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 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
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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.
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
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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, with competitive rates.
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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 for savings and money market accounts 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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The overdraft fee is high.
Bank of Hope banking 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.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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.
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. 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.
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.
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.
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 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.
