Skip to Main Content

Bank of Hope Review 2022

Published March 2022 by René Bennett

AT A GLANCE
3.3

Bankrate Score

bank-logo

Highly Rated App

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.

  • Checking
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.1
  • CDs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    3.1
  • Savings
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    2.3
  • MMAs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    2.2
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    CIT Bank

    Member FDIC

    Savings account

    1.20 % APY

    $ 0

    Min. balance for APY

    Live Oak Bank

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Overall

    3.3

    Bankrate Score

    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.

    What we like

    • Bank of Hope provides financial resources to underserved communities.

    • It offers a range of CD terms, from one month to five years.

    • Customers have surcharge-free access to a large ATM network offered through the bank's partners.

    What we don't

    • You can find higher APYs elsewhere.

    • There is a fairly high minimum balance requirement on the money market account to avoid the monthly fee.

    • Customer-service representatives aren’t available Sundays.

    Checking accounts

    4.1

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.10 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Bank of Hope’s Regular Checking account has a reasonable minimum opening deposit of $100 but earns no interest. The account charges a monthly fee of $7 that can be waived if you maintain a minimum daily balance of at least $500 or an average daily balance of $1,000 during the statement period.

    At Bank of Hope, you will have plenty of access to ATMs. The bank partners with the Allpoint and MoneyPass ATM networks, making it easy to withdraw cash at tens of thousands of ATMs nationwide.

    The Regular Checking account can be managed online, through the mobile app, by telephone or ATM and at a branch. Customers can customize their Bank of Hope debit card settings and add it to a digital wallet and use it with Zelle.

    What we like

    • The Regular Checking account has a reasonable opening deposit requirement.

    • Customers have access to a large ATM network through the bank's partnerships with Allpoint and MoneyPass.

    • Regular Checking includes check-free bill pay and a debit card that can be added to a digital wallet and used with Zelle.

    What we don't

    • There’s a monthly service charge unless you meet the balance requirement.

    • The Regular Checking account earns no interest.

    CD rates

    3.1

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    2.50 % APY

    18mo

    Term

    $ 0

    Min. deposit

    Bank of Hope offers nine CD terms ranging from one month to five years. You’ll need $1,000 to open a CD. The bank also offers a flex CD, which allows two additional deposits during the term and two withdrawals of up to 50 percent of the initial balance. There is a $5,000 minimum deposit to open this CD.

    You can find higher yields on CDs at many online banks.

    You can also open an IRA CD. These CDs require a $1,000 opening deposit and offer relatively average rates.

    What we like

    • Bank of Hope offers a range of CD options.

    • Higher rates are offered on higher balances.

    • The opening deposit requirement for regular CDs is reasonable.

    What we don't

    • You can find higher yields elsewhere.

    Savings accounts

    2.3

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    CIT Bank

    Member FDIC

    Savings account

    1.20 % APY

    $ 0

    Min. balance for APY

    Bank of Hope’s Personal Savings account offers a meager interest rate. Those looking for good returns 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

    • The $5 monthly service fee is lower than what some other banks charge for not maintaining the minimum balance requirement.

    What we don't

    • You can find much higher yields elsewhere.

    • You’ll incur a $5 monthly service charge unless you keep at least $500 in the Personal Savings account.

    • Many online banks offer savings accounts with a higher yield and no minimum balance requirement.

    Money market accounts

    2.2

    Bankrate Score

    Bank of Hope’s Personal Money Market account, the product scored for this section, pays below-average rates. There is also a high $2,500 minimum deposit to open the account and you must maintain a daily minimum balance of $2,500 to avoid a $10 monthly service charge.

    The bank also offers a Prestige Money Market account, but the minimum opening deposit is $25,000, making this product out of reach for many consumers.

    Account holders who sign up for e-statements receive a $3 credit toward monthly service charges.

    What we like

    • The Personal MMA offers competitive APYs for high balances.

    • You can make a limited number of debit or check transactions from the account.

    What we don't

    • A $2,500 minimum balance is required to avoid the $10 monthly service fee.

    • At least $500,000 is needed in the account to earn the highest APY.

    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.

    René Bennett Twitter Created with Sketch. @

    René Bennett Twitter Created with Sketch. @

    René Bennett is a writer for Bankrate, equipping readers with the knowledge they need for best saving practices. He reports on personal finance and, as someone coming out of college, understands how difficult it can be to make choices about money, so he endeavors to make navigating those choices as straightforward as possible. With a background in writing and a bachelor’s degree in English from New York University, René is devoted to balancing clarity of style with accurate and informative content in his reporting. He has written on a number of topics, from savings accounts to roller coasters.