Direct Link to offer (affiliate link here and below)
Amazon is offering Prime members 6% cashback on their credit card when shopping at Amazon and Whole Foods on Prime Day, July 11-12, 2023.
Amazon credit cardholders also get an extra 5%-20% back on select items: 5%, 10%, 15%, 20%
Our Verdict
You can easily reload your Amazon balance at the 6% rate on July 11-12 to juice up earnings a bit. Prime members always earn 5% at Amazon and Whole Foods on the card. I believe this 6% promo works with both the Chase and Synchrony versions of the credit card.
We’ll add this to our main Prime Day page (constantly updated). Separately, Prime members can also get an instant $200 signup bonus on the Prime Visa card now.
Hawaii is an exciting place to call home. It offers incredible weather, scenic views, friendly people, and a slow-paced lifestyle. If you’re lucky enough to live or work in Hawaii, you might be looking for the best banks in the state.
While the Aloha State has fewer banks than other states, there are still plenty of reputable, member FDIC options available to you.
12 Best Banks in Hawaii
To make your search for a bank a bit easier, we’ve done some research and compiled this list of the best banks in Hawaii.
1. First Hawaiian Bank
First Hawaiian Bank, the oldest bank in the state, holds the distinction of having the most branches in Hawaii. This makes it a convenient choice for many people looking to open a checking account, as it provides three different options.
Their first option, Pure Checking, offers a straightforward, fee-free experience, complete with a complimentary debit card. The second, Priority Banking Gold, expands on these features by offering free checks and online bill pay, as well as discounts on loans.
For those seeking the most benefits, the Priority Banking Platinum provides an extensive list of perks, including a credit card with unlimited rewards and cash back, travel points, and no restrictions on redemption dates.
Beyond checking accounts, First Hawaiian Bank also caters to various other personal banking needs. They offer savings accounts, mortgage services, and wealth management solutions, among other things.
2. SoFi
SoFi serves as a top-notch alternative to traditional banking, catering to individuals seeking the convenience and flexibility of online banking. The SoFi Checking & Savings account offers a unique combination of checking account accessibility and high-yield savings account returns in a single, streamlined account.
There is no minimum balance requirement, no monthly fees, and no overdraft fees, positioning SoFi as a cost-effective solution for a broad spectrum of users. There’s also an enticing offer of earning up to $250 with qualifying direct deposits.
One of the most compelling aspects of SoFi is the impressive interest rates it offers. The savings account yields a 4.30% APY, while checking account balances earn 1.20% APY, both rates far outpacing those offered by most traditional banks. What’s more, deposits are insured by the FDIC up to $2 million, providing an added layer of financial security.
With SoFi Checking & Savings, accessing your money is both straightforward and convenient. Over 55,000 Allpoint® Network ATMs across the globe offer fee-free withdrawals, ensuring you can easily access your money whenever you need it.
3. Ally Bank
Ally Bank is an online bank that serves residents in every state, including Hawaii. It’s worth considering if you’re seeking an interest bearing checking account or competitive rates on high yield savings accounts, CDs, and money market accounts.
While deposit accounts are Ally’s bread and butter, the bank also offers mortgages, auto refinancing, and investment products. As an Ally account holder, you won’t have to worry about any monthly fees or minimum opening deposits.
Since Ally is an online-only bank, there are no local branches in Hawaii. Fortunately, it’s part of the Allpoint ATM network that will give you free access to more than 43,000 Allpoint ATMs. If you do use an out-of-network ATM, the bank will reimburse you up to $10 per month.
4. First American Trust
First American Trust operates one branch in Honolulu. If you have a particular interest in wealth planning, it should definitely be on your radar. It provides several wealth planning services, such as financial planning, retirement planning, and estate planning for individuals and families.
Its advisors can also help you set up a trust and protect your greatest assets. Additionally, First American Trust is a great resource if you’d like to build a diversified investment portfolio.
5. Bank of Hawaii
Headquartered in Honolulu, Bank of Hawaii is a regional bank and the second-oldest bank in the state. It serves local communities with a comprehensive suite of products and services as well as sponsorships and volunteerism. The bank’s lineup of personal banking products includes checking accounts, savings accounts, certificates of deposit (CDs), credit cards, personal loans, and insurance.
In addition, it supports small business owners with business deposit accounts, business credit cards, merchant services, and small business loans. The bank also specializes in investment services and long-term financial planning to help you meet your personal finance goals. If you’re interested in Bank of Hawaii, you can chat with a banker online or in-person at a local branch.
6. Central Pacific Bank
Central Pacific Bank has been around since 1954 and has physical locations in Hawaii, Oahu, Maui, and Kauai as well as mobile banking services. It was originally founded to help immigrants build a safe life.
Today, the Hawaii bank offers a wide range of products and services to individuals and small businesses in the Aloha State. Central Pacific Bank stands out for its diverse savings account options, high rates on CDs, and low minimum balance requirements.
It also provides personalized, high quality wealth planning services from a team of wealth advisors. You can download the bank’s mobile app to pay bills, send money through Zelle, check your online statements, set notifications, track your budget, and keep tabs on your financial activity.
7. CIT Bank
CIT Bank is a digital bank with several attractive products for Hawaii residents. Savings Connect is a savings account that offers a competitive interest rate you might not be able to find elsewhere.
Another savings account you may want to consider at CIT Bank is the Savings Builder. While the Savings Builder has a lower annual percentage yield or APY than Savings Connect, it can encourage you to save as you must deposit at least $100 per month from your paycheck or elsewhere to secure the highest APY.
Unlike many brick-and-mortar financial institutions, CIT Bank doesn’t charge monthly maintenance fees, overdraft fees, ATM fees, or excessive transaction fees. You can open a new account and manage it via the online portal or mobile app. If you have any questions or concerns, you can contact phone support on weekdays and Saturdays during select hours.
8. Hawaii National Bank
Hawaii National Bank is a local bank that made its debut in 1960 and has branch locations in Oahu, Maui, and Hilo. It offers several checking accounts, including the Household Checking, Personal Checking, 55+ Checking, Super NOW, and VIP Money Market Deposit. Even though some checking accounts come with monthly fees, the bank may waive them if you maintain a certain balance.
Savings account options include the traditional Personal Savings account with a variable, competitive interest rate, Kids’ Savings account for kids ages 5 to 17, and Christmas Savings account that can help you save for the holiday season.
In addition to checking accounts and savings accounts, you may turn to Hawaii National Bank for personal loans, credit cards, home loans, CDs, and retirement accounts. The bank also serves small business owners with deposit accounts, business loans, and commercial mortgages.
9. American Savings Bank
Known as the third-largest bank in Hawaii, American Savings Bank serves the Aloha State with a wide range of offerings. You can choose from three checking accounts, six savings accounts, and several credit cards with cash back rewards or points. American Savings Bank also offers CDs, student loans, mortgages, and credit cards.
If you open a checking account, you’ll reap the benefits of Overdraft Courtesy, which protects you from overdrafts that may occur from checks and electronic payments. Additionally, the bank’s advisors can assist you with investments and insurance.
If you become an American Savings customer, you may take advantage of online banking, which allows for mobile check deposit, automatic bill pay, Zelle payments, eStatements, and more.
10. Synchrony Bank
Synchrony Bank is an online bank you might want to explore as a Hawaii resident. With Synchrony, you can expect high interest rates on savings accounts and CDs, no monthly fees, a variety of credit card options from popular retailers, and reimbursements for out-of-network ATM access.
If you join the Synchrony Bank Perks Rewards program, you can earn elite status if you meet certain criteria. You’ll reach Diamond status, which is the top level if you deposit more than $250,000 or stay with the bank for five years. This status comes with perks like three free wire transfers per statement cycle and unlimited reimbursements for domestic ATMs.
11. Territorial Savings Bank
Territorial Savings Bank has served Hawaii customers since its inception in 1921. If you open a checking account, you’ll be able to earn interest as long as you deposit $100.
The bank also offers numerous CDs with competitive interest rates, special mortgage rates for first time homeowners, and discounts from local merchants, like hotels, car rental companies, and restaurants.
If you’re a small business owner, you may select from a number of business deposit accounts, business credit cards, and business loans.
12. Finance Factors
Headquartered in Honolulu, Finance Factors has 13 branches throughout the Aloha State. The bank’s deposit products are savings accounts, CDs, and retirement accounts.
It also specializes in a wide range of home loans like conventional mortgages, government-backed mortgages, jumbo mortgages, and investor mortgages. You can stop into a local branch or log into the online portal to manage your account.
Bottom Line
As you can see, there are a variety of banks in the Aloha State. Before you move forward with one, it’s a good idea to weigh the pros and cons of all your options. Factors like your particular banking needs and whether you prefer an online or in-person banking experience will help you make the best choice for your unique situation. Good luck with your search for the best bank in Hawaii.
Frequently Asked Questions
What is the largest bank in Hawaii?
First Hawaiian Bank holds the title as the largest bank in Hawaii, establishing a significant presence with a total of 49 branches scattered across the state. Founded in 1858, it boasts a long history and deep roots in the local community.
Should I choose an online bank or a traditional bank in Hawaii?
An online bank is your best bet if your goal is to land the best interest rate and lowest fees. However, if personalized service is important to you, you’d likely be better off with a traditional bank. Fortunately, most traditional banks offer mobile apps and online portals.
Is a credit union a good option in Hawaii?
If you find a credit union with the ideal loan or the products and services you need and qualify for membership, you may want to join it. But you may find a wider range of offerings at a bank.
Why are there no national banks in Hawaii?
National banks aren’t in the Aloha State due to its small population and the high cost of real estate. Smaller banks are your only option if you live or work in Hawaii. The good news is you’ll find many local banks that offer just as many products and services as big banks.
The evolution of technology has made financial transactions a breeze, transforming our smartphones into financial hubs. Among the leading mobile payment apps are Cash App and Venmo.
Each platform has distinct features, leaving many potential users wondering which is better. This comprehensive review will analyze the key components of both services, helping you make an informed decision.
History and Overview of Cash App and Venmo
Cash App came into existence in 2013, an innovative solution provided by Square Inc. Its intuitive design, combined with extensive functionalities, has attracted millions of cash app users.
On the other hand, Venmo, a product of PayPal, was launched in 2009 and has since then grown exponentially. With a unique social element, it has appealed to a significant number of digital-savvy users.
Setting Up and Using the Platforms
Setting up a Cash App account or a Venmo account requires just a few steps. Both platforms necessitate linking a bank account or a credit card to facilitate transactions. The setup processes are user-friendly, requiring minimal technical skills.
Cash App and Venmo both provide a seamless user interface on various platforms – iOS, Android, and web browsers. Venmo users often laud the app’s social feed that documents their transaction history, a feature absent in Cash App.
Sending and Receiving Money
In the modern age of digitization, moving money between accounts or between individuals should be a straightforward and efficient process. Both Cash App and Venmo place this feature at the heart of their service, allowing users to send and receive money with ease. Let’s delve into the specifics of how this process unfolds on each platform.
Cash App: Instantaneous Money Movement
One of Cash App’s core functionalities is the ability to send and receive money instantly. After setting up an account and linking a bank account, users can send money by tapping the ‘$’ icon at the bottom of the main screen. The app then prompts users to input an amount and choose a recipient from their contact list, or by manually entering the recipient’s phone number, email, or $Cashtag, a unique username for Cash App users.
Receiving money on Cash App is just as straightforward. When another user sends you money, it lands in your Cash App account, reflected in your app balance. You can keep the funds in the app for future payments or withdraw it to your linked bank account.
One notable feature of Cash App is the ability to send and receive Bitcoin, an offering not currently available on Venmo. For users interested in cryptocurrencies, this could be a determining factor in their choice of app.
Cash App has some limitations regarding how much money users can send or receive. Users can send up to $7,500 per week and receive an unlimited amount once their account is verified. Unverified accounts have a $1,000 monthly receiving limit.
Venmo: A Social Approach to Transactions
Venmo takes a slightly different approach, integrating social elements into the process of sending and receiving money. To send money, users tap the ‘Pay or Request’ button at the bottom of the screen, select a contact (or multiple contacts for group payments), enter an amount, and add a note describing the payment. These notes, often including emojis or funny descriptions, are a part of Venmo’s unique charm.
Receiving money on Venmo is as straightforward as Cash App. The money received lands in your Venmo balance and can be kept there for future Venmo transactions or transferred to a linked bank account. It’s worth noting that money received does not automatically transfer to your bank account, providing users the flexibility to manage their Venmo balance independently.
As for limitations, Venmo users can send up to $4,999.99 per week for person-to-person transactions, once identity verification is completed. For unverified accounts, the limit is at $299.99 per week. There’s no limit to how much money users can receive on Venmo.
Unique Features and Services
Beyond just enabling peer-to-peer money transactions, both Cash App and Venmo have developed unique features and services that add value to their user experience and set them apart in the competitive digital payments industry. Let’s take a closer look at what each platform offers.
Cash App: Bitcoin and Stocks
Cash App differentiates itself from Venmo and other competitors with its Bitcoin trading feature. Users can directly buy and sell Bitcoin from their Cash App balance. This introduction of cryptocurrency to the platform has made Cash App a more versatile financial tool, allowing users to participate in the ever-growing crypto market conveniently.
Furthermore, Cash App also offers a stock trading feature. With as little as $1, users can invest in stocks, opening the world of stock trading to a broader audience. Whether you’re a seasoned investor or a newbie just starting, Cash App’s investing feature offers an accessible way to diversify your financial portfolio. Please note that the brokerage services are provided by Cash App Investing LLC, a subsidiary of Square, Inc.
Moreover, the Cash Boost feature is another unique offering. Users with the Cash Card can activate boosts in the app to save money on purchases at certain vendors. Boosts offer instant discounts and are easy to use, making them a favorite among Cash App users.
Venmo: Social Payments and Business Profiles
Venmo’s standout feature is the integration of social elements into its platform. Each payment or request comes with a note that shows up in a feed, much like a social media timeline. It’s a unique approach that adds a fun, social aspect to financial transactions. Users can even like and comment on their friends’ transactions, making Venmo a more interactive experience compared to other payment apps.
In addition to its social component, Venmo also offers business profiles. Small businesses and sellers can set up a professional profile on Venmo, separate from their personal profile. This feature allows businesses to accept payments from customers on Venmo, making transactions convenient for both parties. It also offers sellers exposure to Venmo’s vast user base, providing them an opportunity to expand their business reach.
Venmo has also ventured into the credit card market. The Venmo Credit Card, issued by Synchrony Bank, allows users to earn custom cash back on their spending, directly into their Venmo account. This move into the credit card market offers Venmo users a more comprehensive financial experience, all within one app.
Fees and Limits
One crucial aspect to consider while choosing between Cash App and Venmo is the costs associated with their services. Each platform has its unique fee structures and limits which may impact users differently, depending on their needs and usage.
Cash App: Fees and Transaction Limits
Cash App allows users to send and receive money for free. However, for instant transfers to a linked bank account, there’s a 1.5% fee. Standard transfers, which can take up to three business days, are free. If you are sending money via a credit card, a 3% fee is charged.
There’s no fee to use Cash App’s Bitcoin and stock trading services. However, the app does have a spread between buy and sell prices for Bitcoin, which effectively acts as a fee.
Cash App allows users to send up to $7,500 per week, and there’s no limit on the amount you can receive. The platform also has withdrawal limits: $250 per transaction, $1,000 in any 24-hour period, $1,000 in any seven-day period, and $1,250 in any 30-day period.
As for the Cash Card, ATM withdrawals are free if the user makes at least $300 in direct deposits to their Cash App account in the last 31 days. Otherwise, the fee is $2.50, in addition to any ATM operator fees.
Venmo: Transaction Charges and Limits
Venmo doesn’t charge for basic services like sending money from a linked bank account, debit card, or your Venmo balance. However, there’s a 3% fee on credit card payments and some business payments.
Venmo charges a 1.75% fee (minimum $0.25, maximum $10) for instant transfers of your Venmo balance to your bank account, while standard bank transfers are free. If you are using the Venmo Debit Card, withdrawals are free at MoneyPass ATMs, but there’s a $2.50 fee at non-MoneyPass ATMs in addition to any fees charged by the ATM operator.
In terms of limits, Venmo allows payments of up to $4,999.99 per week on a fully verified account. For new accounts or those without identity verification, the limit is $299.99 per week. Venmo has a rolling weekly limit of $6,999.99 for person-to-person payments, purchases with the Venmo Debit Card, and merchant payments combined.
Security Measures and User Protection
Security and user protection are critical considerations when choosing between financial apps. Both Cash App and Venmo prioritize user security and employ numerous measures to safeguard user data and transactions.
Cash App: Secure Transactions and Data Protection
Cash App employs a number of robust security protocols to ensure safe transactions. It requires a unique code or biometric identification (Face ID or Touch ID) for sign-in and Bitcoin withdrawals.
The app uses encryption to safeguard personal data and provides assistance through its support team for any suspected fraudulent activity. However, it’s important to note that Cash App does not offer protection for willingly sent payments to other users.
Venmo: Advanced Encryption and Verification
Venmo also offers comprehensive security measures to protect user transactions and personal information. It employs encryption for protecting data, and users are required to verify their identity when accessing the app from a new device.
Venmo also allows users to set up a PIN code for additional protection. While Venmo uses strong security measures, users are encouraged to only transact with people they know and trust.
Customer Support
When it comes to customer support, both platforms offer several ways to access help. You can reach out to Cash App or Venmo via email, in-app messaging, or through their websites. The efficiency of customer support is crucial, especially if a user suspects fraudulent activity or faces issues with transactions.
Use Cases
The best use case for Cash App is for those who have varied financial goals and are interested in the ability to invest in Bitcoin and stocks directly from their app. It’s also an ideal choice for those who appreciate discounts through the Cash Card ‘Boosts’ feature.
On the other hand, Venmo excels in its social components. It’s best for those who regularly split bills with friends or family and enjoy the social feed documenting these transactions.
Cash App vs. Venmo: Which one is right for you?
Cash App and Venmo each have strengths and weaknesses, and the choice between the two largely depends on personal preferences and needs.
If you value straightforward money transfers and the additional ability to invest, Cash App may be the better choice for you. However, if the social element of financial transactions appeals to you, along with the easy splitting of bills, Venmo could be your preferred app.
Frequently Asked Questions
Can I use Cash App or Venmo internationally?
Cash App only works for users in the United States and the United Kingdom. You cannot make international payments. Venmo is also available only to users in the United States, and you can’t send money internationally with Venmo.
What happens if I send money to the wrong person?
If you accidentally send money to the wrong person on either platform, your best course of action is to send a request to that person asking them to send the money back. Cash App and Venmo do not offer protection for transactions if you willingly send money to someone.
Can I use these apps without linking a bank account?
Yes, both Cash App and Venmo can be used without linking a bank account. However, you’ll need to link a debit card or a credit card to make transactions.
How long do transfers take with Cash App and Venmo?
Both Cash App and Venmo offer instant transfers to linked bank accounts for a small fee. For free transfers, Venmo can take up to 1-3 business days, while Cash App’s standard deposits are usually available within 1-3 business days as well.
How do I contact customer support?
For Cash App, you can contact customer support through the app itself, or by visiting the Cash App Support website. Similarly, Venmo’s customer service can be reached through the app, or by visiting the Venmo Support website.
Do these apps report to the IRS?
For both apps, if you receive over $20,000 and make more than 200 sales transactions that involve goods or services in a single calendar year, you will receive a Form 1099-K and this information will be reported to the IRS. For personal transactions, these are not typically reported.
Check your emails for the following offer on the Amazon store card from Synchrony: ([email protected])
Earn $20 back in rewards when you spend $200 or more. Or, earn $40 back in rewards when you spend $400 or more on Amazon.com with your Prime Store Card between November 17, 2022 and December 31, 2022. Requires activation.
The Fine Print
Offer must be activated and qualifying purchases must be made between November 17, 2022 and December 31, 2022.
To qualify you must use your Prime Store Card to make qualifying Amazon.com purchases (minus returns and adjustments) totaling $200 or more to earn a $20 reward, or $400 or more to earn a $40 reward.
Qualifying purchases must post to your account by January 10, 2023.
Your reward of $20 or $40 will post to the Prime Store Card account 1-2 billing cycles after the end of the offer period.
Account must be open, be in good standing, and not be delinquent at the time the reward is applied.
Maximum of one $20 or one $40 reward can be earned for this offer.
This offer is for the intended recipient of this communication only and is not transferable.
Our Verdict
I got this offer via email. The offer might only be showing for Prime members and it might also be targeted.
For me this is as good as getting $40 free since I’d be spending that amount on the card anyway since it earns 5% back on Amazon. Another option is to reload your Amazon account (affiliate link) with $400 and knock it out in one shot.
No investment or savings vehicle is entirely without risk, but certificates of deposit (CDs) offer more security and predictability than most. If youâre on the hunt for above-average CD rates, take a look at these banks.
Amazon is offering a $200 bonus on their store card issued by Synchrony: $80 Amazon Gift Card upon approval, plus $120 in rewards when you spend $700 within 3 months
Headquartered in Stamford, Connecticut, Synchrony Bank is an online bank which pays some of the highest interest rates on deposits available anywhere. Itâs part of the Synchrony Financial organization, which was founded in 2003, but traces its roots all the way back to 1932. Synchrony Financial has over $90 billion in assets and is the […]
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Walmart has sued it’s co-branded credit card partner Capital One to terminate its partnership. Walmart is alleging that Capital One didn’t meet certain requirements of the partnership including: Not replacing lost cards promptly Not posting & settling transactions promptly Walmart had previously expressed a desire to renegotiate some of the terms of the contract, including […]