Bank of Hope Review 2023
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At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
Bank of Hope is best for those who want basic financial services at an institution that focuses on its community. It provides financial resources for affordable housing to low- and moderate-income consumers and underserved multiethnic populations.
Highlights
- Highly Rated App
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
Bank of Hope describes itself as “the only super regional Korean-American bank in the U.S.” It operates full-service branches in nine states.
Pros
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Bank of Hope provides financial resources to underserved communities.
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It offers a range of CD terms, from one month to five years.
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Customers have surcharge-free access to a large ATM network offered through the bank's partners.
Cons
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You can find higher APYs elsewhere.
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There is a fairly high minimum balance requirement on the money market account to avoid the monthly fee.
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Customer-service representatives aren’t available Sundays.
Bank of Hope bank products
Bank of Hope savings overview
Pros
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The $5 monthly service fee is lower than what some other banks charge for not maintaining the minimum balance requirement.
Cons
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You can find much higher yields elsewhere.
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You’ll incur a $5 monthly service charge unless you keep at least $500 in the Personal Savings account.
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Many online banks offer savings accounts with a higher yield and no minimum balance requirement.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank experience
Bank of Hope has 57 branches, but its wide network of ATMs means you won’t have much trouble accessing your money. Customers also have access to digital and telephone banking.
Bank of Hope’s mobile app received favorable reviews in the Apple and Google Play stores. The app allows users to deposit checks, set up account alerts, deposit checks, pay bills and transfer money using Zelle.
About Bank of Hope
Bank of Hope is a midsized bank headquartered in Los Angeles serving several major regions throughout the U.S. The Korean-American bank operates 57 branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama.
Bank of Hope offers savings accounts, money market accounts, certificates of deposit and checking accounts.
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
