Community Banking

¹ Eligibility

To be eligible for a new checking account bonus, you must open a new Convenience or Bankohana Level II or III Checking account (“Account”) and meet the respective requirements outlined in the table below. See the Initial Opening Deposit and Qualifying Direct Deposits sections below for the definition of an Initial Opening Deposit and Qualifying Direct Deposits.

Table 1

A new Account must be opened. Changing an existing checking account product type will not qualify for any of the bonus offers. The Account open date is considered day 1. For Accounts opened on the weekend or a federal holiday, the next business day is considered your Account open date. 

If qualifications are met, a bonus will be applied directly to your Account within 120 days of your Account’s open date. Your Account must remain open and be in good standing (e.g. not overdrawn or charged off, etc.) at the time of the bonus award. If your Account type is changed or if your Account is closed before the bonus is awarded, you will not receive the bonus. Limit one checking bonus per Account per customer.  If a checking Account is jointly owned and qualifies for the bonus, we consider the award as being granted to both owners and will satisfy the limit of one checking bonus per customer.  This offer cannot be combined with other checking promotions. Offer is subject to change or end without prior notice.

Initial Opening Deposit

An Initial Opening Deposit is defined as the deposit made during the account opening application process. Any deposits made after the account opening process is completed are not considered as part of your Initial Opening Deposit, even if transactions are made on the same day as account opening. Although the minimum deposit to open a Convenience Checking account is $25, a higher Initial Opening Deposit of $500 is required to qualify for the Convenience Checking bonus. See Table 1 above. Your Initial Opening Deposit does not count towards the Qualifying Direct Deposits requirement.  

Qualifying Direct Deposits

Qualifying Direct Deposits are defined as certain incoming ACH credits posted to your account, which can include electronic deposits made from your employer or another payer, such as your salary, pension, or Social Security benefits. The deposit method is determined by the sender of the credit, and Bank of Hawaii (“the Bank”) will rely on this information to determine a Qualifying Direct Deposit. The Bank has sole discretion to determine what a Qualifying Direct Deposit is for purposes of this promotion.

The following types of transactions are examples of what are NOT considered Qualifying Direct Deposits:

• All Initial Opening Deposits of checking accounts
• Peer-to-peer transfers processed as an ACH credit (such as Venmo, PayPal, etc.)
• Zelle transfers
• Deposits made at a teller, ATM, or through the Bank of Hawaii mobile app
• Internal transfers from another Bank of Hawaii account
• Incoming wires

If you fail to meet the Qualifying Direct Deposit requirement within 60 days from Account opening, you will not receive the bonus.

1099 Issuance

A 1099-INT form will be issued from Bank of Hawaii to the primary accountholder for the value of bonus applied to your Account. You are responsible for any and all taxes and fees associated with the credit awarded from this promotion.

About Your Checking Account

The variable Annual Percentage Yields (APYs) are as of 1/29/2025 for State of Hawaii and 1/30/2025 for Saipan, Guam, and Palau and can change at any time. Fees may reduce earnings. Convenience Checking accounts closed within 180 days of account opening will be assessed an early closing fee of $40. Bankohana Accounts closed within 180 days will be assessed an early closing fee of $70.

For further details on these accounts, please see the Outline of Basic Terms & Conditions, Consumer Checking and Savings Account Fee Schedule, and Bankohana Addendum available at a branch or at boh.com/agreements.