Asian American-Led Bank, Free Checking Account

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.

Overall bank rating

Pros and cons

The Golden Bank Regular Savings Account may be worthwhile if regularly keep at least $100 in your account — that way, you won’t have to pay a $5 monthly service fee.

Keep in mind the Golden Bank Regular Savings Account only permits six free withdrawals per quarter. If you exceed the quarterly limit, you’ll have to pay $1 for each additional transaction.

The Golden Bank Opportunity Checking Account might be a good choice if you’d like to avoid some common bank fees. The checking account doesn’t have monthly service fees or out-of-network ATM fees.

Be mindful of the monthly debit card transaction limit, though. If you make more than 10 debit card transactions per month, you’ll pay a $0.50 fee for each extra transaction.

You might find Golden Bank CDs appealing if you have at least $1,500 for an initial deposit. You’ll earn a competitive rate for CD terms ranging from 14 days to 3 years.

If you’re searching for long-term CDs, consider reading our best 5-year CD rates guide.

The Golden Bank Money Market Plus Account could be a decent choice if you need to make more frequent withdrawals from a savings account. The Golden Bank Money Market Plus Account lets you make six withdrawals per month, while the bank’s savings account only permits six withdrawals per quarter.

That said, the Golden Bank Regular Savings Account will likely be easier to manage because it has a lower minimum balance requirement and monthly service fee than the money markey account.

How Golden Bank works

Golden Bank is an Asian American-led bank with nine branches in California and Texas.

Customers may make fee-free withdrawals from Cirrus or Pulse ATMs. The Cirrus network has over 2 million ATMs worldwide, and the Pulse ATM network has over 40,000 ATMs in the US. You may also receive up to $25 in out-of-network ATM refunds per month.

Customer support is available by phone from 9 a.m. to 7 p.m. CT on weekdays and 9 a.m to 3 p.m. CT on Saturdays.

The bank’s mobile app is rated 3 out of 5 stars in the Apple store and 4.3 out of 5 stars in the Google Play store.

Golden Bank is FDIC insured. Up to $250,000 is secure in an individual bank account. 

The role of community development financial institutions

Community development financial institutions, or CDFIs, serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury’s Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.

Golden Bank is designated as both a CDFI and minority depository institution. The bank provides services in English, Mandarin, and Cantonese. It also has a financial literacy program with a local elementary school in Texas. 

Golden Bank trustworthiness and BBB rating

We include ratings from the Better Business Bureau so you may see how the bank deals with customer issues. The BBB gave Golden Bank an NR (“No Rating”) rating because it doesn’t have enough information about the business to assign a rating.

BBB ratings aren’t necessarily the be-all and end-all. Consider reading online customer reviews or speaking with bank customers to see if Golden Bank might be suitable. 

On the bright side, Golden Bank hasn’t been involved in any recent public scandals. 

Golden Bank vs. Comerica

We compared Golden Bank to another regional bank in the same states: Comerica.

If you’re looking to open a checking account, you’ll likely prefer Golden Bank to Comerica. The Golden Bank Opportunity Checking Account doesn’t charge a monthly service fee or out-of-network ATM fee, while you’ll need to be mindful of both with the Comerica Access Checking Account.

For savings accounts, it’ll be a close race between the two banks. Both savings accounts pay low interest rates and have a $5 monthly service fee unless you qualify to waive it. 

Comerica may be worth exploring if you’d like to choose from a variety of CDs. Terms range from seven days to 10 years.

Golden Bank vs. East West Bank

See how Golden Bank stacks up to another Asian-led bank in the same states: East West Bank.

Golden Bank will likely be a better option for avoiding monthly service fees on a checking account. The Golden Bank Opportunity Checking Account doesn’t have monthly service fees. In comparison, the East West Bank Value Checking Account has a $5 monthly service fee unless you meet specific requirements.

East West Bank may stand out if you’d like to open a CD. It has a variety of CD terms available — from 32 days to 5 years. The minimum opening deposit for a CD is also lower at East West Bank than at Golden Bank.

Frequently asked questions

Is Golden Bank FDIC insured?

Yes, Golden Bank is FDIC insured. When a bank is FDIC insured, money deposited into your bank account is protected even if the bank shut down.

Where is Golden Bank located?

Golden Bank has locations in California and Texas. You’ll find a local branch in the following cities: 

• Alhambra, CA
• Harwin, TX
• Houston, TX
• Millbrae, CA
• Plano, TX
• Richardson, TX
• Rowland Heights, CA
• Sugar Land, TX
• Tustin, CA

What is a minority depository institution (MDI)?

An MDI is a financial institution that is part of the FDIC’s Minority Depository Institution Program or the NCUA’s MDI Preservation Program. To receive designation as an MDI, a financial institution must be primarily owned or led by Black Americans, Native Americans, Hispanic Americans, or Asian Americans. Financial institutions may also be required to serve these respective groups in their communities.

Sophia Acevedo, CEPF

Junior Banking Reporter