Bank of Hope Review

Overview

Founded in 1986, Bank of Hope has assets totaling $20.36 billion and $15.65 billion in deposits, classifying the institution as a very large bank. Bank of Hope, whose headquarters are in Los Angeles, California, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at an average 3.8 stars out of 5, Bank of Hope is a decent bank that leaves room for improvement. Bank of Hope has a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product carries a monthly fee of $10.00, which is acceptable compared to other U.S. banks. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same institution is your best bet for getting the most income on your deposits while maintaining easy access to your funds.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

With a savings rate of 0.01%, Bank of Hope ranks poorly compared to the national average. Its CD rates are 0.30% and 0.35% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 4.23%. Given its poor savings rate, you should consider other options to earn more on your deposits.

How Bank of Hope's Savings Rates Compare

On average, Bank of Hope charges its customers high fees compared to the average U.S. bank. Its checking account has a monthly fee of $10.00, rating it slightly worse for anyone looking for a hassle-free account. Bank of Hope does not reimburse out-of-network ATM charges, meaning you will need to search for a Bank of Hope ATM or pay the ATM charge.

Bank of Hope is a brick-and-mortar bank, with 57 total bank locations in Alabama, California, Georgia, Illinois, New Jersey, New York, Texas, Virginia and Washington. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 5:30 a.m. to 6:00 p.m. PT; Saturday, and 6:00 a.m. to 1:00 p.m. PT. Bank of Hope's online and mobile banking services get poor marks from customers. Out of 160 ratings on both Apple and Android platforms, the Bank of Hope mobile app is scored at 2.7 out of 5 (compared to the national average of 3.8). Bank of Hope's mobile app lets you manage your finances by looking at account balances, sending and receiving funds and reaching customer service. Bank of Hope receives an outstanding consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Bank of Hope ranks as a very large bank with $20.36 billion in assets as well as $15.65 billion in deposits. It has an excellent Texas Ratio of 4.76%, indicating that Bank of Hope is in terrific financial condition and improbable to fail. Additionally, Bank of Hope is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Products Offered

Bank of Hope has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Bank of Hope does not have the best savings rate, which means you should think about other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Bank of Hope's CD rates are fair compared to the average U.S. bank.

Find a Bank of Hope Near Me

Bank of Hope has 57 locations in the U.S.