial Bank of China USA Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1983, Industrial and Commercial Bank of China USA has assets totaling $2 billion along with deposits totaling $2 billion, ranking the institution as a large bank. Industrial and Commercial Bank of China USA, whose headquarters are in New York, New York, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Coming in at an average 3.8 stars out of 5, Industrial and Commercial Bank of China USA proves it is an acceptable bank choice, but may leave you wanting more. Industrial and Commercial Bank of China USA provides customers with a diverse array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking account features a monthly fee of $3.00, which is acceptable compared to the national average. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is your best bet for getting the most income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

With a savings rate of 0.10%, Industrial and Commercial Bank of China USA ranks poorly compared to the national average. Its CDs feature a rate of 0.40% and 1.51% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.15%. Given Industrial and Commercial Bank of China USA's poor savings rate, you should consider other options to earn more on your deposits.

How Industrial and Commercial Bank of China USA's Savings Rates Compare

Industrial and Commercial Bank of China USA Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.3
SmartAsset Average: 4.4

Industrial and Commercial Bank of China USA typically has low fees in comparison to other U.S. banks. Its checking account has a monthly fee of $3.00, which makes it slightly worse for anyone looking for a hassle-free account. For those who visit the ATM often, Industrial and Commercial Bank of China USA is ideal because it charges no out-of-network ATM fees. Industrial and Commercial Bank of China USA doesn't reimburse out-of-network ATM fees, meaning you'll be required to locate an Industrial and Commercial Bank of China USA ATM or accept the fee.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.1
SmartAsset Average: 3.7

Industrial and Commercial Bank of China USA is a brick-and-mortar bank, with 13 total bank locations in California and New York. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:30 a.m. to 4:00 p.m. ET; Saturday and Sunday, and 10:00 a.m. to 2:00 p.m. ET. Industrial and Commercial Bank of China USA gets unsatisfactory reviews from users for its online presence. With 830 ratings across Apple and Android platforms, the Industrial and Commercial Bank of China USA mobile app has an overall rating of 2.7 out of 5 (compared to the national average of 3.8). Industrial and Commercial Bank of China USA's mobile app allows you to manage your finances by monitoring account balances, sending and receiving money and accessing support representatives. Industrial and Commercial Bank of China USA gets a superb consumer satisfaction rating due to 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 2.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Industrial and Commercial Bank of China USA is a large bank with assets totaling $2 billion and $2 billion in deposits. Industrial and Commercial Bank of China USA's Texas Ratio is 0.07%, suggesting a low likelihood of failure. Additionally, Industrial and Commercial Bank of China USA 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 Industrial and Commercial Bank of China USA to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $2500
Checking Account 0.05% APY $100
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.60% APY
  • 36 Month: 3.00% APY
  • 48 Month: 1.16% APY
  • 60 Month: 1.51% APY
$2500 for all terms
Money Market Accounts 0.1% APY 0.15% APY $10000 $15000

Industrial and Commercial Bank of China USA offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Industrial and Commercial Bank of China USA does not have the best savings rate, which means you should consider other options 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. Industrial and Commercial Bank of China USA's CD rates are fair in comparison to the average U.S. bank.

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Find a Industrial and Commercial Bank of China USA Near Me

Industrial and Commercial Bank of China USA has 13 physical locations in the U.S.

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