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East West Bank Review 2024

Updated January 12, 2024
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At a glance

3.3
Rating: 3.3 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.2 stars out of 5

Checking

Rating: 3.7 stars out of 5

Savings

Rating: 2 stars out of 5

MMA

Rating: 1.8 stars out of 5

About Bankrate Score

Overview

East West Bank is best for customers on the West Coast. Its highly-rated app makes online and mobile banking a breeze, making the checking account a particularly attractive option. However, customers looking to grow their savings should look elsewhere, as the interest rates offered at this bank are extremely low.

Highlights

  • Highly Rated App
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/18/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 5/18/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
5.15
%
APY
APY
Info
As of 5/18/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees, unlimited withdrawals, better for the planet

Overall

East West Bank is a California-based institution with a large ATM network, so even if you don’t live on the West Coast, you’ll have easy and free access to your money. However, customers looking to grow their savings won’t find much help here, as rates at East West Bank are well below the national average.

Pros

  • Checkmark

    East West Bank customers have surcharge-free access to AllPoint and MoneyPass ATMs.

  • Checkmark

    East West Bank has a large branch network.

  • Checkmark

    The iOS and Android apps are highly rated by users.

Cons

  • APYs for all consumer deposit accounts are extremely low.

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East West Bank banking products

2.0
Rating: 2 stars out of 5
Bankrate Score

East West Bank savings overview

East West Bank’s Premier Savings account can be opened with just $100. There’s a $3 monthly maintenance fee, but that can be waived if you maintain at least a $2,500 monthly average balance or if you had a $10,000 average balance across other East West Bank accounts in the prior month.

The account is tiered, meaning the more money you deposit, the higher the interest rate you can earn. Although this account is easily accessible, it won’t do much to grow your savings, as yields are very low.

Also, savings account customers only have ATM access if their account is linked to an East West Bank checking account.

Pros

  • Checkmark

    Interest rates on the account are tiered.

  • Checkmark

    The minimum to open a Premier Savings account is only $100.

Cons

  • There’s a $3 monthly maintenance fee that isn’t all that easy to waive.

  • You must link your savings account to a checking account to have ATM access.

  • The APY offered is very low; higher yields can be found elsewhere.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    East West Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/18/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $30
Non-sufficient funds fee $30
Monthly maintenance fee $0 - $12
Out-of-network ATM fee $1
Excessive transaction fee $10

Customer experience

Customer service.  Customers can reach service representatives Monday through Friday from 6 a.m. to 7 p.m. Pacific time, or Saturdays from 9 a.m. to 5 p.m. Pacific time.

Digital experience. East West Bank offers iOS and Android mobile apps, both highly rated. Through online and mobile banking, East West customers can transfer funds between accounts, pay bills and make person-to-person payments through Zelle.

About East West Bank

East West Bank is a California-based institution with headquarters in Pasadena. The bank has more than 100 branches. East West has more than $60 billion in assets and provides a host of deposit, credit and wealth management services to consumers and businesses.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.