Cathay Bank Savings Account Rates

The Cathay Bank Savings rates are from a financial institution that opened its doors in LA in 1962 to help the Chinese-American community with their financial needs. Today they service the entire community along with 6 other states.

There are three different types of saving account being offered by Cathay bank. This includes the Student Savings, Regular Savings and Security Savings accounts. Each one is earning an APY of 0.05% on the balances in the accounts. The minimum deposits required are $10, $100 and $300 respectively. The interest is compounded daily and credited to the accounts quarterly.

The Cathay Bank Money Market rates are set up in a tiered format. The Smart Money Market has minimum balance levels of $0.01, $10,000, $25,000, $50,000, $100,000, $300,000, $500,000, $1,000,000 and $3,000,000. The corresponding APYs are 0.05%, 0.05%, 0.10%, 0.15%, 0.20%, 0.30%, 0.45%, 0.50% and 0.60%. There is a $5,000 minimum deposit required to open this account.

The best Savings account rates are from the Optima Money Market Accounts. This is also set up in a tiered format with minimum balance amount of $0.01, $100,000, $300,000, $500,000, $1,000,000, $3,000,000 and $5,000,000. The corresponding APYs are 0.05%, 0.30%, 0.40%, 0.50%, 0.60%, 0.70% and 0.70%. The minimum deposit required to open this account is $100,000.

For all of the money market accounts the interest is compounded and accredit to the accounts monthly.

All of the savings accounts are accessible by the Cathay online banking services except the Student Savings account.

The Cathay Savings rates were posted on April 21, 2012 but are subject to change without notice.


Comments are closed.