Best High Yield Savings Accounts in Hawaii

High yield savings accounts in Hawaii offer a secure place to store emergency funds, a vital consideration in a state prone to natural disasters. Read on to know more.
High Yield Savings Accounts in Hawaii
Best High Yield Savings Accounts in Hawaii
Harness the power of competitive interest rates, minimal fees, and easy accessibility by choosing the best high yield savings accounts in Hawaii.
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In a world of financial uncertainty, a high-yield savings account is a valuable tool for building wealth, preserving purchasing power, and providing peace of mind. It offers a higher interest rate than traditional savings accounts, helping your money grow faster and stay ahead of inflation. Let’s explore the best High Yield Savings Accounts in Hawaii.

The Best High Yield Savings Accounts in Hawaii

High Yield Savings Accounts in Hawaii also provide a safe and easily accessible place to store emergency funds, ensuring financial security during unexpected expenses. Moreover, these accounts often have no fees or minimum balance requirements. This makes them accessible to many individuals, especially in a place like Hawaii, where the cost of living is already skyrocketing. 

Online High Yield Savings Accounts in Hawaii

In Hawaii, where nearly one and a half million residents seek banking services, selecting the right high-yield savings account is crucial. These accounts offer a secure place to store emergency funds, a vital consideration in a state prone to natural disasters. Furthermore, competitive interest rates allow your money to grow over time. In today’s digital age, online high-yield savings accounts have become popular owing to their convenience and security. Choosing the best savings account in Hawaii is not just a financial decision; it’s a step toward ensuring stability and growth in this picturesque state.

Beem – High Yield Savings

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Introducing the Beem High Yield Savings Account, where your savings can earn up to an impressive 5.00% APY, a remarkable 11 times the national average. With BEEM, growing your money is hassle-free, with no hidden fees or unnecessary charges. You’ll enjoy a seamless banking experience at your fingertips, and your peace of mind is ensured as your savings are FDIC-insured up to $5,000,000. Say goodbye to late fees, setup fees, hidden fees, annual fees, and minimum balance fees. With Beem, it’s a straightforward promise: No fees. Period. Start building your financial future today, and tomorrow will thank you.

Liberty Savings Bank

Liberty Savings Bank

Liberty Savings Bank offers a user-friendly banking experience with many attractive features. With over 55,000 fee-free ATMs accessible through the Allpoint network, it ensures convenient access to your funds. The Liberty Team’s commitment to customer service is noteworthy, providing support through various channels, including online, over the phone, in the drive-thru, and in person. Their mobile app, BankonGo, simplifies banking on the go.

Liberty Savings Bank Pros & Cons


  • The Big Interest Bundle provides an impressive 1.00% APY on checking and 0.50% APY on an add-on savings account, allowing you to earn more on your balances.
  • This free account doesn’t burden you with monthly fees, making it an excellent choice for those seeking a fee-free banking experience.
  • Access to a vast network of fee-free ATMs and a user-friendly mobile app makes managing your finances hassle-free.


  • The bank may have limited physical branch locations, which can be inconvenient for those who prefer in-person banking.
  • While Liberty Savings Bank offers competitive interest rates, they are subject to change over time. Staying updated on current rates is essential to maximize your earnings.

Patriot Bank

Patriot Bank

Patriot Bank, headquartered in Stamford, CT, offers savings accounts designed to meet diverse financial needs:

Regular Savings and Elite:

  • Regular Savings require a minimum opening balance of $100 ($25 for children under 13), with quarterly interest.
  • Elite Savings mandates a $1,000 minimum opening balance, with monthly interest. Both have a $3.00 fee per additional withdrawal and may incur a $3.00 quarterly fee if daily balances fall below specified limits.

Christmas Club:

  • This account issues checks in the first week of November, allowing a maximum monthly deposit of $500. Penalties apply for early withdrawals.

Patriot Bank, in collaboration with the secure Raisin platform, provides customers with a convenient and flexible approach to savings, catering to various preferences and financial objectives.

Patriot Bank Pros & Cons


  • A variety of savings accounts for different financial goals.
  • Competitive interest rates with regular interest payments.
  • No fees for children’s accounts.
  • Access to a Christmas Club account for holiday savings.


  • Potential fees for accounts with low balances.
  • Limited withdrawals on some accounts.
  • Penalties for early withdrawals from the Christmas Club account.

CIT Bank

CIT Bank

CIT Bank’s commitment to providing a competitive APY and secure, fee-free savings options is a definite advantage for those looking to maximize their savings while enjoying digital convenience. CIT Bank offers a Savings Connect account with a competitive 4.65% APY and a reasonable $100 minimum opening deposit, making it an attractive choice for savers. 

CIT Bank Savings Pros & Cons


  • Earn a remarkable 4.65% APY, ten times the national average, allowing your money to grow rapidly.
  • Enjoy the ease of online banking and the CIT Bank mobile app, facilitating remote check deposits and effortless fund transfers.
  • Savings Connect accounts come without monthly service fees, ensuring your savings remain untouched.
  • Rest easy knowing your money is FDIC-insured, guaranteeing its security.


  • While the minimum deposit is reasonable at $100, it may still be a barrier for those with limited initial funds.
  • CIT Bank offers different savings accounts, and it might be confusing for some customers to choose the most suitable one.

Citi Accelerate Savings


CITI Accelerate High-Yield Savings account is a compelling choice for savers looking to maximize their earnings. Its competitive APY and seamless integration into your broader banking needs make it an enticing choice for many savers. However, limited geographic availability and potential monthly fees may only suit some.

Citi Accelerate Savings Review Pros & Cons


  • With a 4.35% APY, this account provides a competitive interest rate, outperforming many brick-and-mortar banks.
  • No minimum deposit is required, making it accessible to all savers, regardless of their initial investment.
  • CITI Accelerate offers an extensive range of banking services, from credit cards with perks to personal loans, mortgages, investing, and wealth management, creating a comprehensive banking solution.
  • During the first three months, the $4.50 monthly fee is waived. Afterward, you can avoid it by maintaining an average monthly balance of $500 or more, linking a Citi checking account, or reaching a high Relationship Tier.


  • This high-yield savings account is only available to residents in eligible states, U.S. territories, and eligible regions of otherwise ineligible states. It may not be an option for those outside these areas.
  • Depending on your circumstances, you might incur a monthly fee if you don’t meet the specified criteria, such as having a Citi checking account or maintaining a $500 average monthly balance.

Marcus by Goldman Sachs

Marcus by Goldman Sachs, ranked as the “best for no fees” option by CNBC Select, offers a high-yield online savings account with compelling features. It is an excellent choice for those prioritizing fee-free banking and a strong APY. However, savers seeking even higher interest rates or a checking account option may explore alternatives.

Marcus by Goldman Sachs Pros & Cons


  • This account offers a competitive 4.15% APY, making it an attractive choice for savers looking to grow their money.
  • You can open an account with any amount, even as low as $1, and earn interest immediately.
  • Marcus by Goldman Sachs doesn’t burden you with monthly fees, ensuring your savings remain untouched.


  • While the APY is competitive, higher rates are available at other banks.
  • Marcus doesn’t provide the option to add a checking account, which might be a drawback for those seeking a comprehensive banking solution.
  • There’s no ATM card available with this account, so in-person banking transactions may not be possible.

Best Local Hawaii Banks

Hawaii residents seeking high-yield savings options within the Aloha State have several noteworthy local choices. HawaiiUSA FCU and Kahuku FCU are prominent financial institutions in Hawaii, each with its advantages and considerations.


HawaiiUSA FCU offers a competitive, high-yield savings account option for those who prefer banking with a local credit union.

HawaiiUSA FCU Pros & Cons


  • HawaiiUSA FCU’s local presence fosters a strong community connection, making it a reliable choice for residents.
  • The high-yield savings account offers a competitive Annual Percentage Yield (APY), allowing you to grow your savings more quickly.


  • Becoming a member may require specific eligibility criteria.
  • While it has a notable presence in Hawaii, the branch network is smaller than larger national banks.

Kahuku FCU

Kahuku FCU is another local option for Hawaii residents looking to maximize their savings.

Kahuku FCU Pros & Cons


  • Kahuku FCU is deeply rooted in the Hawaiian community, providing a personalized banking experience.
  • The high-yield savings account offers competitive rates for local savers.
  • Credit unions often extend benefits to their members, like lower fees and personalized customer service.


  • Membership eligibility criteria may apply, which could limit accessibility.
  • The number of branches may be limited compared to larger national banks.

How We Picked: Methodology

Here are the critical methodologies used to select the best High-Yield Savings Accounts:

  • APY Analysis: Prioritized above-average Annual Percentage Yield (APY).
  • Fee Assessment: Focused on no monthly maintenance fees.
  • Minimum Balance Requirement: Emphasized low or no minimum balance requirements.
  • Account Accessibility: Evaluated ease of use and accessibility.
  • Insurance Policies: Ensured FDIC-insured accounts.
  • User-Friendly Features: Considered deposit options, compound frequency, and customer reviews.
  • APY Rate Analysis: Focused on consistently high rates.
  • New Money Deposit Requirement: Accounts require a deposit of new money.
High Yield Savings Accounts in Hawaii

How to Choose the Best High Yield Savings Accounts in Hawaii

In Hawaii’s picturesque landscapes, where residents and visitors seek financial stability and growth, selecting the best high-yield savings account is crucial. These accounts offer a secure and profitable way to save and grow your money. To make an informed choice, it’s essential to consider several key factors, from interest rates that can significantly impact your earnings to accessibility and the level of customer service provided. This guide will walk you through these essential considerations, ensuring you can make a well-informed decision that aligns with your unique financial needs and priorities in the Aloha State:

Interest rate

The interest rate is the prime consideration when selecting a high-yield savings account in Hawaii. It plays a significant role in determining how quickly your savings will grow. Research and compare the Annual Percentage Yields (APY) different banks offer, aiming for rates that significantly outperform traditional savings accounts. The higher the interest rate, the more your money will earn with time. Hence, a competitive APY is essential to maximize your earnings.


Pay close attention to the fee structure of any high-yield savings account you’re considering. Look for an account with minimal or no monthly fees to avoid unnecessary deductions from your balance. Equally crucial is keeping an eye out for hidden charges, such as transaction fees, excess withdrawal penalties, or account maintenance fees. These can erode your savings over time, so a fee-free or low-fee account will help you keep more of your earnings.

Opening deposit

The minimum deposit required to open high-yield savings accounts can vary from bank to bank. Some accounts may demand a substantial initial deposit. Evaluate your financial situation and goals to choose an account with an opening deposit requirement that aligns with your capabilities. Many banks offer accounts with low or even no minimum balance requirements, making them accessible to a wide range of savers.

Other accounts available

Beyond the high-yield savings account, consider the wider range of banking products and accounts the bank offers. Some banks provide complementary services, including checking accounts, certificates of deposit (CDs), or investment options. Having multiple accounts with the same financial institution can streamline your finances, offering greater convenience and potentially additional benefits, so explore these offerings to enhance your overall banking experience.


Accessibility is a critical aspect to assess. Determine how you can access and manage your high-yield savings account. Most accounts offer online access, allowing you to check your balance, make transfers, and more. However, consider whether in-person access at local branches or ATM availability meets your needs. A combination of digital and physical access may be ideal, ensuring you can manage your account in the way that suits you best.

Customer service

Excellent customer service is a significant element of a positive banking experience. Prioritize banks that offer reliable customer support through various channels, including via phone, email, or live chat. Research customer reviews to gauge the satisfaction of existing account holders and consider the responsiveness and helpfulness of the bank’s support team. Exceptional customer service ensures you’ll have the assistance you need when questions or issues arise, contributing to a smooth and hassle-free banking experience.

Remember to carefully weigh these factors and zero in on the best high-yield savings account that suits your unique needs and financial goals in Hawaii.

Where Can You Open a Savings Account in Hawaii?

In Hawaii, you have various options for opening a savings account. These include online banks, traditional brick-and-mortar banks, and credit unions. Each option has advantages and considerations, allowing you to choose the one that best suits your needs:

Online banks

Online banks have gained popularity recently for their convenience, competitive interest rates, and low fees. These institutions offer high-yield savings accounts that often outperform traditional banks. One of the key benefits of online banks is the ability to open and manage your savings account entirely online. It is particularly advantageous for those who prefer a digital banking experience. It allows you to check your balance, make transfers, and perform various banking tasks from the comfort of your home or anywhere with internet access.


Traditional brick-and-mortar banks throughout Hawaii offer various financial services, including savings accounts. These banks provide physical branch locations, which can benefit individuals who prefer face-to-face interactions with banking professionals. You can open a savings account at your local bank branch and access services like depositing checks or seeking in-person assistance with your account. The convenience of local branches can be advantageous for those who prefer the security and familiarity of traditional banking.

Credit unions

Credit unions are member-owned financial institutions that offer various banking services, including savings accounts. These institutions often have a strong community focus and may offer competitive interest rates. Credit unions are known for their personalized service and commitment to serving their members. Credit unions often emphasize financial education and community involvement, making them a good choice for those seeking a more personal and community-oriented banking experience.

Where to open a savings account in Hawaii depends on your preferences, financial goals, and banking style. Whether you opt for the convenience of online banking, the familiarity of a traditional bank, or the community-oriented approach of a credit union, you can find the right fit to help you secure your financial future.


In its picturesque landscapes, selecting the best high yield savings accounts in Hawaii is crucial to financial stability and growth. These accounts offer a secure and profitable way to save and grow your money, providing an essential tool for residents in a state prone to natural disasters and a rising cost of living. 

By choosing the right savings account, you can harness the power of competitive interest rates, minimal fees, and easy accessibility while enjoying the peace of mind that your funds are FDIC-insured. Whether you opt for online banks, traditional brick-and-mortar institutions, or community-focused credit unions, Hawaii offers diverse opportunities to secure your financial future. So, take this important step today, and watch your savings thrive tomorrow. 

Remember, choosing the best HYSA involves considering critical factors like interest rates, fees, minimum balance, and accessibility. Beem can help you find the best high-yield savings accounts to suit your needs.

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Allan Moses

An editor and wordsmith by day, a singer and musician by night, Allan loves putting the fine in finesse with content curation. When he's not making dad jokes or having fun with puns, he's constantly looking to tell stories out of everything.


This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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