This is the third article in a sequence of reviews on banks and bank CDs offered in the Aloha state.  This review takes a look at “Bankoh”.  “Bankoh” is the nickname for the Bank of Hawaii.  Bank of Hawaii is a regional commercial bank headquartered in Honolulu, Hawaii.  Bank of Hawaii, a subsidiary of Bank of Hawaii Corporation that provides an assortment of financial services to businesses, consumers and governments in Hawaii, American Samoa and the Pacific Islands.  The company is listed on the New York Stock Exchange as “BOH.”

Bank of Hawaii is presently offering a variety of CD rates and terms.  Current CD promotions include:  a 6 month CD with a yield of 0.90% APY, a one year CD that earns an interest rate of 1.00% APY and a two year CD that has an interest rate of 1.45% APY.  The minimum daily balance needed to earn the Annual Percentage Yield is $2,500.00. Bank of Hawaii is marketing a special savings account called the Bankohana Bonus Rate Savings Plus.  This is a tiered rate savings account that starts with a rate of 1.65% APY for balances under $10,000.00 and climbs to 2.20% for balances in excess of $100,000.00.

Some of the requirements and restrictions on the account include:  the savings accountholder must have a Bankohana checking account.  There is a $100 minimum opening deposit required.  Balance requirement and monthly service fee are based on the combined balance requirement for Bankohana.  Bonus interest rate applies when you make deposits totaling at least $100 each month with no withdrawals for that month.

The retail banking products offered by Bank of Hawaii include additional deposit products and consumer services, such as checking accounts, savings accounts, certificate of deposit accounts, loan and lease products that include residential mortgage loans, home equity lines of credit, automobile loans and leases, and installment loans.  The bank also provides merchant services to its small business customers, and retail property and casualty insurance products.  The bank operates a commercial banking division which provides lending, deposit, and cash management services to middle-market and large companies some of the services incorporate commercial real estate mortgages to investors, developers, and builders offers corporate banking and commercial real estate loans, lease financing, auto dealer financing, deposit and cash management products, and wholesale property and casualty insurance products. 

Bank of Hawaii has numerous bank branches throughout Hawaii, American Samoa and the West Pacific.  The bank website is www.boh.com.  A bank representative can be reached at 1-888-643-3888.  APY on CDs and money market accounts are subject to change without notice.  Rates updated on December 30, 2009.

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