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Bank of Hope Review 2024

Updated January 23, 2024
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At a glance

3.4
Rating: 3.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.3 stars out of 5

Checking

Rating: 3.8 stars out of 5

Savings

Rating: 1.9 stars out of 5

MMA

Rating: 2.2 stars out of 5

About Bankrate Score

Overview

Bank of Hope is best for those who want high CD rates and an affordable checking account 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

  • Top CD Rates
  • Highly Rated App
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/27/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 5/27/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
5.15
%
APY
APY
Info
As of 5/27/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

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, and it offers surcharge-free access to many ATMs through the Allpoint and MoneyPass networks. The bank’s CDs stand out with high rates and plentiful term options. Rates on other products, including savings and money market accounts, are minimal, though.

Pros

  • Checkmark

    Bank of Hope provides financial resources to underserved communities.

  • Checkmark

    It offers a range of CD terms, from one month to five years, with competitive rates.

  • Checkmark

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

Cons

  • You can find higher APYs for savings and money market accounts elsewhere.

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

  • The overdraft fee is high.

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Bank of Hope banking products

1.9
Rating: 1.9 stars out of 5
Bankrate Score
Invest Rate
0.01% APY
Info
Loan
$500 minimum deposit to open

Bank of Hope savings overview

Bank of Hope’s Personal Savings account offers a meager interest rate. A slightly higher rate is offered on balances of $100,000 or more, but it’s still far below average. Those looking for competitive 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.

Pros

  • Checkmark

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

Cons

  • You can find much higher yields elsewhere.

  • At least $100,000 is needed to earn the better APY.

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

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Bank of Hope
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/27/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $33
Non-sufficient funds fee $33
Account maintenance fees $5 for savings account; $10 for money market account; $7 for checking account
Excessive transaction fee $10

About Bank of Hope

Bank of Hope is a midsized bank headquartered in Los Angeles serving several major regions throughout the U.S. Formally established in 2016, it emerged from several mergers of other regional banks, one of which dates back to 1980. The Korean-American bank operates 58 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.

Customer experience

Account access. Bank of Hope has 58 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. 

Customer service. Customer service representatives are available from 5:30 a.m. to 6 p.m. PT on weekdays and 6 a.m. to 1 p.m. PT on Saturdays. The bank’s site also has an online messaging form for customer inquiries.

Highly rated app. 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, pay bills and transfer money using Zelle.

Community focus. The bank is very community-focused, participating in several programs such as the Community Reinvestment Act and the Hope Scholarship Foundation, which grants $2,500 per person to students with financial need.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.