Best Banks for Small Businesses in Hawaii
Hawaii's island economy — driven by tourism, military, agriculture, and a growing tech sector — presents unique banking challenges. Geographic isolation means strong local banking relationships matter more here than in almost any other state. Whether you're running a tour company on Maui, a restaurant in Honolulu, or a nonprofit on the Big Island, choosing the right bank is essential.
Updated 2026-03-18 | 8 banks compared
Quick Comparison
| Bank | Type | Monthly Fee | APY |
|---|---|---|---|
| Holdings | Online | $0 | 1.75% |
| First Hawaiian Bank Business Checking | Regional | $8.50waivable | 0.00% |
| Bank of Hawaii Business Checking* | Regional | $10waivable | 0.00% |
| Central Pacific Bank Business Checking* | Regional | $8waivable | 0.00% |
| American Savings Bank Business Checking* | Regional | $7waivable | 0.00% |
| HawaiiUSA Federal Credit Union* | Credit Union | $0 | 0.00% |
| Hawaii State Federal Credit Union* | Credit Union | $0 | 0.00% |
| Chase Business Complete Banking | National | $15waivable | 0.00% |
Detailed Reviews
Holdings
Online | $0/mo | Online only
Nonprofits and small businesses wanting zero fees and high APY
Key Features
- •Built specifically for nonprofits and small businesses
- •1.75% APY on all balances — checking and savings
- •Unlimited transactions with no hidden fees
Pros
- ✓Truly $0 — no monthly fees, no minimums, no transaction fees
- ✓1.75% APY is among the highest in online banking
- ✓Purpose-built for nonprofits with donation tracking and reporting tools
Cons
- ✗No physical branches — online/mobile only
- ✗Less name recognition than legacy institutions
First Hawaiian Bank Business Checking
Regional | $8.50/mo | 50 branches
Hawaii businesses wanting the state's most established bank with full island coverage
Key Features
- •Hawaii's oldest and largest bank (founded 1858, $24B+ in assets)
- •Branches on all major Hawaiian islands
- •Strong local business relationships and commercial lending
Pros
- ✓Hawaii's oldest bank with deepest island-wide branch network
- ✓Strong commercial lending and treasury management
- ✓Excellent local reputation and community involvement
Cons
- ✗$8.50/month fee unless $2,000+ balance maintained
- ✗Lower savings APY compared to online banks
- ✗Digital banking tools less advanced than national competitors
Bank of Hawaii Business Checking
Regional | $10/mo | 45 branches
Hawaii businesses wanting strong commercial banking with Pacific reach
Key Features
- •Hawaii's second-largest bank ($23B+ in assets)
- •Branches across all major islands plus Pacific territories
- •Strong business and commercial banking division
Pros
- ✓Second-largest Hawaii bank with broad island coverage
- ✓Good commercial banking and international services (Pacific Rim)
- ✓125+ years serving Hawaii businesses
Cons
- ✗$10/month fee unless $2,500 balance maintained
- ✗Higher minimum balance than First Hawaiian to waive fees
- ✗Less competitive rates compared to online options
Central Pacific Bank Business Checking
Regional | $8/mo | 30 branches
Smaller Hawaii businesses needing accessible community banking
Key Features
- •Third-largest Hawaii-based bank ($7B+ in assets)
- •Strong small business focus — 'Your Partner in Business' positioning
- •SBA Preferred Lender
Pros
- ✓Strong small business focus with dedicated business bankers
- ✓SBA Preferred Lender for faster loan processing
- ✓Lower minimum balance to waive fee than competitors
Cons
- ✗Smaller branch network than FHB or BOH
- ✗Limited digital banking compared to national banks
- ✗Fewer product options than larger competitors
American Savings Bank Business Checking
Regional | $7/mo | 40 branches
Hawaii businesses wanting a balance of service and competitive fees
Key Features
- •Fourth-largest Hawaii-based bank ($10B+ in assets)
- •Strong retail and small business presence across islands
- •Known for customer service and community involvement
Pros
- ✓Competitive monthly fee structure
- ✓Good branch coverage across the islands
- ✓Strong community involvement and customer service reputation
Cons
- ✗Monthly fee unless $1,500 balance maintained
- ✗Less commercial banking depth than FHB or BOH
- ✗Digital tools improving but still behind national banks
HawaiiUSA Federal Credit Union
Credit Union | $0/mo | 10 branches
Hawaii businesses wanting fee-free credit union banking
Key Features
- •Largest credit union in Hawaii ($2B+ in assets)
- •Open membership for anyone living, working, or worshiping in Hawaii
- •Free business checking with no monthly fees
Pros
- ✓No monthly service fee
- ✓Largest Hawaii-based credit union with competitive rates
- ✓Open membership for all Hawaii residents
Cons
- ✗Limited branch network compared to big three banks
- ✗Fewer business product options than commercial banks
- ✗Less advanced digital tools
Hawaii State Federal Credit Union
Credit Union | $0/mo | 8 branches
Oahu-based businesses wanting a community credit union
Key Features
- •One of the oldest credit unions in Hawaii (founded 1936)
- •Open membership for Hawaii residents
- •Free business checking with competitive rates
Pros
- ✓No monthly service fee
- ✓Long history in Hawaii with strong community ties
- ✓Competitive savings and lending rates
Cons
- ✗Branches primarily on Oahu
- ✗Smaller institution with limited business products
- ✗Less digital banking capability
Chase Business Complete Banking
National | $15/mo | 15 branches
Businesses needing national bank digital tools with some Hawaii branch access
Key Features
- •Built-in payment acceptance via Chase QuickAccept
- •Integrated invoicing and cash flow tools
- •Limited Hawaii branch presence but strong digital tools
Pros
- ✓Excellent mobile app and digital tools
- ✓Integrated payment acceptance and invoicing
- ✓National ATM network
Cons
- ✗Limited Hawaii branch presence compared to local banks
- ✗$15/month fee unless $2,000 balance maintained
- ✗Less local expertise than Hawaii-based banks
Hawaii Banking Landscape
97
FDIC-Insured Institutions
3+
Major Regional Banks
3+
Major Credit Unions
Top Regional Banks
- First Hawaiian Bank — $24B+
- Bank of Hawaii — $23B+
- American Savings Bank — $10B+
Top Credit Unions
- HawaiiUSA Federal Credit Union — 120,000+ members
- Hawaii State Federal Credit Union — 100,000+ members
- Aloha Pacific Federal Credit Union — 75,000+ members
State Banking Programs
- •Hawaii Small Business Development Center — free consulting and training
- •Hawaii Technology Development Corporation — grants for tech businesses
- •Department of Business, Economic Development & Tourism — business resources
- •SBA Hawaii District Office — government-backed loan programs
Starting a Business in Hawaii
| Secretary of State | Hawaii Department of Commerce and Consumer Affairs (DCCA) |
| LLC Fee | $50 |
| Corp Fee | $50 |
| Income Tax | Personal income tax: 1.4%–11% (graduated, highest rate in the nation). Corporate income tax: 4.4%–6.4% (graduated). |
| Sales Tax | No traditional sales tax. General Excise Tax (GET): 4% (4.5% on Oahu) on gross business income. |
| Franchise Tax | No franchise tax |
Business Incentives
- •Very low LLC formation fee ($50)
- •Hawaii Technology Development Corporation grants and resources
- •Enterprise Zone Program — tax incentives for businesses in designated areas
- •Foreign Trade Zone — reduced duties on imported goods
- •Green Energy Market Securitization (GEMS) — green business financing
Nonprofit Banking in Hawaii
Registration
File Articles of Incorporation (nonprofit) with Hawaii DCCA, Business Registration Division. Can file by email, mail, or fax.
Charitable Solicitation
Register with Hawaii Attorney General's office by filing Form TA-2 before soliciting. Organizations receiving less than $25,000 annually without paid solicitors may be exempt.
Tax Exemption
Apply to Hawaii Department of Taxation for GET exemption (Form G-6). Must separately apply for income tax exemption. Hawaii does not automatically recognize federal 501(c)(3) status — must apply separately.
AG Reporting
Annual financial report to Hawaii Attorney General. File Form TA-2 annually with updated financial information.
Resources
- Hawaii Alliance of Nonprofit Organizations (HANO) →
- Hawaii Attorney General — Charities →
- Hawaii DCCA — Nonprofit Registration →
Best Bank for Hawaii Nonprofits
Holdings offers /bin/sh fees, 1.75% APY, and tools built for 501(c)(3) organizations.
Learn more →Find Fee-Free ATMs in Hawaii
Holdings cardholders get free access to 55,000+ Allpoint ATMs nationwide, including locations throughout Hawaii.
Find ATMs near you →Frequently Asked Questions
What is the best bank for a small business in Hawaii?
The best bank depends on your needs. First Hawaiian Bank and Bank of Hawaii are the dominant local banks with the deepest island presence. For nonprofits and small businesses wanting zero fees, Holdings offers $0 monthly fees with 1.75% APY. HawaiiUSA FCU is the leading credit union option.
Can I open a business bank account online in Hawaii?
Yes. Holdings (fully online, no branch visit required) allows full online opening. First Hawaiian Bank and Bank of Hawaii offer online applications but may require in-person verification. National banks like Chase and Bank of America also support online opening.
What do I need to open a business bank account in Hawaii?
You'll typically need your EIN, Articles of Organization filed with DCCA, a government-issued photo ID, GET license, and your business license. Some banks also require an initial deposit.
What is Hawaii's General Excise Tax?
Hawaii's General Excise Tax (GET) is a tax on business gross income — similar to a sales tax but paid by the business. The rate is 4% for most activities (4.5% on Oahu), 0.5% for wholesaling/manufacturing, and 0.15% for insurance commissions. Unlike sales tax, GET applies to nearly all business activities.
What are the cheapest business checking accounts in Hawaii?
Holdings offers completely free business checking with no monthly fees, no minimum balance, and no transaction limits. First Hawaiian Bank's Basic Business Checking waives fees with a $2,000 balance. HawaiiUSA FCU offers low-cost credit union options.
Do Hawaii nonprofits need to register for charitable solicitation?
Yes. Charitable organizations soliciting in Hawaii must register with the Hawaii Attorney General's office unless exempt (e.g., receiving less than $25,000 annually without using paid solicitors). Registration requires filing Form TA-2.
Are there only local banks in Hawaii?
No. While First Hawaiian Bank, Bank of Hawaii, and Central Pacific Bank dominate, national banks including Chase and Bank of America have branches on the islands. Online-only banks like Holdings are also available, offering competitive rates without requiring island-based branches.
Ready to open a business bank account?
Holdings offers free banking with 1.75% APY for Hawaii businesses and nonprofits.