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Bank of Hope Review 2023

Updated January 1, 2023
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At a glance

3.3
Rating: 3.3 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.1 stars out of 5

Checking

Rating: 4.1 stars out of 5

Savings

Rating: 2.3 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 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
Compare offers
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

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

  • Checkmark

    Bank of Hope provides financial resources to underserved communities.

  • Checkmark

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

  • Checkmark

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

Cons

  • 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.

Bank of Hope bank products

2.3
Rating: 2.3 stars out of 5
Bankrate Score

Bank of Hope savings overview

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.

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.

  • 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.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

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

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.