Bank of Hope Review
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At a glance
Overview
Bank of Hope is best for those who want above-average CD rates and an affordable checking account at an institution that focuses on its community. The bank also offers savings accounts and a money market account.
Highlights:
Top CD Rates Highly Rated AppHighlights:
CDs
Checking
Savings
MMA
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
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 = 4.2/5
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.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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.
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.
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.
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.
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.
Overall
Bank of Hope describes itself as “the only super regional Korean-American bank in the U.S.” It operates in 12 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 multiple term options. Rates on other products, including savings and money market accounts, aren’t standouts, though.
Pros
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The bank 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 high minimum balance requirement on the money market account to avoid the monthly fee.
Bank of Hope banking products
Bank of Hope Personal Savings
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 higher yields elsewhere.
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You’ll incur a monthly service charge unless you keep at least $500 in the Personal Savings account.
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The minimum opening deposit is higher than some other banks.
Rate history for Bank of Hope's 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 CD overview
Pros
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Bank of Hope offers a range of CD term options.
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Rates are very competitive for promotional CDs.
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The opening deposit requirement is reasonable.
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Flex CDs that allow for additional deposits and an IRA CD are available.
Cons
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For the Flex CD, the minimum balance is higher at $5,000.
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 Personal Money Market Account
Pros
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With higher balances, customers can earn a somewhat higher rate than they would with the bank’s savings account.
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The account comes with check-writing privileges and an ATM card to make a limited number of transactions per month.
Cons
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A $2,500 minimum balance is required to avoid the $10 monthly service fee.
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Much better rates can be found elsewhere.
Bank of Hope Checking
Pros
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The Bank Simply Checking account has a reasonable opening deposit requirement.
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The Bank Simply Checking account does not charge a monthly fee.
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There is also a SmarTEEN Checking account designed for the ages of 13-17.
Cons
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The Bank Simply Checking account does not earn any interest.
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The overdraft fee is high.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $33 |
| Non-sufficient funds fee | $33 |
| Account maintenance fees | $5 -$10 |
| Excessive transaction fee | $10 |
Customer experience
Account access. Bank of Hope has some branches, and its wide network of ATMs means you won’t have much trouble accessing your money.
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.
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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.
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