Cathay Bank is a full-service Asian-American owned bank that provides many account options. To find out if Cathay Bank is right for you, continue reading the review below.
Cathay Bank is is a Chinese-American owned financial institution that has serviced Asian Americans since 1962. They are currently based in Los Angeles.
Checking Account Options
Cathay Bank has various checking accounts with similar benefits.
All checking accounts come with access to free online/mobile banking, a debit card, eStatements, unlimited teller service and unlimited check writing.
This is Cathay Bank’s basic checking account and you will need $25 to open it.
There is unfortunately also an unwaiveable fee of $6.
This is a checking account for students and it requires a minimum deposit of $10.
There are no monthly fees nor minimum balance requirements afterwards though!
You will need a minimum deposit of $100 to open this account.
There is a $10 monthly fee, but you can waive it as long as you have a minimum daily balance of $1,000.
You will also get a Gold debit card instead of classic.
This is Cathay Bank’s only interest earning checking account and you will need $2,000 to open it.
There is also a $15 monthly fee, but if you maintain a daily balance of at least $2,000 you can get it waived.
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Savings Account Options
Cathay Bank has a very small selection of savings accounts that aren’t too different than most.
This is for students who need to develop good savings habits.
With just $10, students can start earning variable interest.
The interest is compounded daily.
This is a basic savings account and you will still need $100 to open it.
This account owns variable interest rates and interest is compounded daily.
There is a $3 monthly fee, but you can waive it by keeping a daily balance of $5,000.
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Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB223 by 06/15/2023
• Earn high interest rate of 3.90% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
With the American Express® High Yield Savings Account:
• Earn 4.00% APY as of 5/31/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard.
Cathay Bank has two money markets that earns decent interest rates and come with exclusive benefits.
This money market earns tiered interest rates and you will need $5,000 to open it.
There is a monthly fee of $10 that can be waived if you maintain a daily balance of $5,000.
The interest is also compounded monthly.
This money market earns competitive interest rates, but you will need $100,000 to open it.
There is a hefty monthly fee of $50, but you can waive it by keeping a minimum balance of $100,000.
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• Get started and open a Discover Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 3.85% APY balances $100,000 and over
• Earn 3.80% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 1.55% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured
Reasons to Bank with Cathay Bank
- They have a decent variety of both checking and savings accounts.
- They have a student checking account.
- You can upgrade you debit card status to Gold if you apply for Cathay ValuePlus checking.
- The simple checking’s monthly fee of $6 cannot be waived (according to their site).
- The interest for savings account is compounded daily.
- All checking accounts come with online and mobile banking.
- Conduct all your banking online or through the Cathay Bank app.
- Since they are a Chinese-American owned bank, Cathay has branches in China, Hong Kong and Taiwan as well.
Reasons Not to Bank with Cathay Bank
- They only have locations in 8 states: California, Illinois, Massachusetts, Nevada, New Jersey, New York, Texas and Washington.
- Their opening deposits and balance requirements are honestly quite high to maintain, so they are more recommended for people with higher balances.
- Their interest rates aren’t as high as other banks.
- Only one checking account can earn interest.
- They are lacking in the savings account department.
- They lack a senior citizen checking or savings account.
- Their money markets require a lot to open.
Cathay Bank Routing Number
The routing number for Cathay Bank varies based on states and regions. To find your routing number, simply check the left corner of you Cathay Bank check.
Contact Customer Service
Cathay Bank has an automated information service line that you can reach at 1(800)-922-8429.
To speak to a customer representative instead, these are the available hours:
Monday – Friday at 6 a.m. – 7:30 a.m. (PST)
How Cathay Bank Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Bank of Hope: Another Asian-American owned bank that is based in Los Angeles, California, Bank of Hope offers very similar account options to Cathay Bank.
- Discover Bank: Discover Bank is also an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
If you prefer closely owned banks over more known ones, then consider banking with Cathay Bank.
Located in both the U.S and Asia, Cathay Bank does its best to provide services for everyone, but some of their accounts can be a hassle to keep up with if you aren’t particularly a high spender.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If you’re interested in banking with Cathay Bank, then apply today! For more options from a variety of banks, see our list of the best bank promotions!
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