At a glance

3.1

Bankrate Score

CDs

Checking

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

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

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

Bank of Hope provides financial resources to underserved communities.
It offers a range of CD terms, from one month to five years, with competitive rates.
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

Bankrate Score

Compare top savings rates

FEATURES

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

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.

Rate history for Bank of Hope's Savings account

Bank of Hope

APY

APY last updated between 11/14 and 11/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Bank of Hope

APY

APY last updated between 11/14 and 11/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

2.8

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

0.30%

1/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.

Minimum deposit:

$1,000.00

4/5

The minimum deposit amount a financial institution requires in order to open a CD.

Range of term lengths:

3 mos – 5 yrs

4/5

A designated amount of time that funds must be held within a CD.

Early withdrawal penalty:

Great

5/5

A penalty incurred when funds have been withdrawn from a CD before its maturity date.

Offer no-penalty or bump-up CDs:

No

0/5

A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.

Offer IRA CDs:

Yes

5/5

An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.

FEATURES

0.20% – 0.35% APY

APY last updated between 11/14 and 11/20.

$1,000 minimum balance for APY

$1,000 minimum deposit to open

3 months – 5 years

Bank of Hope CD overview

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 two flex CDs, which allow 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, and a $250,000 maximum.

The Regular CDs have below-average rates. However, the bank also offers promotional CDs for numerous terms, which have much more competitive rates and the same minimum deposit requirement as Regular CDs.

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

Pros

Bank of Hope offers a range of CD options.
Rates are very competitive for promotional CDs.
The opening deposit requirement is reasonable.
Two flex CDs that allow for additional deposits are available.

Cons

The Regular CDs earn below-average APYs across all terms.

Rate history for Bank of Hope's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Bank of Hope

APY

APY last updated between 11/14 and 11/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Bank of Hope

APY

APY last updated between 11/14 and 11/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

2.2

/5

See methodology Compare MMA rates

SCORE BREAKDOWN

APY offering:

0.01%

1/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance for APY:

$2,500.00

3/5

The lowest balance an account must maintain in order to earn interest.

Monthly service fee:

$10.00

3/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$2,500.00

3/5

The lowest amount an account must maintain in order to avoid a fee.

Check writing:

Yes

5/5

The ability to write a certain amount of checks within a statement cycle.

Debit/ATM access:

Good

4/5

The ability to withdraw funds from an account through the use of debit or ATM card.

Bank of Hope money market overview

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 account comes with check writing and an ATM card for up to six free withdrawals per month. After the first six, it’s $10 per transaction.

The bank also offers a Prestige Money Market account with a higher rate, 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.

Pros

With higher balances, customers can earn a somewhat higher rate than they would with the bank’s savings account.
The account comes with check-writing privileges and an ATM card to make a limited number of transactions per month.

Cons

A $2,500 minimum balance is required to avoid the $10 monthly service fee.
Much better rates can be found elsewhere.

3.8

Bankrate Score

Compare top checking rates

Bank of Hope checking overview

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. The monthly fee is also reduced to $4 if you enroll in e-statements. Overdraft protection is offered with a high overdraft fee of $33.

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 as well as Zelle.

The bank offers several other checking account products, including two that earn interest, but these have higher minimum balance requirements.

Pros

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.

Cons

There’s a monthly service charge unless you meet the balance requirement.
The $33 overdraft fee is high.

Compare 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.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Bank of Hope APY APY last updated between 11/14 and 11/20. APY last updated between 11/14 and 11/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
11/05/2024	0.01%	0.56%
10/01/2024	0.01%	0.57%
09/03/2024	0.01%	0.61%
05/07/2024	0.01%	0.59%
04/02/2024	0.01%	0.58%
03/05/2024	0.01%	0.57%
01/02/2024	0.01%	0.58%
12/05/2023	0.01%	0.57%
11/21/2023	0.01%	0.61%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Bank of Hope APY APY last updated between 11/14 and 11/20. APY last updated between 11/14 and 11/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
10/01/2024	0.45%	1.42%
09/03/2024	0.45%	1.43%
08/06/2024	0.45%	1.44%
07/02/2024	0.45%	1.42%
06/04/2024	0.45%	1.43%
04/02/2024	0.45%	1.42%
03/12/2024	0.45%	1.43%
02/06/2024	0.45%	1.42%
12/05/2023	0.45%	1.43%
11/21/2023	0.45%	1.45%

Bank of Hope Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Bank of Hope

Bank of Hope banking products

Bank of Hope savings overview

Pros

Cons

Rate history for Bank of Hope's Savings account

Bank of Hope CD overview

Pros

Cons

Rate history for Bank of Hope's CD accounts

Bank of Hope money market overview

Pros

Cons

Bank of Hope checking overview

Pros

Cons

Bank fees

About Bank of Hope

Customer experience

Review methodology

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