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Bank of Hope Bank of Hope Interest Checking Account is a worthwhile option if you want to work with a bank that invests in its community. But you can find the best CD rates and best high-yield savings accounts at online banks.
Bank of Hope Overall Rating
| Feature: | Personal Finance Insider rating (out of 5): |
| Savings | 2.75 |
| Checking | 3.25 |
| CD | 3.5 |
| Money market | 2.25 |
| Trustworthiness | 4 |
| Total | 3.25 |
Bank of Hope Pros and Cons
| Pros: | Cons: |
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Bank of Hope Savings
$5 monthly service fee
0.01% to 0.05%
$500
- Relatively easy to waive monthly fee
- Earn higher APY with higher balance
- Low APY
- $500 minimum opening deposit
- $5 monthly service fee
- Super regional Korean-American bank with community focus
- 58 branches in 8 states: AL, CA, IL, NJ, NY, TX, VA, and WA
- Free ATMs nationwide through the Allpoint and MoneyPass ATM networks
- Earn higher rate with balance of $100,000+
- Waive $5 monthly service fee by maintaining $500 daily balance
- FDIC insured
The Bank of Hope Personal Savings Account monthly fee and APY are comparable to other brick-and-mortar banks. But many online banks pay higher rates and don't charge a monthly fee.
The $500 minimum opening deposit is pretty steep. If you don't have the money to open a savings account with Bank of Hope, you can find other brick-and-mortar banks that require much less.
Bank of Hope Checking
$15 monthly service fee
0.01% to 0.05%
$1,000
- By enrolling in e-statements, you'll have $3/month credited toward monthly service fee
- Unlimited check-writing privileges
- No out-of-network ATM fees
- $1,000 minimum opening deposit
- $15 monthly service fee
- $33 overdraft fee
- No overdraft protection
- Doesn't reimburse fees charged by out-of-network ATM providers
- Super regional Korean-American bank with community focus
- 58 branches in 8 states: AL, CA, IL, NJ, NY, TX, VA, and WA
- Free ATMs nationwide through the Allpoint and MoneyPass ATM networks
- Earn higher rate with balance of $100,000+
- Waive $15 monthly service fee by maintaining $2,500 minimum daily balance, OR average $5,000 daily balance
- FDIC insured
You have the opportunity to earn interest with the Bank of Hope Interest Checking Account. But if earning interest on your checking balance is important to you, then you can find accounts with much higher rates. The high $1,000 minimum opening deposit is also almost unheard of for a checking account.
Bank of Hope's main advantage over most other brick-and-mortar banks is that it doesn't charge a fee when you use out-of-network ATM. An out-of-network ATM provider may charge a fee, though, and Bank of Hope doesn't reimburse these fees like some online banks do.
Bank of Hope CDs
3.35% to 4.50%
$1,000
- Terms as short as 1 month
- Low to standard early withdrawal penalties
- Low APY
- $1,000 minimum deposit
- Super regional Korean-American bank with community focus
- 58 branches in 8 states: AL, CA, IL, NJ, NY, TX, VA, and WA
- Terms ranging from 1 to 60 months
- Early withdrawal penalties are as follows: 30 days simple interest for terms under 12 months; 90 days interest for terms of 12 to 23 months; 180 days interest for terms of 24 months or more
- Earn higher rate with higher balance
- FDIC insured
The Bank of Hope Regular CD rates are lower than what most online banks pay, but they're comparable to or higher than what some brick-and-mortar banks pay. The $1,000 minimum deposit is pretty standard, but if you don't have the funds, then you can find other banks that require less.
Bank of Hope Money Market Account
$10 monthly service fee
0.01% to 0.15%
$2,500
- By enrolling in e-statements, $3/month goes toward monthly service fees
- Earn higher APY with higher balance
- Low APY
- $2,500 minimum opening deposit
- $10 monthly service fee
- $10 excess transaction fee
- No debit card or paper checks
- Super regional Korean-American bank with community focus
- 58 branches in 8 states: AL, CA, IL, NJ, NY, TX, VA, and WA
- Earn higher rate with higher balance
- Waive $10 monthly service fee by maintaining $2,500 minimum daily balance, OR average $5,000 daily balance
- FDIC insured
Some people prefer money market accounts to savings accounts because the former provides you a way to access your money, such as a debit card or paper checks.
But the Bank of Hope Personal Money Market Account doesn't give you an easy tool for tapping into savings, so there isn't much that sets it apart from the Bank of Hope Personal Savings Account.
Depending on your balance, you may earn a higher APY than if you opened a Bank of Hope Personal Savings Account. But if a high interest rate is driving your decision, then you may be better off opening a money market account with a different bank.
How Bank of Hope Works
On its website, Bank of Hope describes itself as "the only super regional Korean-American bank in the US." Bank of Hope was established by Korean immigrants to the US, and it serves customers of all ethnicities.
A super regional bank isn't quite as large as a national bank, but it's bigger than a local or regional bank and is present in more than one region of the US. Here are the eight states with Bank of Hope branches:
- Alabama
- California
- Illinois
- New Jersey
- New York
- Texas
- Virginia
- Washington
There are 31 branches in California, and it's the only state with more than six branches.
Bank of Hope has several programs set up to help members of its community, including donations toward homeownership and affordable housing for people in low- to moderate-income areas and a college scholarship program.
You might not like Bank of Hope if you do a lot of banking from your phone. The mobile app doesn't have many reviews, but it's accumulated 1.4 out of 5 stars in the Apple store and 2.6 out of 5 stars in the Google Play store.
You can contact the customer call center Monday through Friday, 5:30 a.m. to 6 p.m. PST, or Saturday from 6 a.m. to 1 p.m. PST.
Your money is FDIC insured for up to $250,000, or $500,000 if you have a joint account.
Is Bank of Hope Trustworthy?
Bank of Hope has received an B- grade from the Better Business Bureau. A strong BBB rating signifies the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising. The highest possible grade is an A+ but Bank of Hope has a B- because there are several customer complaints on the bureau's website, and the bank hasn't resolved a couple of them.
Bank of Hope hasn't had any recent public controversies.
How Bank of Hope Compares
We've compared Bank of Hope to two other brick-and-mortar institutions that have a significant presence in California: Bank of America (Member FDIC) and Golden 1 Credit Union (Federally Insured by the NCUA).
Bank of Hope Review vs. Bank of America Review
Bank of America has over 850 branches around California. It also has branches in 36 other states, so if you travel around the US frequently, then Bank of America could offer you easier access to your money.
You may prefer Bank of America if you don't have much money to open a savings account. Bank of America only requires $100 to open a savings account, but Bank of Hope has a mandatory $500 or $1,000 opening deposit.
You'll want to go with Bank of Hope for a money market account, though, because Bank of America doesn't have a money market account. You also could earn a higher APY on your CD with Bank of Hope, depending on your balance and term length.
Bank of Hope Review vs. Golden 1 Credit Union Review
If you're interested in a credit union over a bank, then you might like Golden 1 Credit Union. It has over 70 branches around California. It doesn't have branches in other parts of the US, which could be inconvenient if you travel, but it does have plenty of ATMs nationwide.
Golden 1 Credit Union is a worthwhile option for people who don't have much money to open accounts. But you'll prefer Bank of Hope if you want to open a money market account, because Golden 1 doesn't offer a money market account.
Why You Should Trust Us: How We Reviewed Bank of Hope
We rate bank accounts on a scale from one to five stars. For Bank of Hope's checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.
For Bank of Hope's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
