Hanmi Bank Review

Hanmi Bank Savings

0.05% APY

Hanmi Bank started in 1982 and has its headquarters in Los Angeles, California. It owns $7.53 billion in assets and deposits totaling $6.29 billion, making it a large bank. Hanmi Bank does not have the customer service bells and whistles of other banks. It is a traditional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile presence. SmartAsset has rated Hanmi Bank 4.1 out of 5 stars, which means it is a great bank that you should seriously consider. 

Hanmi Bank has the full package of product offerings, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Hanmi Bank has a fair savings rate, which means other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's standard checking does not have a monthly maintenance charge. Why have checking and savings accounts with one bank? Quick transferring of funds between both accounts means you can still get better interest rates in your savings account but still spend your funds from your checking.

Service Quality

Hanmi Bank is a brick-and-mortar bank, with 38 total branches in California, Illinois, New Jersey, New York, Texas and Virginia. With mobile and web apps, Hanmi Bank makes mobile banking easy, even on the go. It does not have all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. PT. 

Hanmi Bank's online and mobile banking platforms receive fair scores from customers: the Hanmi Bank mobile app has an overall rating of 2.8 out of 5 (with 100 reviews on iOS and Android) compared to the national average of 3.8. Hanmi Bank's mobile app lets you control your finances by checking monthly statements, sending and receiving funds and reaching support representatives. Hanmi Bank gets an exceptional consumer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Hanmi Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should consider looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Hanmi Bank's CD rates are competitive in comparison to the national average. 

Rates

Hanmi Bank has a savings rate of 0.05%, which is fair in comparison to other U.S. banks. Hanmi Bank's CDs feature a rate of 0.25% and 0.20% for the one-year and three-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.05%. It has a fair savings rate compared to the average savings account. Think about looking at some of the competition to open savings accounts.

Fees

Hanmi Bank has generally extremely low fees as compared against the national average. With no monthly fee, Hanmi Bank's checking account is perfect for people who need a hassle-free checking account. For those who routinely visit the ATM, it is ideal because it has no ATM fees. 

Financial Health

Hanmi Bank ranks as a large bank with assets totaling $7.53 billion as well as deposits totaling $6.29 billion. Its Texas Ratio is 1.79%, signifying that the bank is in outstanding financial health and very improbable to fail. Additionally, Hanmi Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Hanmi Bank Near Me

Hanmi Bank has 38 physical branches in the U.S.