East West Financial institution is among the largest independently owned banks headquartered in California.
The financial institution presents a lot of financial savings account and checking account choices, in addition to a cash market account(MMA) and several other certificates of deposit (CDs). Opening any of those accounts would require you to go to one of many financial institution’s bodily places, though on-line banking is out there for some accounts after you’ve got opened them.
Initially opened to serve the Chinese language-American group of Southern California, East West Financial institution now operates department places in California, Georgia, Massachusetts, Nevada, New York, Texas and Washington within the U.S. and several other branches in China as nicely.
It might greatest serve college students in Southern California and has extra restricted on-line accessibility, however for those who stay within the areas with brick-and-mortar places, it is a extremely dependable and versatile financial institution with an array of account choices which will meet your wants. Learn on to seek out out extra about East West Financial institution.
Merchandise Provided
| Product | Key Options |
| Financial savings Accounts: |
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| Cash Market Accounts: |
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| Certificates of Deposit (CDs): |
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| Checking Accounts: |
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East West Financial institution Curiosity Price Comparability
Premier Financial savings Account
| Key Options | Particulars |
| Minimal Deposit | $100 |
| Entry to Your Account | On-line, cellular, and department entry |
| Safety | FDIC insured as much as the utmost quantity allowed by regulation |
| Charges | $3 month-to-month service payment, which might be waived with a month-to-month stability of $2,500 |
| Present Phrases and Charges | Name the financial institution at 800-809-6761 on your most correct price data. |
The Premier Financial savings account is the usual financial savings possibility at East West Financial institution. The $100 minimal opening stability is pretty low, and the $3 month-to-month service payment is waivable in case your month-to-month common stability is a minimum of $2,500.
You can also make as many deposits and teller withdrawals as you want, however like most financial savings accounts, you’re restricted to 6 preauthorized transfers/withdrawals per assertion cycle. Should you hyperlink this account with a checking account at East West Financial institution, you’ll have ATM entry as nicely.
Scholar Plus Financial savings Account
| Key Options | Particulars |
| Minimal Deposit | $100 |
| Entry to Your Account | On-line, cellular, and department entry |
| Safety | FDIC insured as much as the utmost quantity allowed by regulation |
| Charges | $3 month-to-month service payment, which might be waived with a direct deposit or automated switch deposit connected |
| Present Phrases and Charges | Name the financial institution at 800-809-6761 on your most correct price data. |
The Scholar Plus Financial savings account is similar to the Premier Financial savings account. The one distinction is with regard to how the $3 month-to-month service payment might be waived. As a substitute of a stability threshold, the payment is waived by having both a direct deposit or an automated switch deposit connected to your account. Should you hyperlink this account with a Scholar Plus Checking account, then you definately’ll have ATM entry as nicely.
Evaluate East West Financial institution to Different Aggressive Gives
Senior Financial savings Account
| Key Options | Particulars |
| Minimal Deposit | $100 |
| Entry to Your Account | On-line, cellular, and department entry |
| Safety | FDIC insured as much as the utmost quantity allowed by regulation |
| Charges | No month-to-month service payment |
| Present Phrases and Charges | Name the financial institution at 800-809-6761 on your most correct price data. |
When you flip 62, you’ll be eligible for the Senior Financial savings account, which doesn’t have a month-to-month service payment. Apart from the absence of a month-to-month payment, the options of the Senior account are much like the Premier account – no teller withdrawal or deposit limits, six preauthorized transfers/withdrawals per assertion cycle and ATM entry if linked with a checking account.
Premier Maximizing Cash Market Checking Account
| Key Options | Particulars |
| Minimal Deposit | $10,000 |
| Entry to Your Account | On-line, cellular, and department entry |
| Safety | FDIC insured as much as the utmost quantity allowed by regulation |
| Charges | $12 month-to-month service payment, which might be waived with a month-to-month common of $2,500 |
| Present Phrases and Charges | Name the financial institution at 800-809-6761 on your most correct price data. |
The Premier Maximizing Cash Market Checking account is a form of hybrid account, combining options of each the Premier Financial savings and Premier Checking accounts. You’ll have entry to checks in addition to a Visa Debit Card, however you’ll be restricted to most of six checks per assertion cycle. However you’ll have to hyperlink your account with an East West checking account with a view to acquire ATM entry.
The $10,000 minimal opening stability is considerably greater than that of every other account on the financial institution, and also you’ll additionally should pay a $12 month-to-month service payment. You’ll be able to waive the payment with both a month-to-month common stability of $2,500 or a mixed common month-to-month stability of $10,000 between qualifying East West accounts.
Certificates of Deposit
| Key Options | Particulars |
| Minimal Deposit | $1,000 |
| Entry to Your Account | Phone and department entry |
| Safety | FDIC insured as much as the utmost quantity allowed by regulation |
| Charges | None, except you withdraw earlier than your CD reaches maturity |
| Present Phrases and Charges | Name the financial institution at 800-809-6761 on your most correct price data. |
East West Financial institution presents certificates of deposit (CD) accounts with a wide range of time period lengths starting from 32 days as much as 5 years. Curiosity on all CDs compounds each day, and the frequency at which it’s credited to your account will depend upon the time period size you select. If it’s important to make a withdrawal out of your CD earlier than your maturity date, you’ll should pay a penalty, the quantity of which can depend upon the time period of your CD.
Worth Checking Account
| Key Options | Particulars |
| Minimal Deposit | $100 |
| Entry to Your Account | On-line, cellular, ATM and department entry |
| Safety | FDIC insured as much as the utmost quantity allowed by regulation |
| Charges | $5 month-to-month service payment, which might be waived by a month-to-month stability of $1,500 |
With the Worth Checking Account, you’ll have entry to East West, Allpoint and MoneyPass ATMs. Should you use fewer than three non-qualifying ATMs in a press release cycle, you’ll keep away from these charges as nicely. You may also waive the month-to-month service payment when you have a stability of $5,000 in a mix of qualifying East West deposit accounts.
For New York state residents banking at one of many East West branches in New York, the month-to-month service payment is waived and the minimal opening stability requirement is lowered to $25.
Premier Checking Account
| Key Options | Particulars |
| Minimal Deposit | $100 |
| Entry to Your Account | On-line, cellular, ATM and department entry |
| Safety | FDIC insured as much as the utmost quantity allowed by regulation |
| Charges | $10 month-to-month service payment, which might be waived by a month-to-month stability of $2,500 |
| Present Phrases and Charges | Name the financial institution at 800-809-6761 on your most correct price data. |
The Premier Checking account has all of the options of the Worth Checking account, and it additionally earns curiosity. The speed provided might range from department to department, so be sure that to name or go to your most well-liked department to get probably the most correct data. With the additional options comes double the month-to-month service payment. Nevertheless, you may get round that by both sustaining a month-to-month common stability of a minimum of $2,500 or a mixed common month-to-month stability of a minimum of $10,000 in a mix of qualifying East West accounts.
Scholar Plus Checking Account
| Key Options | Particulars |
| Minimal Deposit | $100 |
| Entry to Your Account | On-line, cellular, ATM and department entry |
| Safety | FDIC insured as much as the utmost quantity allowed by regulation |
| Charges | No month-to-month service payment |
The large draw of the Scholar Plus Checking account is that there’s no month-to-month service payment. Nevertheless, you have to be over 18 and a full-time pupil at a college or vocational faculty with a view to qualify. When you graduate, you’ll should convert your account into both a Premier or a Worth Checking account. You’ll additionally be capable to use any ATM within the U.S. with out having to fret about surcharges.
Senior Checking Account
| Key Options | Particulars |
| Minimal Deposit | $100 |
| Entry to Your Account | On-line, cellular, ATM and department entry |
| Safety | FDIC insured as much as the utmost quantity allowed by regulation |
| Charges | No month-to-month service payment |
Should you’re age 62 or older, then you definately’ll qualify for the Senior Checking account at East West Financial institution. This account grants you limitless test writing with out charging a month-to-month service payment. Just like the Worth Checking and Premier Checking, you’ll be capable to use two non-proprietary ATMs per assertion cycle with out paying a surcharge. In case you have a Worth Checking account, it’s a good suggestion to modify to Senior Checking when you flip 62.
Department Areas
EastWest Financial institution operates greater than 130 places within the U.S. and China. Greater than half of these branches are positioned in California. The financial institution additionally has a partnership with Allpoint and MoneyPass ATMs.
Monetary Statistics and Financial institution Well being Score
East West Financial institution has $37.12 billion in property and $28.82 billion in loans. Its clients presently maintain $32.41 billion in deposits.
An necessary issue when deciding whether or not it is best to belief a financial institution along with your deposits is its Texas ratio. The Texas ratio signifies how dangerous the financial institution’s present credit score state of affairs is. It’s calculated by dividing the quantity of non-performing property (unbacked present loans and actual property owned) by the sum of the financial institution’s tangible fairness capital and its loan loss allowances. Ratios nearing 100% point out a precarious credit score state of affairs for the financial institution. East West Financial institution’s ratio is 2.71%, which is taken into account wonderful.