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Industrial and Commercial Bank of China USA Review

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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

Industrial and Commercial Bank of China USA started in 1983 and has its headquarters in New York, New York. It has $2 billion in assets and deposits totaling $2 billion, which makes it a large bank. Industrial and Commercial Bank of China USA lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. SmartAsset experts rated Industrial and Commercial Bank of China USA 3.8 stars out of 5, which means it is a decent bank that leaves room for improvement. Industrial and Commercial Bank of China USA offers a variety of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Industrial and Commercial Bank of China USA has a fair savings rate compared to the average savings account. The bank's standard checking account carries a $3.00 monthly fee, which is not too high as compared against the national average. Locating an institution with no-fee checking as well as a high savings APY is your best option for returning the highest income on your deposits alongside easy 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 in comparison to other U.S. banks. Industrial and Commercial Bank of China USA's 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 an APY of 0.15%. Given Industrial and Commercial Bank of China USA's noncompetitive savings rate, you should consider choosing another bank 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 has typically low fees in comparison to the national average. 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 frequently visit the ATM, 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 unfortunately doesn't reimburse out-of-network ATM charges, meaning you will need to search for 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. With mobile and web apps, Industrial and Commercial Bank of China USA makes mobile banking straightforward, even on the go. It does not have all-day customer service with actual service 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 receives poor reviews from users for its online presence. Out of 830 ratings on both Apple and Android platforms, the Industrial and Commercial Bank of China USA mobile app is scored at 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 control your funds by looking at monthly statements, transferring money as well as reaching support representatives. Industrial and Commercial Bank of China USA receives a superb consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government 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 ranks as a large bank and has assets totaling $2 billion as well as deposits totaling $2 billion. Its Texas Ratio is 0.07%, indicating that the bank is in terrific financial health and far from 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 Account 0.1% APY $5000

Industrial and Commercial Bank of China USA offers several deposit products including 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 think about 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 compared to other U.S. banks.

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Find a Industrial and Commercial Bank of China USA Near Me

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

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