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Bank of Hope Review

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Bank of Hope Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1986, Bank of Hope has $14 billion in assets and deposits totaling $11 billion, which makes the institution a very large bank. Bank of Hope, whose headquarters are in Los Angeles, California, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, Bank of Hope is a decent choice, but with better options out there, with a score of 3.8 out of 5 stars from the SmartAsset team. Bank of Hope has a complete suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Bank of Hope has a fair savings rate; other popular banks have higher rates. The bank's standard checking account has a $3.00 monthly fee, which is acceptable compared to the national average. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is the best bet for returning the most income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

3.4
SmartAsset Average: 3.5

With a savings rate of 0.05%, Bank of Hope ranks poorly in comparison to other U.S. banks. Its CDs feature a rate of 1.15% and 1.60% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.10%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

How Bank of Hope's Savings Rates Compare

Bank of Hope Savings 0.05 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

Bank of Hope has generally high fees in comparison to other U.S. banks. Its checking account has a monthly fee of $3.00, making it slightly worse for anyone looking for a hassle-free account. Bank of Hope doesn't refund out-of-network ATM charges, meaning you'll have to find a Bank of Hope ATM or eat the ATM charge.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.3
SmartAsset Average: 3.7

Bank of Hope is a brick-and-mortar bank, with 67 total branches in Alabama, California, Georgia, Illinois, New Jersey, New York, Texas, Virginia and Washington. With mobile and web apps, Bank of Hope makes mobile banking straightforward, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its 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 receives inferior feedback from customers for its mobile banking services. Out of 160 customer reviews on both iOS 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). You can use Bank of Hope's mobile app to control your bank accounts by reviewing monthly statements, sending and receiving money and accessing customer service. Bank of Hope receives a superb consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 2.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Bank of Hope is a very large bank with $14 billion in assets and deposits totaling $11 billion. Bank of Hope's Texas Ratio is 2.73%, signifying that Bank of Hope is in terrific financial well-being 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.

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Compare Bank of Hope to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 1.15% APY
  • 24 Month: 1.30% APY
  • 36 Month: 1.40% APY
  • 48 Month: 1.50% APY
  • 60 Month: 1.60% APY
$1000 for all terms
Money Market Account 0.1% APY $1

Bank of Hope offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Bank of Hope does not have the best savings rate, which means you should consider looking elsewhere 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 other U.S. banks.

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Find a Bank of Hope Near Me

Bank of Hope has 67 physical locations across the U.S.

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