Bank of Hope Review 2020

Published March 2020 by TJ Porter

AT A GLANCE
2.6
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Bankrate Score

bank-logo
Money

Low Fees

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Rewards Checking

This bank is best for people who want to work with a bank that focuses on its community. Its account offerings are not particularly exciting, but it aims to provide financial services to the underserved multi-ethnic population of the community.

  • CDs
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    3.2
  • Savings
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    2.3
  • Checking
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    2.7
  • MMAs
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    2.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.10 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Sallie Mae

    Member FDIC

    CD

    0.95 % APY

    18 mo

    Term

    $ 2,500

    Min. deposit

    Overall

    2.6

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    Bankrate Score

    Bank of Hope describes itself as “the only super regional Korean-American bank in the U.S.” and operates full-service branches in eight states.

    What we like

    • Focuses on community banking.

    • Offers a range of CD terms.

    • Large ATM network offered through its partners.

    What we don't

    • You can find higher APYs elsewhere.

    • You will pay steeper fees for the money market account unless you maintain a certain balance.

    • Customer call center service phone representatives aren’t available on Sundays.

    CD rates

    3.2

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.10 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Bank of Hope offers a range of CD options, letting customers choose from nine different terms — from one month to five years. You can also open an IRA CD. The CDs require a standard $1,000 minimum deposit and offer relatively average rates.

    What we like

    • Offers a range of CD options.

    • Higher account balances earn higher rates.

    • Reasonable minimum balance requirements.

    What we don't

    • You can find higher yields elsewhere.

    Savings accounts

    2.3

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    Bank of Hope’s savings account offers a relatively meager interest rate. If you’re looking for good returns, you can find much higher rates elsewhere. You’ll also need to make a $500 minimum deposit and maintain that balance to avoid a $5 monthly fee.

    What we like

    • You can earn higher yields when you deposit more money.

    What we don't

    • You can find much higher yields elsewhere.

    • Charges a $5 monthly fee unless you meet certain conditions.

    Checking accounts

    2.7

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    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Bank of Hope’s Interest Checking account offers a competitive payout. However, you will need to keep at least $2,500 in your account on a daily basis to avoid fees. You can also keep an average daily balance of $5,000 during each statement period to sidestep fees.

    At Bank of Hope, you will have plenty of access to ATMs. The bank partners with Allpoint and MoneyPass ATMs to make it easy to withdraw your cash at thousands of ATMs nationwide.

    What we like

    • Offers a competitive payout.

    • Large ATM network offered through its partnerships with Allpoint and MoneyPass.

    • Free bill pay.

    What we don't

    • Fees are higher than other options.

    • Minimum balance is relatively steep.

    • You will pay a fee to use peer-to-peer payments.

    Money market accounts

    2.1

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    Bankrate Score

    Bank of Hope’s money market accounts offer competitive rates. However, you will need to deposit a very high balance to qualify for the highest rate.

    You will also have to deposit at least $25,000 in the Personal Prestige Money Market account, making this product out of reach for most consumers.

    You can open a Personal Money Market account with $2,500, but you will earn less interest.

    What we like

    • Offers competitive APYs for high balances.

    • You can write checks from the account; however, you will pay for them.

    What we don't

    • Requires a high minimum balance.

    • You will pay a $25 monthly fee if your balance in the Personal Prestige Money Market account falls below $25,000.

    Bank experience

    Bank of Hope has 58 branches, but its wide network of ATMs means you won’t have much trouble accessing your money.

    People who prefer mobile banking might want to note that the bank’s mobile apps have generally poor reviews, potentially making this bank best for people who live near a branch.

    About Bank of Hope

    Bank of Hope is headquartered in Los Angeles. The super-regional Korean-American bank operates 58 branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia and Alabama.

    Bank of Hope offers savings accounts, money market accounts, certificates of deposit and checking accounts.

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