Bank of Hawaii Savings Bonus: Earn Up to $300 with a New Account

If you're in Hawaii and looking to pad your savings with a little extra cash, Bank of Hawaii has a promotion that might catch your eye. Open a new savings account and you could earn up to $300 in bonus money, depending on how much you deposit. It's a straightforward deal, but like any bank bonus, there are a few hoops to jump through. Let's break it down so you know exactly what to expect before you sign up.

What's the Deal?

Bank of Hawaii is running a promotion where you can earn bonus cash just for opening a new savings account. The bonus is tiered: deposit $5,000 and get $75, $10,000 for $150, or $20,000 for $300. That's a decent return for parking your money for a couple of months, especially since the accounts themselves pay minimal interest (0.01% APY).

The bonus works out to an annualized yield of about 6.4% to 9% depending on the tier, which beats most high-yield savings accounts out there. But remember, it's a one-time bonus, not ongoing interest, so it's more like a quick win than a long-term strategy.

• $75 bonus for $5,000 deposit
• $150 bonus for $10,000 deposit
• $300 bonus for $20,000 deposit

How to Qualify

The process is pretty simple. You open a new Regular Savings, Bonus Rate Savings, or Bankohana Bonus Rate Savings account online or in-branch. Then you have 30 days to fund it with the required amount. The money needs to come from outside Bank of Hawaii—like a transfer from another bank, a wire, or a check. Transfers from your own Bank of Hawaii accounts don't count.

After the first 30 days, you need to keep the balance at or above your chosen threshold every single day for the next 60 days. That means if you drop below even for one day, you lose the bonus. So set a reminder to check your balance regularly.

One thing to note: if you're opening a Bankohana Bonus Rate Savings account, you'll also need a Bankohana checking account, which requires a $500 deposit. But that account has no monthly fees, so it's not a dealbreaker.

• Open an eligible savings account
• Fund within 30 days with new money (external transfer, wire, or check)
• Maintain the required daily balance from day 31 to day 90
• Bonus credited after meeting all requirements

Fees and Fine Print

The good news is that the savings accounts have no monthly maintenance fees if you meet the minimum balance requirements. For Regular Savings, the $5 fee is waived if you keep a daily balance of $300. For Bonus Rate Savings, it's waived with a $500 balance or if you deposit $25 and make no withdrawals that month. Bankohana has no monthly fee at all.

There's also an early account termination fee if you close the account within 180 days—typically around $70. So if you're planning to grab the bonus and run, you might want to wait six months before closing to avoid that charge.

Also, the bonus is taxable. The bank will report it as interest income, so expect to pay taxes on it come April.

• Monthly fees: waived with minimum balance or direct deposit
• Early termination fee: $70 if closed within 180 days
• Bonus taxed as interest income

Is It Worth It?

If you have $5,000 or more sitting in a low-interest account, this is a no-brainer. You're getting a guaranteed return that's way better than what most banks offer. Even the $75 tier for $5,000 works out to a 1.5% return over three months, which is solid.

But if you have to stretch to meet the deposit requirement, think twice. The last thing you want is to fall below the minimum and lose the bonus. Only do this if you can comfortably park the money for 90 days without touching it.

Also, consider the opportunity cost: if you'd otherwise put that money in a high-yield savings account earning 4-5% APY, the bonus might not be worth the hassle. But for a short-term commitment, it's a nice little earner.

• Great for idle cash
• Better than most savings account interest rates
• Requires discipline to maintain balance

Bottom Line

• Earn up to $300 with a new Bank of Hawaii savings account
• Deposit $5k, $10k, or $20k within 30 days and maintain for 60 days
• No monthly fees if you meet balance requirements
• Watch out for the $70 early termination fee if you close within 180 days

Common Questions