East West Premier Maximizer Money Market Checking Account

Standing out for its competitive interest rates.

securely on the bank's website

If you're looking to open an interest-bearing checking account with better rates, then you might be interested in East West Bank's Premier Maximizer Money Market Checking account.

The exact APY rates offered by East West Bank aren't available, but they might go up to 0.05%. However, most banks today usually offer similar rates on both MM and savings account, so make sure to compare your options prior to making your decision.

Money market accounts aren't always the best option, and there are several reasons why.

Money transactions on money market accounts are usually limited - in this case, to 6 combined transfers or withdrawals per month, including checks, online transfers, and debit card purchases - those who make frequent withdrawals or often write checks would probably do better with a standard interest-bearing checking account.

To open an East West Bank's Premier Maximizer Money Market Checking, you'd need to make a deposit of at least $10,000, which is, kind of, too much. You can find a money market account with a $100 minimum deposit.

One of the positives here is that you can have your $12 monthly fee waived if you have at least $2,500 in your account or keep a combined balance of $10,000+ in the bank's qualifying consumer deposit accounts. The second one is that, each month, you can have 2 out-of-network ATM fees waved, so, in case you need to access your money from a location where there aren't any bank's, Allpoint or MoneyPass ATMs, you can do it for free, but keep in mind you might be charged other bank's fees.

While East West Bank has quite a presence across the States, it doesn't justify its overall money market account offer as it demands a high deposit to open. You might want to keep looking.


Checking account details

Checking account fees

  • Monthly Fee
    $12 (can be waived)
  • APY
  • Minimum Deposit to Open
  • Out-of-Network ATM Transaction Fee
  • Out-of-Network ATM Withdrawal Fee
  • Overdraft Fee
  • Non-Sufficient Funds Fee
  • Foreign Transaction Fee

East West Premier Maximizer Money Market Checking Account FAQ

1. What is a money market account?

A money market account is basically a savings account with checking account features, such as a debit card and checks. 

With money market accounts, check writing is limited, as well as withdrawals, as per SEC Regulation D.

Just like savings or interest-bearing accounts, money market accounts also earn interest, and rates are usually better than on a savings account. As this might not always be the case, and considering minimum opening deposit requirements are higher, one should always shop around prior to making a decision. 

2. What is a combined average monthly balance?

A combined average monthly balance includes the money you keep across all of your eligible consumer deposit checking accounts with East West Bank.

You can have the $12 monthly fee waived, thus saving $144 per year, if you keep either $2,500 in your Premier Maximizer Money Market Checking account, or at least $10,000 across several East West Bank consumer deposit checking accounts.

3. Is Premier Maximizer Money Market Account FDIC-insured?

Yes, Premier Maximizer Money Market Account is FDIC-insured, up to $250,000, which means you won't lose your money if your bank fails.

4. How can I protect my funds if I plan to deposit more than $250,000?

FDIC Insurance covers your money to up to $250,000, so, if you're looking to keep more in your Premier Maximizer Money Market Checking, you might want to consider enrolling in East West Bank's Insured Cash Sweep (ICS) program. ICS allows you to access your funds anytime without penalty, and you can deposit up to $125 million.

5. How do I get free access to Allpoint and MoneyPass ATMs?

In order to have free access to Allpoint and MoneyPass ATMs as a Premier Maximizer Money Market Checking accountholder, you need to have the East West Bank Visa card. While at an ATM, if the screen says you'll be charged a fee, don't worry - it won't happen. Just accept it by pressing "Yes" and proceed with your withdrawal. In the event the surcharge does occur, East West Bank will reimburse you at the end of the banking cycle.

6. Which East West Bank consumer checking account can I have linked to Premier Maximizer Money Market for ATM access?

You'll enjoy free access to the bank's ATMs if you link either a Premier Checking or Value Checking account to your Premier Maximizer Money Market Account.

7. What can I use Online Banking for?

Convenient, and time-saving, East West Bank's Online Banking allows you to review your deposit account balances, check account history, view cleared checks and estatements, pay bills, transfer funds between accounts, make person-to-person payments, and manage your account profile (change your address, etc.).

8. What is Popmoney®?

You can use Popmoney® to send or request money to/from someone if you provide the person's mobile number, email address or account number. The other account doesn't necessarily need to be with East West Bank, it can be at another financial institution.

Another convenient feature of Popmoney® is that it allows you to set up one-time or recurring payments, with next business day or 3-business-day service options.

9. Are there any limits to how much I can transfer using Popmoney®?

Yes, you can transfer up to $2,500 per day or up to $10,000 within a rolling 30-day month. This comprises both incoming and outcoming transfers.

10. What are the benefits of Text Banking?

East West Bank's Text Banking is a free service provided by the bank to help you manage your account more easily.

Text Banking allows you to check your balances, review transaction history, transfer money between accounts, pay bills, and set up alerts, whether it be weekly balance alerts, low balance alerts, or customized alerts to track activities that exceed $100 on your account, etc.

You can activate Text Banking directly from your Online Banking account - you'll find the option under the "Notifications" tab. Enter your cell phone number, and accept the terms and conditions, before clicking "Next". You don't even need to log in to your account afterward, just send a command, such as "BAL" for "balance" or "LAST" for last 5 transactions of your primary account, at 454545.

Check Out Other Products From East West Bank
Bank Monthly Service Charge Minimum Deposit to Open APY
East West Bank Value Checking Account $5 $100 0.00%
East West Bank Premier Checking Account $10 (can be waived / reduced) $100 n/a
East West Premier Maximizer Money Market Checking Account $12 (can be waived) $10,000 n/a
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