Cathay Bank Review: Full Service and Inclusive Banking for Multiple Communities

GOBankingRates Score

Cathay Bank
4.4
SCORE
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
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Quick Take: Cathay Bank offers a full suite of personal checking and savings products, along with mortgage loans, credit cards and investment products. It is the oldest operating bank in the U.S. and founded to serve the Chinese-American community. To this day, the bank has a heavy presence in areas with large Asian-American populations. If you had an HSBC bank account, it became a Cathay account as of February 2022.
  • Checking Account
    4.3
  • Savings Accounts
    4.2
  • CD Accounts
    4.1
  • Money Market Accounts
    4.4
  • Banking Experience
    4.8
How did we calculate this?

Pros

  • Website and customer service available in English, Chinese and Spanish
  • Competitive interest rates
  • Full range of products for all banking needs

Cons

  • Limited branch availability

Cathay Bank Overview

Cathay Bank was founded in 1962 to serve the Chinese American community in Los Angeles and also has a branch in Hong Kong and representative offices in Beijing, Shanghai and Taipei. GOBankingRates has ranked Cathay Bank among the Best West Regional Banks of 2024. The website is available in English, Chinese and Spanish.

Cathay Bank: Key Features

Cathay Bank offers checking, savings, money market and CD accounts, as well as mortgage loans and credit cards. There are checking and savings options for people at all stages and income levels, from student and basic checking to long-term CDs and retirement accounts. Here are the key features GOBankingRates used for this review: 

Checking Accounts

Cathay Bank offers five checking accounts: Student Advantage Checking, Basic Checking, Simple Checking, Personal Checking and Cathay ValuePlus Checking. Basic and Simple Checking are similar products that are offered in different states. Basic and Personal Checking come with unlimited check writing.

  • Student Advantage Checking: This is a great option to help college-age students manage their finances. Though it doesn’t earn interest there are no monthly fees and only a $10 minimum opening deposit. 
  • Basic Checking: The basic checking option comes with unlimited check writing ability, no monthly maintenance charge and only has a $10 minimum opening deposit requirement.
  • Simple Checking: There is a $25 minimum to open this account and it has a $6 monthly fee which can be waived with a qualifying direct deposit of $100 or more in total each monthly statement cycle.
  • Personal Checking: $100 minimum opening deposit and $10 monthly maintenance fee which can be waived with qualifying direct deposit of $100 or more in total each monthly statement cycle.
  • ValuePlus Checking: This account allows you to earn interest, and package other banking benefits. There is a $2,000 minimum requirement to open and a $15 monthly maintenance fee. 

Savings Accounts

Cathay Bank offers several savings account options. They all pay interest based on your account balance, with rates ranging in APY.

  • Student Savings: This account has a minimum opening balance of just $10 and no monthly maintenance fee.
  • Passbook Savings: $500 minimum daily balance that uses the traditional passbook that gets updated when you go into a branch to make a deposit or withdrawal
  • Statement Savings: This account is a basic savings program with the convenience of a quarterly account statement with a $3 monthly fee and $100 minimum to open.

CD Accounts

Cathay Bank offers certificates of deposit for terms ranging from seven days to five years. Rates depend on the term of the CD as well as the deposit amount. Longer terms earn higher interest rates.

To choose a Cathay Bank CD, start by selecting a term between seven days to five years. Interest rates range by term length and have a $2,500 minimum opening deposit. Interest rates rise for deposits of $50,000 or more. You can choose between a regular CD or an IRA CD which is tax-deferred. 

Money Market Accounts

Cathay Bank offers two money market accounts to choose from. Each account offers the convenience of check writing while earning interest. However, you’re limited to six transactions per month.

  • Smart Money Market: The account has a $5,000 minimum opening balance and pays higher interest rates with higher balance tiers.
  • Optima Money Market: For deposit account is designed for higher balances and has a $100,000 minimum opening balance which also pays an increasingly high APY depending on the maintained balance.

Banking Experience

Cathay Bank branches are located in nine states across the U.S. as well as in Asia. Customers who may have banking business in Hong Kong, Beijing, Shanghai or Taipei will find it convenient to bank there as well. The bank also offers online and mobile banking for times when there is no branch nearby.

Accessibility

Cathay Bank has over 60 branch locations in the United States and customers have access to PULSE Select and MoneyPass ATMs with no service charge.

Customer Service

Cathay Bank has customer service agents available 6 a.m. to 7:30 p.m. PST, Monday through Friday, and automated account information is available 24 hours a day, 7 days a week by calling 800-922-8429.

How To Open a Cathay Bank Account

The Cathay Bank website does not support account opening. To open an account, you must visit a branch.

Mobile and Digital Experience

The Cathay Bank mobile app is available for iPad, iPhone and Apple Watch on the App Store, where it has a rating of 4.3 stars. For Android users, it’s available on Google Play, where it has a 3.9-star rating. 

With the mobile app, you can deposit checks, pay bills, transfer funds and check your account balances on your mobile device. For quick access to your account balances and recent transactions, the Cathay Bank mobile app supports Touch ID and passcode authentication.

Cathay Bank vs. Competitors

If you’re shopping for a new bank, it’s important to find the one that’s best for you. Here are some other banks you might be considering, so you can see how Cathay Bank stacks up against the competition.

Bank Best For
Cathay Bank Multilingual service and broad product line
Bank of America Branches and ATMs nationwide
East West Bank Checking and savings options for seniors
Wells Fargo Bank Overdraft protection

Cathay Bank vs. Bank of America

Cathay Bank offers services that are specific to Asian American customers, including those who want to bank in Hong Kong, Beijing, Shanghai and Taipei. Bank of America has 4,300 retail banking locations and 16,000 ATMs nationwide.

Cathay Bank vs. East West Bank

East West Bank offers senior checking and savings accounts with no monthly maintenance fees for customers age 62 and up — options you won’t find at Cathay Bank. Cathay offers more mortgage options though, especially for investment properties.

Cathay Bank vs. Wells Fargo Bank

Wells Fargo Bank offers overdraft protection by linking your checking and savings accounts and using your savings balance to cover any overdrafts in checking. Cathay Bank offers better interest rates, even on low-balance savings accounts.

Final Take

Cathay Bank is a great choice for those who would like bilingual banking services and who are located in one of their service areas. Competitive interest rates and a wide variety of products mean you can use Cathay Bank for all of your financial needs which is one of the reasons it has been ranked amongst the Best West Regional Banks of 2024 by GOBankingRates. Although the number of branches is limited compared to some big banks, there is a nationwide network of surcharge-free ATMs available, as well as online and mobile banking.

Cathay Bank FAQ

  • Is Cathay Bank FDIC-insured?
    • Yes. Deposits at Cathay Bank are FDIC-insured up to $250,000 per depositor.
  • Who owns Cathay Bank?
    • Cathay Bank is a division of Cathay General Bancorp, a publicly traded company.
  • Does Cathay Bank offer mobile check deposit?
    • Yes. Mobile check deposit is available for all Cathay Bank checking and savings accounts except Passbook Savings and CDs. Customers can deposit up to 10 checks per day, totaling up to $10,000.
  • Does Cathay Bank offer free money for signing up for an account?
    • Cathay Bank does not currently offer a cash bonus for signing up for an account.
  • Is Cathay Bank in the U.S.?
    • Yes, Cathay Bank has U.S. branches and has been ranked among the Best West Regional Banks of 2023. Cathay Bank supports customers in English, Chinese and Spanish for a more inclusive experience. The sense of community it delivers is one of the regional bank's strongest features.

Karen Doyle contributed to the reporting for this article.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

To discover the Best Regional Banks, GOBankingRates looked at the top regional institutions (excluding online banks and neobanks) located in under 25 states. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighted 0.5 times; factor (5) was weighted 2.5 times; and factor (7) was weighted 1.5 times.

For regional breakdowns, the same methodology as above was used. The regions were broken down into the following: West (AK, CA, CO, HI, ID, MT, NV, OR, UT, WA, WY); Southwest (AZ, NM, OK, TX); Midwest (IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI); Southeast (AL, AR, DC, FL, GA, LA, KY, MS, NC, SC, TN, VA, WV); and Northeast (CT, DE, MA, MD, ME, NH, NJ, NY, PA, RI, VT). To be considered for a region, a bank had to have a branch in one of the states listed and be headquartered in that state/region.

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