Bank of Hope is a standard conventional bank that offers a variety of accounts. To find out if Bank of Hope is right for you, continue reading the review below.
Emerging from Los Angeles, California, Bank of Hope is a rather small bank, but they still manage to provide a wider range of checking and savings accounts.
Bank of Hope is also a Korean-American bank that serves a multi-ethnic population of customers.
Checking Account Options
Bank of Hope has several checking accounts that offers different benefits each and have varying opening deposits.
This checking account will require a $100 minimum opening deposit.
There is a $7 monthly fee, but you can waive it by maintaining $500 daily or $1,000 during each statement period.
This is an everyday checking account that only needs $25 as an opening deposit.
There is unfortunately a $3 monthly fee that doesn’t seem unavoidable.
You can, however, receive $3 credit back when you enroll in e-Statements and make 5 or more ATM transactions with your debit card.
This checking account combines the Regular Checking account with a high yield Reserve account.
You need $100 to open the Regular Checking account and $500 for the Reserve one.
This checking account acts as a relationship account, but you will have to consider the monthly fees for each of the separate accounts.
Regular Checking’s monthly fee is $7, and Reserve’s savings is $10.
To waive the monthly fees, you can either maintain a balance of $500 (Regular Checking) or $1 (Reserve Account).
As the name implies, this account earns interest, but will need a minimum deposit of $1,000 to open.
There is a $15 monthly fee, but you can waive it if you have at least a minimum daily balance of $2,500 or have an average balance of $5,000.
Ideal for individuals who need an unlimited check writing privilege while earning interest.
This checking account is targeted for those who are 13-17 years old that are new to the banking world.
They will need at least a minimum deposit to open it.
There is also a $3 monthly fee that seems unavoidable.
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Savings Account Options
Bank of Hope has a small selection of savings accounts, but they earn decent interest rates.
This savings account is encouraged for those who want to set money aside.
You will need a $500 minimum opening deposit.
There is also a $5 monthly fee, but you can waive it by having at least a daily balance of $500.
You can also link your checking account for convenient automatic transfers.
This savings account is designed specifically for a fixed monthly amount.
You decide the initial monthly deposit amount and then it will start earning interest.
The goal amount can range from $1,000 to $100,000.
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Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard. Bank of Hope offers money markets that can earn tiered interest rates.
This money market is for individuals that can maintain a high balance.
This earns a higher interest rate so it will cost $2,500 of open.
There is a $10 monthly fee but you can waive it by maintaining a daily balance of $5,000.
This money market is considered Cadence’s premium account, but luckily it only costs $50 to open.
However, you do need a minimum balance requirement of $100,000 to start earning interest.
There is also a $10 unavoidable monthly fee to consider.
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CD Account Options
Bank of Hope has two types of CDs. The opening deposits and terms vary depending on which kind you choose. If you want to find out more about Bank of Hope’s CDs, then click here.
This CD costs $1,000 to open and you can earn interest as soon as you open it.
This CD’s terms range from 1 month to 60 months.
You also get access to free online and phone banking.
You will need a $5,000 minimum opening deposit to start earning interest.
This CD’s terms can range from 12 months to 18 months.
You also get access to free online and phone banking.
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Reasons to Bank with Bank of Hope
- They have different checking accounts that can appeal to all kinds of people.
- You can link your checking accounts and savings accounts to maximize interest rates.
- They have a youth checking account to encourage kids to start managing their finances responsibly at a young age.
- Conduct your banking either online or on Bank of Hope’s mobile app.
- Their minimum fees aren’t that expensive.
- They are multi-ethnic.
Reasons Not to Bank with Bank of Hope
- Some of their accounts require a slightly higher than average opening deposit.
- Their interest rates aren’t that good.
- They lack 24/7 customer service and a live chat.
Contact Customer Service
You can reach Bank of Hope at 888-811-6272.
A customer representative will be available to speak to you at these hours:
- Monday-Friday: 5:30 a.m. – 6:00 p.m. (PST)
- Saturday: 6:00 a.m. – 1:00 p.m. (PST)
How Bank of Hope Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Discover Bank: Discover Bank is an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
Bottom Line
If you live in California and are looking for a small bank, then perhaps consider Bank of Hope.
Although they are small, they still have a good selection different checking, savings and money market accounts.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If you’re interested in banking with Bank of Hope, apply today! For more options from a variety of banks, see our list of the best bank promotions!
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